One of the Largest Fundings in Quantum Computing: PsiQuantum

Quantum computing, once confined to theoretical physics laboratories and academic research papers, has developed as a fiercely competitive commercial battleground where billions are being deployed to achieve technological supremacy.

The field, accelerating everything from drug discovery to financial modelling through unprecedented computational power, is now witnessing a surge in investment as practical applications become reality.

As a result, PsiQuantum, a quantum computing startup, is raising US$750m at a US$6bn pre-money valuation, according to Reuters.

BlackRock, the global investment management corporation, is leading the fundraising effort – and the investment round is one of the largest in quantum computing history.

What is PsiQuantum doing differently?

Part of the reason PsiQuantum is receiving such significant funding is that it’s taking a different approach from other quantum computing firms.

Rather than relying on exotic materials, PsiQuantum is modifying traditional manufacturing techniques from the semiconductor industry.

It utilises existing photonics technology – the same chipmaking process used to create fibre-optic connections for internet communications – at a factory operated by GlobalFoundries, a semiconductor foundry, in New York.

PsiQuantum's relationship with GlobalFoundries is central to its strategy – as by utilising established semiconductor manufacturing infrastructure, PsiQuantum aims to avoid the scaling issues that have hampered other quantum computing efforts.

Scaling up production to create a high volume of quantum computing processors is a resource-intensive endeavour that necessitates significant fundraising, one source explained to Reuters.

PsiQuantum's competition: Nvidia, Alphabet's Google, Amazon and Microsoft

Both startups and major technology firms are pursuing quantum computing capabilities – as these systems can solve complex problems that would require conventional computers thousands or millions of years to process, such as predicting atomic and molecular interactions.

Scientists now anticipate using quantum machines to develop new materials for batteries and pharmaceutical products – and particularly in recent months, the sector has seen increased activity, including:

Nvidia
At its first Quantum Day during GTC 2025, Nvidia announced plans to build a quantum research lab in Boston and showcased its collaboration with SEEQC on the world’s first digital quantum-classical interface.

This technology combines quantum processors with GPUs for efficient error correction and hybrid workflows.

“Working with the wider quantum research community to advance CUDA-quantum hybrid computing, the Nvidia Accelerated Quantum Research Center is where breakthroughs will be made to create large-scale, useful, accelerated quantum supercomputers,” said Nvidia’s CEO Jensen Huang.

Google
Google’s Sycamore processor has demonstrated capabilities such as solving calculations in minutes that classical supercomputers would take billions of years to complete.
It also developed a chip called Willow that completes a benchmark computation in under five minutes, that would take today's fastest supercomputers 10 septillion years.

Amazon
Amazon Braket now supports IonQ’s Forte Enterprise QPU and integrates Nvidia’s CUDA-Q platform for hybrid quantum-classical computing.
This hardware-agnostic approach allows customers to experiment with diverse quantum technologies via AWS.

Microsoft
Microsoft unveiled its Majorana 1 chip, powered by a topological core architecture.
​​​​​​​This chip uses a new state of matter to create stable qubits, paving the way for million-qubit systems capable of solving industrial-scale problems.

Referring to Topological Core in a LinkedIn post, Satya Nadella, Microsoft’s Chief Executive Officer says: “We believe this breakthrough will allow us to create a truly meaningful quantum computer not in decades, as some have predicted, but in years.”

PsiQuantum collaborations with Australian and US governments: To deliver error-corrected systems

PsiQuantum is working with governments in Australia and the US to construct two quantum computers in the coming years – one in Brisbane, Australia and another in Chicago.

Considering quantum computers have existed for decades but have generated too many errors to surpass the utility of conventional computers, companies have now advanced the technology for producing better quantum chips and correcting those errors.

The development of practical quantum computers also faces numerous engineering challenges, including maintaining quantum coherence – the ability of qubits to retain their quantum state without interference from the external environment.

These challenges have led companies to pursue various technological approaches to overcome these obstacles – and PsiQuantum believes it will have a functioning machine by 2029 or earlier, while Google stated earlier this year that it expects to deliver useful quantum applications within five years.

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