PsiQuantum has broken ground on a facility in Moreton Bay, Queensland, Australia, aiming to build the world's first utility-scale, fault-tolerant quantum computer using a photonic approach. The project is backed by A$940 million in Australian government funding, a $100 million US CHIPS Act letter of intent, and a $1 billion Series E round valuing the company at $7 billion. The photonic design uses light particles as qubits manufactured via conventional semiconductor foundries, differentiating it from IBM's and Google's superconducting approaches. A large cryoplant from Linde Engineering is expected in 2027, but no timeline exists for a fully operational system — no fault-tolerant quantum computer at commercial scale has been demonstrated anywhere yet.
