PsiQuantum closed a $1B Series E at $7B valuation — largest quantum computing round ever.

They build fault-tolerant quantum computers using photonic qubits, targeting million-qubit scale while competitors are stuck at hundreds.

Key details:
• $1B led by BlackRock, Temasek, Baillie Gifford
• Manufacturing at GlobalFoundries (existing semiconductor fab)
• Sites planned in Brisbane and Chicago
• Partnership with NVIDIA for integration

How they built this:
→ Started with thesis: commercial quantum needs 1M qubits
→ Tackled hardest scaling problems first
→ Leveraged existing manufacturing infrastructure
→ Built proprietary optical switch technology
→ Developed modular cooling systems

Takeaway: When building deep tech, solve the hardest scaling problems first, not last.

Source: PsiQuantum press release

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