PsiQuantum Raising $750 Million to Advance Quantum Computing Technology

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PsiQuantum, a quantum computing startup, is in the process of raising at least $750 million at a $6 billion pre-money valuation, as reported by sources familiar with the matter. BlackRock is reportedly leading the fundraising initiative, which has not yet been finalized.

The company distinguishes itself from other quantum computing startups by modifying traditional manufacturing techniques from the semiconductor industry, using existing photonics technology. This technology, commonly used for fiber-optic communications, is being applied at a factory operated by GlobalFoundries in New York. PsiQuantum aims to produce millions of quantum chips, with plans to scale production significantly, a process that requires substantial investment.

Quantum computing is poised to solve problems that would be impossible for conventional computers, such as simulating molecular interactions and predicting material behaviors. This technology holds the potential to revolutionize fields like battery development and drug discovery. Major tech companies, including Alphabet’s Google, Microsoft, and Amazon, are also pursuing quantum computing, with Nvidia recently announcing plans for a quantum computing research center in Boston.

PsiQuantum has partnerships with the U.S. and Australian governments to build quantum computers in Chicago and Brisbane, respectively. Despite the long-standing history of quantum computing, advancements have only recently been made in reducing errors and improving chip reliability. PsiQuantum aims to have a functional quantum machine by 2029, a goal echoed by Google, which predicts useful quantum applications within the next five years.

Senators Urge Trump to Support Congressional Plan for TikTok Sale Deadline Extension

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Three Democratic senators have called on President Donald Trump to seek congressional approval for extending the deadline for ByteDance, the Chinese parent company of TikTok, to sell a majority stake in the app to U.S. owners. This call comes amid ongoing concerns over a potential ban of TikTok in the United States.

Earlier this year, Trump unilaterally extended the original deadline from January 19 to April 5 by postponing the enforcement of a law requiring ByteDance to divest a majority stake to U.S. investors. Trump suggested that he may further extend this deadline to provide additional time to finalize a deal.

Senators Ed Markey, Chris Van Hollen, and Cory Booker expressed concerns about the legality and the long-term future of TikTok under the current non-enforcement stance, stating that the deadline extension should be handled through legislation passed by Congress. They urged Trump to back a proposal that would extend the deadline until October. The senators emphasized the need for a legislative solution, pointing out that TikTok is used by 170 million Americans and should not be left in limbo.

In response, the White House has yet to comment, but discussions have reportedly been focusing on a plan that would involve the largest non-Chinese investors in ByteDance increasing their stakes to take over the U.S. operations of TikTok. This move aims to dilute Chinese ownership, thereby addressing national security concerns regarding the app’s potential use in influence operations.

The fate of TikTok has been uncertain for months, with some reports suggesting that the Trump administration is working on a deal involving Oracle and other investors to take control of TikTok’s U.S. operations. The senators have called for clarity from Trump regarding the legal basis for any further extensions and whether the White House is in negotiations with Oracle to manage TikTok’s user data security.

Activist Investor Pressures Dropbox to End Founder-Controlled Structure

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Dropbox is facing significant pressure from activist investor Half Moon Capital to dismantle the company’s dual-class share structure, which grants CEO and co-founder Drew Houston a supermajority of voting power. The hedge fund has raised concerns about Dropbox’s slowing revenue growth and its strategy regarding payment tiers, according to a report by the Wall Street Journal.

Half Moon Capital, which holds around 40,000 shares in Dropbox, is advocating for the removal of the structure that currently gives Houston approximately 77% of the voting rights, thanks to his Class B shares, which carry ten times the voting power of Class A shares. The proposal to eliminate this structure is set for a vote at Dropbox’s annual meeting, with a majority vote required for approval, meaning Houston’s support would be crucial for its passage.

The activist investor has criticized the company for what it perceives as “significant missteps” and argues that the current voting arrangement prevents shareholders from holding management accountable. While Dropbox and Half Moon did not immediately respond to requests for comment, the outcome of the vote could significantly impact the company’s governance structure.

In recent months, Dropbox has faced challenges, including a 20% global workforce reduction announced in October 2024, following a 16% layoff in 2023. The situation has raised questions about the company’s strategic direction under Houston’s leadership.