PsiQuantum Raises $1 Billion to Build Million-Qubit Scale Quantum Computers

PsiQuantum, developer of fault-tolerant quantum computers, led by Prof. Jeremy O'Brien, Prof. Terry Rudolph, Dr. Pete Shadbolt, Prof. Mark Thompson, Fariba Danesh, and Susan Kim, has raised $1 billion in funding led by funds and accounts managed by affiliates of BlackRock, along with Temasek and Baillie Gifford, this fundraising values the company at $7 billion and brings in new investors, including entities administered by Macquarie Capital, Ribbit Capital, NVentures (NVIDIA’s venture capital arm), Adage Capital Management, Qatar Investment Authority (QIA), Type One Ventures, Counterpoint Global (Morgan Stanley), 1789 Capital, and S Ventures (SentinelOne). The round also included participation from existing investors, including Blackbird, Third Point Ventures, and T. Rowe Price Associates, Inc.

The funding will enable the company to launch utility-scale quantum computing sites in Brisbane and Chicago, deploy large-scale prototypes to validate its architecture, and advance the performance of its quantum photonic chips and fault-tolerant systems.

PsiQuantum is built on the belief that commercially valuable quantum computing demands error correction, requiring around a million physical qubits. While global teams race to achieve this, many face scaling hurdles in manufacturability, cooling, and networking. PsiQuantum’s approach leverages photonic qubits and semiconductor manufacturing to overcome these barriers and accelerate progress.

Alongside investment from NVentures, PsiQuantum is partnering with NVIDIA on quantum algorithms, software, GPU-QPU integration, and its silicon photonics platform. Since its 2021 Series D, the company has built a high-volume manufacturing process for its integrated photonic chipset, designed in-house and produced at GlobalFoundries’ Fab 8 in New York, delivering state-of-the-art components for photonic quantum computing.

PsiQuantum has integrated Barium Titanate (BTO), a top-performing electro-optic material, into its manufacturing flow to create ultra-high-performance optical switches, a critical component for scaling optical quantum computing. The company produces 300mm BTO wafers in California, which are combined with wafers from GlobalFoundries. The new funding will expand BTO production to utility-scale volumes, with the BTO-enabled optical switches also offering potential for next-generation AI supercomputers, where low-power, high-speed optical networking is increasingly important.

PsiQuantum develops not only photonic chips for generating, manipulating, and measuring qubits but also the cooling, networking, and control systems required for utility-scale quantum machines. Its photonic approach eliminates reliance on traditional “chandelier”-style cryostats, instead using high-density, datacenter-style cooling racks capable of cooling hundreds of quantum chips per cabinet. The company has also demonstrated high-fidelity quantum networking between distant cabinets over standard telecom fiber, a critical capability for utility-scale quantum computing.