PsiQuantum Raises $1 Billion ($1.5 Billion AUD) to Build Million-Qubit-Scale, Fault-Tolerant Quantum Computers
PsiQuantum
PsiQuantum also announces collaboration with NVIDIA to accelerate quantum computing development
PALO ALTO, Calif. – PsiQuantum today announced it has raised $1 billion ($1.5 billion AUD) in funding for its Series E round to build the world’s first commercially useful, fault-tolerant quantum computers. This funding will equip the company to break ground on utility-scale quantum computing sites in Brisbane and Chicago, deploy large-scale prototype systems to validate systems architecture and integration, and further advance the performance of its quantum photonic chips and fault-tolerant architecture.
Led by funds and accounts managed by affiliates of BlackRock, along with Temasek and Baillie Gifford, this fundraising values the company at $7 billion ($10.5 billion AUD) and brings in new investors, including entities administered by Macquarie Capital, Ribbit Capital, NVentures (NVIDIA’s venture capital arm), Adage Capital Management, Qatar Investment Authority (QIA), Type One Ventures, Counterpoint Global (Morgan Stanley), 1789 Capital, and S Ventures (SentinelOne). The round also included participation from existing investors including Blackbird, Third Point Ventures, and T. Rowe Price Associates, Inc.
PsiQuantum was founded on the premise that commercially valuable quantum computing requires error correction—and therefore on the order of a million physical qubits. Teams worldwide are now racing to build fault-tolerant systems at this scale, and are increasingly facing scaling challenges of manufacturability, cooling, and networking. PsiQuantum’s thesis is that the unique strengths of photonic qubits, combined with direct leverage of high-volume semiconductor manufacturing, provide a fast path through these barriers.
“Only building the real thing—million-qubit-scale, fault-tolerant machines—will unlock the promise of quantum computing,” said Prof. Jeremy O’Brien, PsiQuantum co-founder and Chief Executive Officer. “We defined what it takes from day one: this is a grand engineering challenge, not a science experiment. We tackled the hardest problems first—at the architectural and chip level—and are now mass-manufacturing best-in-class quantum photonic chips at a leading U.S. semiconductor fab. With this funding, we’re ready to take the next decisive steps to deliver the full potential of quantum computing.”
“Nearly nine years after we started, we have pushed the technology to an unprecedented level of maturity and performance" said Dr. Pete Shadbolt, co-founder and Chief Scientific Officer. "We have the chips, we have the switches, we have a scalable cooling technology, we can do networking, we have found the sites, we have the commercial motive and the government support – we’re ready to get on and build utility-scale systems.”
In addition to investment support from NVentures, PsiQuantum is collaborating with NVIDIA across a broad range of development areas, including quantum algorithms and software, GPU-QPU integration and PsiQuantum’s silicon photonics platform.
Since the company’s Series D financing in 2021, PsiQuantum has established a high-volume manufacturing process for its integrated photonic chipset, containing the components needed for photonic quantum computing—all of which perform beyond the state-of-the-art. This chipset is designed by PsiQuantum and manufactured at GlobalFoundries’ Fab 8 in New York—a high-volume, commercial semiconductor foundry.
Critically, PsiQuantum has integrated Barium Titanate (BTO) into its manufacturing flow. BTO is one of the world’s highest-performing electro-optic materials, which makes it ideally suited for ultra-high-performance optical switches; the missing component for scaling optical quantum computing. PsiQuantum manufactures 300mm wafers of BTO at its facilities in California, which are then integrated together with wafers manufactured at GlobalFoundries.
This new funding will enable PsiQuantum to further scale up BTO production towards the volumes needed for utility-scale quantum computing. The BTO-enabled optical switch also has potential in next-generation AI supercomputers, an area of increased interest given rapidly-growing AI workloads—where low-power, high-speed optical networking is increasingly relevant.
In addition to the photonic chips which generate, manipulate and measure qubits, PsiQuantum also develops the cooling, networking, and control systems for utility-scale machines. Due to its photonic approach, the company does not depend on the chandelier-style cryostats frequently used in quantum computing and has designed and commissioned a new high-density cooling solution, similar to the modular racks found in a datacenter, with the capacity to cool hundreds of quantum chips in a single cabinet. The company has also demonstrated high-fidelity quantum networking between distant cabinets using standard telecom fiber—a key requirement for most approaches to utility-scale quantum computing.
Tony Kim, Head of the Fundamental Equities Technology Group at BlackRock:
"AI is built on classical computing, which has underpinned the last fifty years of technology. Now, we are at the dawn of an adjacent computing platform – rooted in quantum mechanics – that will allow us to simulate the physical world with transformative accuracy."
Luke Ward, Private companies investment manager, Baillie Gifford:
"We first backed PsiQuantum over six years ago, recognising its unique approach to scaling quantum computing. Since then, the company has consistently hit technical milestones while forging deep partnerships across industry and government. With a vision rooted in practicality, PsiQuantum is now positioned at the forefront of what could be a trillion-dollar industry, able to solve some of humanity’s biggest challenges. This goes beyond what is possible with AI.”
Michael Tolo, Partner, Blackbird:
"This round is another sign of confidence in PsiQuantum and cements the company's path to deliver the world's first useful quantum computer. For Australia, this milestone is recognition of the progress and consistency PsiQuantum has made over the past 18 months, and demonstrates Australia's opportunity to become a global leader in quantum computing. We love the PsiQuantum team's courage to take the path less travelled and we're proud to continue backing their mission forward."
ADDITIONAL BACKGROUND:
In April 2024, PsiQuantum and Australian Prime Minister Anthony Albanese announced a $940m AUD partnership with the Australian Federal and Queensland State governments for PsiQuantum to build its first Gen-1 utility-scale quantum computer in Brisbane, with the company establishing its Asia-Pacific HQ in Brisbane. In July 2024, PsiQuantum announced that it would build its first U.S.-based system in Chicago, anchoring the Illinois Quantum & Microelectronics Park. In February 2025, following extensive technical analysis with an independent verification and validation team, DARPA selected PsiQuantum for the final stage of the Quantum Benchmarking Initiative (QBI).
PsiQuantum recently began moving several of the company’s Bay Area teams into a new 127,000+ square-foot Test & Assembly facility in California. This facility gives the PsiQuantum team the space, power, and controlled environment to enable mass production of sub-assemblies and raw materials, including 300mm BTO wafers. PsiQuantum will build its largest intermediate test systems at this new facility in California and at the company’s future site at the Illinois Quantum & Microelectronics Park (IQMP) in Chicago, where the company will break ground later this year.
PsiQuantum is a privately held company owned by its investors and employees, with a global team of more than 500 people.
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About PsiQuantum:
PsiQuantum was founded in 2016 and is headquartered in Palo Alto, California. The company’s mission is to build and deploy the world’s first useful quantum computers. PsiQuantum’s photonic approach enables it to leverage high-volume semiconductor manufacturing, existing cryogenic infrastructure, and architectural flexibility to rapidly scale its systems. Learn more at www.psiquantum.com.
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