$1 billion for a quantum computer with a million qubits

California-based startup PsiQuantum will receive $1 billion in funding, valuing the company at around $7 billion. The investment was received in a Series E round and is currently the largest amount ever raised for quantum technology.

PsiQuantum investors

The company's investors include NVentures, Temasek, Baillie Gifford, and BlackRock. All funds received from the investment will be used to create a quantum computer with a million qubits. The project is scheduled for completion in 2028.

The startup will focus on a photonic approach, which will allow the team to scale faster. PsiQuantum is already collaborating with Nvidia to develop algorithms and integrate GPU infrastructure with quantum computing.

The company believes that to have a real impact on the industry, a quantum computer must be on the scale of millions of qubits.

Analysts have concluded that to move from laboratory experiments to practical application, a scale of one million qubits must be achieved. Collaboration with Nvidia and $1 billion in investment could make the current startup a market leader.