PsiQuantum, a Silicon Valley-based quantum computing startup, is raising over US$750 million, pushing its valuation to US$6 billion, up from US$3.15 billion in 2021.

The Australian government has invested US$940 million, including US$125 million in equity and US$470 million in convertible loans. This funding is part of the Future Made in Australia initiative, which also supports solar and critical minerals projects.

Some critics argue it disadvantages local computing firms, though companies like Quantum Brilliance have since received funding elsewhere.

The company is developing a photonics-based quantum computer and plans to build a facility in Brisbane, with construction starting in late 2025 and finishing by 2027.

Lendlease has been chosen as the construction partner for the 100,000-square-meter site.

BlackRock is leading the funding round, with participation from Baillie Gifford, Microsoft’s M12, Temasek, and Blackbird Ventures.

PsiQuantum is also building a quantum computer in Chicago, backed by US$500 million in US government incentives.

Recent PsiQuantum developments