PsiQuantum is raising at least US$750 million at a pre-money valuation of US$6 billion, according to two people familiar with the matter.

BlackRock is reportedly leading this funding round, which is still in progress.

The company is using semiconductor manufacturing techniques to produce quantum processors and collaborates with GlobalFoundries in New York to scale production with photonics technology.

PsiQuantum is working with the Australian and US governments to build quantum computers in Brisbane and Chicago.

Despite decades of development, quantum computers still face high error rates, limiting their practical use.