Federal and Queensland governments have entered into a partnership, committing $940 million towards the development of a quantum computer by a US-based startup.
In exchange for this investment, PsiQuantum, the startup in question, will establish its regional headquarters in Australia. The first quantum computer will be housed at a strategically chosen location near Brisbane Airport.
This investment deal with PsiQuantum, co-founded by two Australians, has been under consideration since late last year. However, it has faced criticism for its negotiation process and for not prioritizing the local quantum industry.
Following reports of the investment, PsiQuantum officially confirmed the nearly $1 billion financial package on Tuesday morning. The package includes a combination of equity, grants, and loans.
PsiQuantum aims to have the Brisbane Airport site operational by the end of 2027, pushing forward with an ambitious plan. The company asserts that a fault-tolerant quantum computer will have the capability to solve commercially relevant problems across various industries rooted in chemistry, mathematics, and physics, thereby revolutionizing critical sectors.
The startup boasts the ability to construct a “hyperscale” quantum computer with a modular architecture and cryogenic cooling.
PsiQuantum views the government’s investment as a vote of confidence in its endeavors within the Australian landscape.
This substantial investment follows the government’s recent allocation of $18.4 million towards a new national center, Quantum Australia. This center, led by the University of Sydney, aims to promote quantum technology awareness, promote collaboration between academia and industry. Meanwhile, nurturing the growth of quantum startups, and facilitate connections between quantum companies nationally and internationally.