PsiQuantum plans $750M funding round to scale quantum chip production

PsiQuantum, a quantum computing startup, is in the process of securing at least $750 million in funding, with a pre-money valuation of $6 billion, led by BlackRock. The company aims to leverage traditional semiconductor manufacturing techniques to produce quantum chips at a facility operated by GlobalFoundries in New York. PsiQuantum plans to scale production significantly, capitalizing on advancements in quantum error correction and chip design, which could make their quantum computers commercially viable by 2029. Additionally, PsiQuantum is collaborating with the U.S. and Australian governments to develop utility-scale quantum computers in Chicago and Brisbane. The competitive landscape is intensifying as major tech firms like Google, Microsoft, and Nvidia also invest heavily in quantum technologies. As this sector evolves, PsiQuantum's innovative approach positions it as a potential leader in the future of quantum computing.