A PsiQuantum employee holds a silicon disc with the company's quantum computing chips at a facility in San Jose.
According to sources, Quantum computing startup PsiQuantum is securing at least $750 million in funding, pushing its valuation to $6 billion before investment. The funding round, led by BlackRock, is still in progress.
Innovative Approach to Quantum Computing
Unlike other quantum startups that rely on exotic materials, PsiQuantum is adapting traditional semiconductor manufacturing. The company utilizes photonics technology, similar to the fibre-optic systems used for internet communications. Their quantum chips are produced at a GlobalFoundries facility in New York, to manufacture millions of processors. However, expanding these efforts requires significant investment, making fundraising crucial.
The Quantum Race Heats Up
Tech giants and startups alike are racing to develop quantum computing, a technology capable of solving complex problems beyond conventional computers' reach. Quantum machines could revolutionize drug development, materials science, and battery innovation by simulating atomic interactions with unprecedented precision.
Recently, major players such as Google, Microsoft, and Amazon have unveiled advanced quantum chips, while Nvidia announced plans to open a quantum research center in Boston.
PsiQuantum’s Global Ambitions
The company is collaborating with governments in the U.S. and Australia to build two quantum computers, with planned locations in Chicago and Brisbane. The goal is to make quantum computing practical and error-resistant. While quantum machines have existed for decades, their high error rates have limited their usability. Advances in chip design and error correction are bringing viable quantum computing closer to reality.
PsiQuantum aims to develop a functional quantum system by 2029, while Google projects useful quantum applications within five years. With continued breakthroughs, quantum computing could soon transition from theory to widespread use, unlocking possibilities beyond today’s technology.
