The funding is led by existing investors BlackRock, Temasek, and Baillie Gifford, with Nvidia’s corporate venture arm also joining.
PsiQuantum raises $1 billion in a Series E round, bringing its valuation to $7 billion. The firm has set a goal to deliver a one-million-qubit fault-tolerant quantum system by 2027.
This capital is directed to advance chip development, scale test systems, and expand materials manufacturing as the company targets a commercially viable quantum computer.
Fault tolerance is central because quantum hardware faces high error rates. PsiQuantum plans to complete a system in Brisbane by late 2027, with a separate machine in Chicago expected by 2028. Its hardware is manufactured through GlobalFoundries in New York, giving the company access to an established semiconductor supply chain.
Instead of adding qubits, PsiQuantum is scaling for error corrected and large-scale systems. The company is also working with Nvidia to link quantum systems with AI chips, with joint development of software tools for enterprises to adopt quantum workloads when systems become available.
The funding round comes amid rising valuations across the sector. Quantinuum values at $10 billion, IQM raises $320 million to reach $1 billion, and Infleqtion outlines plans for a public listing at $1.8 billion.
India’s own quantum ecosystem is also drawing capital. Bengaluru-based QpiAI recently closed a $32 million Series A led by Avataar Ventures with support from the National Quantum Mission. QNu Labs raised about $7 million backed by NQM and private investors to expand its quantum-safe cybersecurity products. Quanfluence secured $2 million seed funding led by Pi Ventures to scale photonic quantum technology.
