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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.

Chipmaker IQE Explores Sale After Slashing Earnings Guidance

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IQE (IQE.L), the British semiconductor materials maker supplying Apple’s iPhone facial recognition sensors, said Monday it is considering a potential sale after lowering its earnings outlook amid continued weakness in the smartphone market. The announcement sent its shares down more than 12% to a 16-year low.

The company now expects core earnings between a £5M loss and a £2M profit, compared with earlier guidance of £7.4M–£10M profit. Revenue is forecast at £90M–£100M, down from the previous range of £115.1M–£123M, citing contract delays in wireless and photonics. By comparison, IQE posted £8.1M profit on £118M revenue last year.

IQE said it has been approached by an undisclosed party regarding a potential acquisition, expanding its ongoing strategic review to include a sale. The company is also pursuing the previously announced sale of its Taiwan operations, with talks underway with prospective buyers.

The group, which has facilities in the U.K., U.S., and Taiwan, has struggled under declining smartphone demand and high levies on semiconductors. Data from IDC shows global smartphone sales grew just 1% in Q2, underscoring the headwinds for suppliers.

IQE has been working to cut debt and shift production to the U.S., hoping to better align with demand trends and navigate geopolitical trade pressures. But with shares tumbling to 7.64 pence, investors are questioning whether a sale is now the most viable path forward.

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.