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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.

GlobalFoundries Projects Weak First Quarter Amid Tariff Concerns and Smartphone Market Weakness

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GlobalFoundries, the contract chipmaker based in Malta, New York, issued a bleak forecast for its first-quarter revenue and profit, citing the potential impact of U.S. President Donald Trump’s tariffs on automakers and a struggling smartphone market in 2025. Despite the outlook, the company’s shares reversed earlier losses, rising nearly 4% in morning trading.

For the first quarter, GlobalFoundries expects revenue to range between $1.55 billion and $1.60 billion, below the Wall Street estimate of $1.66 billion, according to data compiled by LSEG. The company also projects adjusted earnings per share to fall between 24 cents and 34 cents, with the midpoint of this range under analysts’ expectations of 32 cents per share.

The automotive sector, which is GlobalFoundries’ third-largest revenue contributor, is especially vulnerable to the effects of tariffs on steel and aluminum imports in the United States. In 2023, the company signed a long-term agreement with General Motors to produce chips exclusively for the carmaker at its Malta facility.

Additionally, GlobalFoundries is facing challenges in its largest segment, smartphones. The global smartphone market is expected to face a turbulent 2025, according to research firm Canalys, further adding pressure on the company’s performance.

For the fourth quarter, GlobalFoundries posted revenue of $1.83 billion, meeting analysts’ estimates. The company also reported a profit of 46 cents per share, excluding items, which was slightly above the expected 44 cents.

Earlier this month, the company announced the appointment of Tim Breen as its new CEO, succeeding Thomas Caulfield.

GlobalFoundries Appoints Tim Breen as New CEO

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GlobalFoundries, the world’s third-largest contract chipmaker, announced on Wednesday that Tim Breen will be its new CEO. Breen, who joined the company in 2018 and has served as its Chief Operating Officer since 2023, succeeds Thomas Caulfield, who will transition to the role of executive chairman.

Shares of GlobalFoundries remained mostly unchanged following the announcement. Before his tenure at GlobalFoundries, Breen held a senior executive position at Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund and GlobalFoundries’ largest stakeholder.

In addition to Breen’s appointment, GlobalFoundries also announced that Niels Anderskouv, a former executive at Texas Instruments, will be the company’s new president. Anderskouv will replace Breen as Chief Operating Officer and will oversee manufacturing and product strategy.

Caulfield, who led the company through its 2021 IPO and had been CEO since 2018, praised Breen and Anderskouv for their leadership and vision, stating that together they are well-positioned to drive GlobalFoundries forward.

The company, which stepped back from the high-cost race to produce the most advanced chips—opting instead to focus on specialized markets such as radio-frequency chips and automotive semiconductors—has seen increased demand for its products, especially due to a recovery in the smartphone market. Despite this growth, GlobalFoundries continues to face challenges in the industrial and automotive sectors.

In 2024, GlobalFoundries also benefited from government support, receiving approximately $1.5 billion in subsidies aimed at boosting U.S. chip manufacturing.