PsiQuantum to build $1bn fault tolerant quantum computer

The Australian and Queensland Governments will invest almost $1 billion into frontier technology company PsiQuantum to build the world’s first fault tolerant quantum computer in Brisbane.

The investment follows decades of investment by governments in quantum computing research which has established a healthy science based start up sector, however the size of the investment is unprecedented by government.

Quantum computers are considered the next major development in computing, delivering data processing power well beyond the capabilities of today’s super-computers.

PsiQuantum is considered a global leader in quantum computing and has attracted significant private investment.

The joint government investment into PsiQuantum will secure its Asia-Pacific headquarters in Brisbane and create 400 direct jobs.

PsiQuantum CEO Professor Jeremy O’Brien said: “A utility-scale quantum computer represents an opportunity to construct a new, practical foundation of computational infrastructure and in so doing ignite the next industrial revolution.

“This platform will help solve today’s impossible problems and will serve as tool to design the solutions we so desperately need to safeguard our future.

“We’re thrilled to partner with the Australian and Queensland governments as our team at PsiQuantum takes a massive step forward in our mission to help deliver on the promise of quantum computing.”

Company co-founders include Australians Professor Jeremy O’Brien and Professor Terry Rudolph, with Professor O’Brien at the University of Queensland.

The two governments said in a statement that the company would become a cornerstone customer of Australia’s digital, quantum and AI supply chains, adding further economic value to the nation.

The joint investment includes approximately $470 million in equity and loans from each government.

As part of this investment, PsiQuantum will:

• Establish its Asia-Pacific Headquarters in Brisbane
• Build and operate successive generations of its Fault Tolerant Quantum Computer (FTQC) in Brisbane
• Create up to 400 highly skilled local jobs
• Establish partnerships with the local quantum industry and advanced manufacturing clusters
• And invest in university and research collaborations, including PhD positions, mentoring and internship opportunities.

Prime Minister Anthony Albanese said: “It takes great partnerships to build new industries. We need to make bold investments today if we want to see a Future Made in Australia.

“We are proud to be working with the Queensland Government to make visionary investments in the future of our nation.

“This investment shows we are serious about building a strong quantum ecosystem here in Australia.”

Picture: PsiQuantum’s infrastructure required for a full-scale fault-tolerant quantum computer.