Home / Technology / PsiQuantum Lands $125M DARPA Quantum Deal
PsiQuantum Lands $125M DARPA Quantum Deal
22 Jul
Summary
- PsiQuantum secured a $125 million DARPA agreement.
- The deal aims to build an industrially useful quantum computer by 2033.
- PsiQuantum plans its first commercial-scale machine around 2030.
PsiQuantum has finalized a significant $125 million agreement with the U.S. Defense Advanced Research Projects Agency (DARPA). This award is part of DARPA's Quantum Benchmarking Initiative, which targets the creation of an industrially viable quantum computer by 2033. The funding will facilitate testing of PsiQuantum's advanced hardware and software systems.
According to CEO Victor Peng, this DARPA collaboration will help clarify the real advancements in the quantum industry. PsiQuantum anticipates its first commercial-scale quantum machine will be operational by approximately 2030. The company utilizes photonics, a light-based technology, for its chips manufactured at GlobalFoundries.
This substantial agreement deepens PsiQuantum's engagement with the U.S. government. Previously, in May, the Commerce Department indicated plans to invest $100 million in PsiQuantum under the CHIPS Act, part of a broader $2 billion quantum initiative.
Founded in 2016, PsiQuantum previously raised $1 billion at a $7 billion valuation. The company has also bolstered its leadership with experienced executives and board members from prominent tech firms.
