PsiQuantum has raised $1 billion in Series E funding to accelerate the development of its fault-tolerant quantum computing systems. The round was led by BlackRock, Temasek, and Baillie Gifford, with new participation from NVIDIA’s NVentures, Macquarie Capital, Ribbit Capital, and others. The funding brings PsiQuantum’s valuation to $7 billion and will support the construction of utility-scale quantum computing sites in Brisbane and Chicago.
Founded in 2016, PsiQuantum is pursuing a photonic approach to quantum computing, using light-based qubits manufactured through standard semiconductor processes. This method enables the company to overcome some of the scalability challenges faced by other quantum systems, such as the extreme cooling requirements. PsiQuantum’s chips are produced at GlobalFoundries’ Fab 8 in New York, and the company has also integrated Barium Titanate (BTO), a high-performance electro-optic material, into its manufacturing flow to enable ultra-fast optical switching.
The company’s goal is to build a fault-tolerant quantum computer with one million physical qubits, a scale necessary for practical error correction and commercially useful applications. PsiQuantum has already developed scalable cooling systems and demonstrated quantum networking between cabinets using standard telecom fiber. These innovations are key to building large, distributed quantum systems.
PsiQuantum is also collaborating with NVIDIA to explore quantum algorithm development, GPU-QPU integration, and enhancements to its silicon photonics platform. This partnership reflects growing interest in hybrid computing architectures that combine classical and quantum systems to tackle complex problems in fields like drug discovery, materials science, and cryptography.
With this funding, PsiQuantum is prepared to lead the next phase of quantum computing development, aiming to deliver its first utility-scale systems by 2028.
KEY QUOTES:
“Only building the real thing—million-qubit scale, fault-tolerant machines—will unlock the promise of quantum computing. 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.”
Prof. Jeremy O’Brien, PsiQuantum co-founder and Chief Executive Officer
“Nearly nine years after we started, we have pushed the technology to an unprecedented level of maturity and performance. 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.”
Dr. Pete Shadbolt, PsiQuantum co-founder and Chief Scientific Officer
“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.”
Tony Kim, Head of the Fundamental Equities Technology Group at BlackRock
“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.”
Luke Ward, private companies investment manager, Baillie Gifford
