PsiQuantum, the Australian-founded quantum computing company with operations in Silicon Valley, has raised $1 billion in a Series E round that values the business at $7 billion. The financing was led by BlackRock, Temasek, and Baillie Gifford, with participation from NVentures, Macquarie Capital, Qatar Investment Authority, Morgan Stanley’s Counterpoint Global, and SentinelOne’s venture arm.
The raise makes PsiQuantum one of the best-funded quantum startups globally and underscores the growing flow of institutional capital into the sector. Recent financings by peers include Quantinuum, which reached a $10 billion valuation, IQM at $1 billion, and Infleqtion, which is preparing to go public at $1.8 billion.
Nvidia Joins Forces
Nvidia’s participation marks a shift from its earlier public stance. At CES in January, CEO Jensen Huang said useful quantum computers were likely “15 to 30 years away.” By March, during Nvidia’s Quantum Day, he retracted the statement, acknowledging his assessment had been wrong. NVentures has since invested in three leading firms—Quantinuum, QuEra, and now PsiQuantum.
Alongside the investment, Nvidia and PsiQuantum announced a collaboration spanning quantum algorithms, GPU-QPU integration, and software development. The companies will also explore ways to align Nvidia’s AI compute platforms with PsiQuantum’s silicon photonics technology.
Founded in 2016 by Australian physicists Jeremy O’Brien and Terry Rudolph, PsiQuantum develops quantum processors based on silicon photonics. Central to its design is Barium Titanate (BTO), a material suited for high-performance optical switches. PsiQuantum fabricates 300mm wafers of BTO in California and combines them with wafers produced at GlobalFoundries in New York, reflecting its reliance on established semiconductor supply chains.
“We defined what it takes from day one: this is a grand engineering challenge, not a science experiment,” said O’Brien, co-founder and CEO. “We tackled the hardest problems first—at the architectural and chip level—and are now mass-manufacturing quantum photonic chips at a leading US semiconductor fab.”
Expanding Footprint
In February, the company unveiled its Omega quantum photonic chipset, designed for large-scale systems. This year, PsiQuantum plans to begin construction on two data center-scale facilities: one near Brisbane Airport, backed by AU$940 million in funding, and another in Chicago. The Australian site is targeted to host the country’s first utility-scale quantum computer.
PsiQuantum also operates an R&D center in Daresbury in northwest England, focusing on cryogenic infrastructure. Former Intel CEO Pat Gelsinger recently visited the facility, underscoring its role in advancing large-scale cryogenic systems.
For Baillie Gifford, one of PsiQuantum’s largest investors, the attraction lies in the company’s ability to manufacture using existing industry processes. “Their ability to lean on an existing semiconductor supply chain is part of the attraction,” said Luke Ward, investment manager at Baillie Gifford. The firm has invested over $100 million in PsiQuantum to date.
Ward added that PsiQuantum is also working with companies on quantum software and algorithms to prepare for adoption once systems are operational.
PsiQuantum’s financing round places it among the best-capitalized quantum ventures worldwide. While approaches across the sector vary from superconducting qubits to trapped ions, PsiQuantum has consistently emphasized silicon photonics and large-scale integration as the foundation of its roadmap.
CEO O’Brien summarized the company’s approach: “Only building the real thing—million-qubit-scale, fault-tolerant machines—will unlock the promise of quantum computing.”
