PsiQuantum Eyes $750M Funding to Scale Quantum Chip Production with BlackRock's Backing

Quantum computing startup PsiQuantum is raising at least $750 million at a $6 billion pre-money valuation, with BlackRock reportedly leading the round, according to sources familiar with the matter. The funding aims to support PsiQuantum’s ambitious plan to mass-produce quantum chips using photonics-based semiconductor manufacturing.

Unlike competitors relying on exotic materials, PsiQuantum leverages traditional photonics technology—commonly used in fiber-optic internet connections—at GlobalFoundries’ New York facility. The company plans to scale production to millions of quantum chips, a costly endeavor requiring significant capital.

Quantum computing promises to solve problems far beyond the capabilities of today’s machines, such as simulating atomic interactions for drug discovery or advanced materials. Big tech players like Google, Microsoft, Amazon, and Nvidia are racing to develop quantum technologies. Just last week, Nvidia announced a quantum research hub in Boston, highlighting the sector’s growing momentum.

PsiQuantum is also collaborating with the U.S. and Australian governments to build two quantum computers—one in Brisbane and another in Chicago. While quantum computers have existed for decades, high error rates have limited their practical use. However, recent breakthroughs in quantum error correction and chip design are bringing commercial viability closer.

PsiQuantum projects it could deliver a useful quantum machine by 2029 or sooner, while Google targets real-world applications within five years. As competition intensifies, PsiQuantum’s photonics-based approach and deep-pocketed backers position it as a strong contender in the quantum race.

With major investments and partnerships, PsiQuantum is on track to play a critical role in shaping the future of quantum computing—an industry poised to redefine scientific discovery, pharmaceuticals, and energy innovation.