$1 billion financing sets a record! Quantum computing “booms” as BlackRock, Temasek, and Baillie Gifford invest

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Just now, a new single-round financing record in the field of quantum computing has been set—the amount reached $1 billion, highlighting the ongoing investment boom.

On September 10, according to media reports, U.S. quantum computing startup PsiQuantum completed a $1 billion financing round, setting a new record in quantum computing for single-round funds, with a company valuation reaching $7 billion. This round was led by BlackRock, Temasek, and Baillie Gifford, with new investors including Nvidia's venture capital division.

PsiQuantum stated that these funds will help it build a quantum computer with 1 million qubits by 2028, far exceeding the hundreds of qubits in today’s most advanced devices. The company’s Chief Science Officer Peter Shadbolt said, a computer of this scale will be able to solve "commercial value problems that no one else can solve".

It is worth noting that PsiQuantum’s timeline could give it an edge in the race against Google and IBM.

Quantum Computing Investment Boom Emerges

This year, the field of quantum computing has seen a surge in concentrated investment and valuations. Rival Quantinuum announced a $600 million financing round this month, with a valuation reaching $10 billion; Finnish company IQM also raised $300 million.

The stock market has similarly reflected this enthusiasm. The total market capitalization of three U.S.-listed quantum systems companies—IonQ, Rigetti, and D-Wave—has soared from less than $5 billion in November last year to $22 billion. This boom began at the end of last year and accelerated thanks to a series of technological breakthroughs in the field.

Behind the investment frenzy is the increasingly clear commercialization outlook for quantum technology. PsiQuantum Chief Scientist Peter Shadbolt said, a quantum computer large enough in scale will be able to solve "commercially valuable problems that no one else on earth could solve without quantum machines".

According to previous reports, quantum machines are expected to play a key role in scientific breakthroughs such as new material development and drug discovery, and solve commercially valuable problems that traditional computers cannot handle.

Technological Differentiation and Intensified Competition

PsiQuantum uses a core technology path different from most quantum computers. The company’s qubits are based on photons instead of electrons and atoms, claiming that photon-based quantum chips are easier to fabricate within existing chip manufacturing facilities and provide a faster path toward large-scale application.

Another advantage of this technology route is that the system does not need to operate at extremely low temperatures, greatly reducing the required ultralow temperature equipment compared with the solutions from companies like Google and IBM. Baillie Gifford investment manager Luke Ward stated:

PsiQuantum has "achieved all technological milestones," greatly reducing technical risks. "Now they don't have to invent any new devices or new science, the focus is on integrating existing technologies."

Nonetheless, the entire field still faces severe technical challenges. Google is the only company that has demonstrated the ability to control "noise" within quantum systems, and this noise interferes with computation as more qubits are added, while error correction capability is a key technical threshold.

PsiQuantum has yet to prove it can handle error correction, and it has not achieved its five-year goal to build a full-size machine by 2024.

The company plans to start building its first full-size quantum computing facility in Australia later this year, having already received AUD 940 million in equity and loan commitments from the Australian government. It has also reached an agreement with Chicago to build a full-size quantum system there.

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