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PsiQuantum Hits $7B Valuation, Secures $1B Funding and Partners with Nvidia

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Quantum computing startup PsiQuantum announced Wednesday it has raised $1 billion in a Series E funding round, boosting its valuation to $7 billion, while also unveiling a collaboration with Nvidia to accelerate its quantum computing development.

Funding Details

  • Round size: $1 billion (Series E)

  • Valuation: $7 billion

  • Lead investors: BlackRock, Temasek, Baillie Gifford

  • New investors: Nvidia’s NVentures, Macquarie Capital, Ribbit Capital

Expansion Plans

The funding will support:

  • New sites in Brisbane, Australia and Chicago, Illinois

  • Deployment of large test systems to validate PsiQuantum’s design

Technology Edge

  • Photonic approach: Uses light particles on silicon chips

  • Built on semiconductor manufacturing and fiber-optic networking for scalability

  • Goal: Build the first million-qubit, fault-tolerant quantum computer

Nvidia Collaboration

  • Nvidia chips will help connect classical and quantum machines

  • Integration to improve PsiQuantum’s silicon-photonics quantum chips

  • Aimed at advancing software and hardware ecosystems for practical quantum applications

Applications of Quantum Computing

  • Drug discovery

  • Materials science

  • Cybersecurity breakthroughs

  • Potential to solve problems beyond the reach of AI and today’s supercomputers

Partnerships & Manufacturing

  • PsiQuantum has partnered with GlobalFoundries to fabricate its chips at the foundry’s New York facility.

Outlook

With Nvidia’s backing and $1B in fresh capital, PsiQuantum is positioning itself as a frontrunner in the global quantum race, moving closer to proving its designs and delivering scalable, commercial quantum computers.

GlobalFoundries Q3 Outlook Disappoints Amid Weak Smartphone Demand

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GlobalFoundries, the world’s third-largest contract chipmaker, projected third-quarter revenue and profit below Wall Street expectations as the recovery in consumer electronics demand, particularly smartphones, remains sluggish. Shares fell 6% in premarket trading, adding to a roughly 15% decline this year.

U.S. tariffs and broader economic uncertainty have dampened smartphone sales, with IDC data showing global growth slowing to just 1% in the June quarter. CEO Tim Breen, who took over in February, said the company is awaiting a “return to meaningful growth” in consumer-driven markets.

For Q3, GlobalFoundries expects net revenue of $1.68 billion (±$25 million), versus analysts’ estimates of $1.79 billion. Adjusted EPS is forecast at $0.38 (±$0.05), below the $0.41 consensus.

Despite the weak outlook, the company beat expectations in Q2 thanks to cost controls and strength in automotive and datacenter segments. Revenue for the quarter rose 3.7% to $1.69 billion, slightly above forecasts, while adjusted EPS reached $0.42 against the $0.35 estimate.

GlobalFoundries is expanding in automotive with a chipmaking deal with Continental and the July acquisition of chip architecture supplier MIPS to strengthen industrial and AI processor offerings. In June, it raised its total investment plans to $16 billion, including $1 billion more for capital spending and $3 billion for R&D in emerging chip technologies for EVs and AI servers.

GlobalFoundries Forecasts Stronger Q2 Amid Stable Demand and Tariff Tailwinds

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GlobalFoundries (GFS.O) on Tuesday projected second-quarter revenue and profit slightly above Wall Street expectations, indicating stable demand despite industry-wide pressures from tariffs, smartphone weakness, and policy uncertainty.

The U.S.-based contract chipmaker expects Q2 revenue of $1.68 billion (±$25 million) and adjusted earnings of 36 cents per share (±5 cents). Analysts polled by LSEG had anticipated $1.67 billion in revenue and 35 cents per share in profit. The positive forecast comes after the company posted Q1 revenue of $1.59 billion, slightly ahead of estimates, and adjusted earnings of 34 cents, beating forecasts of 28 cents.

While smartphone demand, its largest revenue stream, remains under pressure, GlobalFoundries said its automotive chip segment showed year-over-year growth in Q1. This resilience comes amid U.S. President Donald Trump’s global tariff strategy, which has already imposed levies on foreign-made autos – the company’s third-largest market.

Interestingly, CEO Thomas Caulfield noted that U.S. tariffs on foreign-made chips could benefit domestic manufacturers like GlobalFoundries by prompting customers to shift production to U.S.-based fabs. However, broader uncertainty around the CHIPS Act, which includes $52.7 billion in U.S. subsidies for domestic chip production, continues to cloud the industry’s long-term outlook.

Meanwhile, speculation of a potential merger with Taiwanese United Microelectronics Corp (UMC) resurfaced in March, although UMC denied any ongoing talks in April.

Despite the policy fog and shaky smartphone sector, GlobalFoundries appears cautiously optimistic heading into Q2 – signaling potential resilience among U.S.-based chipmakers navigating a turbulent geopolitical landscape.