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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.

Perplexity AI in Talks to Raise Funds at $18 Billion Valuation Amid AI Boom

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Perplexity AI, an emerging player in the AI search tool market, is in discussions to raise funds at a new valuation of $18 billion, a significant increase from its previous $9 billion valuation in November. The startup, which is backed by Nvidia, Amazon’s Jeff Bezos, and Japan’s SoftBank Group, is capitalizing on the surging demand for AI-driven search tools.

The company aims to raise between $500 million and $1 billion in this funding round, sources familiar with the matter told Reuters. The heightened interest in AI-powered chatbots and virtual agents has fueled investor enthusiasm for startups like Perplexity AI, which competes with established players such as Google’s Gemini and Microsoft-backed OpenAI’s ChatGPT.

Perplexity has been enhancing its platform to improve its competitive edge. Recently, it introduced a new web browser, Comet, which integrates AI to understand complex queries, perform tasks, and make decisions. Its “Deep Research” feature allows users to conduct in-depth research by searching through numerous sources, offering a more comprehensive overview on various topics.

Despite facing criticism from media outlets like News Corp-owned Forbes and Wired over accusations of plagiarism, Perplexity has forged partnerships with publishers to address these concerns.

The ongoing fundraising talks underscore the growing potential of AI startups, as companies like OpenAI also continue to dominate the sector with massive valuations, such as their $157 billion valuation following a $6.6 billion funding round in October.

EU Cracks Down on Google and Apple Over Digital Market Rules

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The European Commission intensified its regulatory action against Big Tech on Wednesday, charging Google with two violations of the Digital Markets Act (DMA) and ordering Apple to open its ecosystem to competitors. The crackdown comes amid growing tensions between the EU and the U.S., with former President Donald Trump previously threatening tariffs in response to European fines on American companies.

Google’s alleged violations include restricting app developers from directing users to external offers outside the Google Play Store and prioritizing its own services—such as Google Flights, Google Shopping, and Google Hotels—over competitors in search results. The EU claims these practices hinder fair competition and consumer choice. Google defended its business model, warning that stricter regulations could reduce the quality of search results and limit investment in Android and Play services.

Apple was issued two compliance orders, requiring it to allow rival device makers seamless access to its technology and to establish clear timelines for responding to developers’ interoperability requests. Apple pushed back, arguing that these measures would slow innovation and unfairly benefit competitors who do not follow the same regulations.

Both companies face serious consequences if they fail to comply. Google, which has already been fined over €8 billion by the EU for previous antitrust violations, could face penalties of up to 10% of its global revenue. Apple may also undergo further investigations and financial sanctions if it does not meet the new regulatory demands.

Despite the regulatory pressure, shares of Alphabet and Apple rose by 1% and 1.6%, respectively, following the announcement.