The production of quantum computing processors is complex and costly, necessitating significant fundraising efforts, as PsiQuantum aims to scale up its manufacturing capabilities.

The startup is collaborating with both the Australian and U.S. governments to develop quantum computers in Brisbane and Chicago, with plans to deliver its first commercial machine by the end of the decade.

Utilizing existing photonics technology, PsiQuantum is working with GlobalFoundries in New York to produce quantum chips, employing fiber-optic technology for manufacturing.

While quantum computers have been in conceptual development for decades, a fully operational commercial quantum computer has yet to be successfully launched.

Major tech companies, including Google, Microsoft, and Amazon, are making significant strides in quantum computing by introducing new chips, while Nvidia plans to establish a quantum computing research center in Boston.

Despite the existence of quantum computers for decades, recent advancements in error correction and chip development are enhancing their viability, with PsiQuantum targeting a functional machine by 2029 or sooner.

PsiQuantum has garnered substantial government interest, partnering with the State of Illinois to launch a utility-scale quantum computing project in Chicago, supported by over $500 million in public funding.

Currently, PsiQuantum is raising at least $750 million in a funding round led by BlackRock, which is boosting its pre-money valuation to $6 billion.

Unlike competitors, PsiQuantum focuses on using individual photons as qubits, which allows for scaling with traditional semiconductor manufacturing techniques.

In February 2025, PsiQuantum announced progress in manufacturing quantum chips at scale, introducing its Omega chipset designed for utility-scale quantum computing.

Quantum computing holds the promise of solving complex problems much faster than conventional computers, with potential applications in areas such as molecular interaction predictions, materials development, and drug discovery.

The global quantum computing market is expected to experience significant growth over the next decade, driven by increasing demand across various sectors, including finance, healthcare, and logistics.