PsiQuantum raises $1 billion, hits $7 billion valuation in quantum race

TL;DR: PsiQuantum has captured industry attention with a fresh $1 billion funding round, bringing its total valuation to $7 billion and accelerating its push toward producing a commercially viable quantum computer by 2027. The latest Series E financing was led by established backers BlackRock, Temasek, and Baillie Gifford, with new participation from Nvidia's corporate venture arm. The investment comes at a time when quantum computing startups are commanding record valuations amid heightened competition and bold promises of transformative technology.

The company states that it will use part of the new capital to accelerate the development of its quantum chipsets, scale test systems, and advance materials manufacturing. A quantum computer in Brisbane, Australia, is scheduled for completion by late 2027, while a separate system in Chicago may follow in 2028. PsiQuantum's hardware is manufactured at GlobalFoundries in upstate New York.

Unlike many rivals who are scaling up gradually ...