PsiQuantum Raises $100M, Aims for 1M Quantum Bits by 2028

PsiQuantum, a leading quantum computing company based in the United States, has successfully raised 100 million dollars in funding, setting a new record for the largest single round of investment in the quantum computing sector. The company's valuation has reached 700 million dollars. This funding round was led by BlackRock, Temasek, and Baillie Gifford, with participation from NVIDIA's venture capital arm and other new investors.

PsiQuantum plans to use this capital to build a quantum computer with one million quantum bits by 2028. This ambitious goal, if achieved, would significantly outpace current advanced devices that have only a few hundred quantum bits. The company's chief scientific officer emphasized that such a powerful quantum computer could solve commercially valuable problems that are currently beyond the reach of classical computing.

PsiQuantum's timeline for achieving this milestone could give it a competitive edge over rivals like Google and IBM. The company's unique approach, which uses photon-based quantum bits instead of the more common electron and atom-based systems, is seen as a potential advantage. This technology is believed to be more easily manufacturable in existing chip fabrication facilities, providing a faster path to large-scale application. Additionally, the system does not require extremely low temperatures to operate, reducing the need for expensive supercooling equipment.

Despite these advancements, the quantum computing field still faces significant technical challenges. Google is currently the only company that has demonstrated the ability to control the internal "noise" within quantum systems, which can interfere with calculations as more quantum bits are added. Error correction remains a critical technological hurdle that PsiQuantum has yet to fully address. The company has not yet met its goal of constructing a full-scale machine by 2024.

PsiQuantum has announced plans to begin construction of its first full-scale quantum computing facility in Australia later this year, with support from the Australian government, which has committed 940 million Australian dollars in equity and loans. Additionally, the company has reached an agreement with Chicago to build a full-scale quantum system in the city.