PsiQuantum, a quantum computing startup, is raising at least $750m at a $6bn pre-money valuation, Reuters reported citing two people familiar with the matter.
According to sources, BlackRock is leading the fundraising effort, which remains incomplete.
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In 2021, PsiQuantum secured a $450m investment in a Series D funding round led by funds and accounts managed by BlackRock to support team expansion and the development of a one million quantum-bit machine.
The company reached an agreement with specialist chip-production company GlobalFoundries in May 2021.
PsiQuantum, which works on adapting traditional semiconductor manufacturing techniques, is utilising photonics technology to produce quantum chips at a GlobalFoundries’ facility in New York.
The startup plans to scale up its production of quantum computing processors, a costly and complex task necessitating significant fundraising, the news publication said.
Recently, major tech companies such as Alphabet’s Google, Microsoft, and Amazon have introduced new quantum computing chips.
Meanwhile, Nvidia has announced plans to establish a quantum computing research centre in Boston.
PsiQuantum is collaborating with the governments of Australia and the US to build two quantum computers in Brisbane and Chicago.
Quantum computers have existed for decades but have faced challenges due to errors, while recent advancements in chip development and error correction have improved their potential.
PsiQuantum anticipates having a functional machine by 2029 or sooner.
In July 2024, PsiQuantum signed an agreement with the US State of Illinois, Cook County, and the City of Chicago to develop the first utility-scale, fault-tolerant quantum computer in the US.
The project will be located at the former US Steel South Works site in Chicago.
As part of this agreement, PsiQuantum will serve as the anchor tenant of the newly created Illinois Quantum and Microelectronics Park (IQMP), intended to support and advance the state’s quantum technology and microelectronics sectors.
