Quantum computing startup PsiQuantum is raising at least $750 million at a $6 billion pre-money valuation, according to sources familiar with the deal. BlackRock is leading the funding round, which is still ongoing. PsiQuantum is using photonics technology in its approach, adapting traditional semiconductor manufacturing methods rather than relying on unconventional materials. The company manufactures its chips at a GlobalFoundries facility in New York and aims to produce millions of quantum processors. Scaling such operations remains expensive and complex, requiring significant capital to reach the next stage of development.
PsiQuantum has partnered with the governments of the U.S. and Australia to build two quantum computers, located in Chicago and Brisbane. The firm believes it could deliver a useful quantum machine by 2029 or earlier. Quantum computing has gained momentum in recent years, with firms including Google, Microsoft, Amazon, and Nvidia also making announcements in the space. These machines are expected to solve complex scientific problems, including those in drug discovery and materials science. While quantum computers have existed for decades, past models have struggled with errors. Recent advancements, including improved chips and error correction techniques, have moved the industry closer to practical applications.
