Insider Brief
- PsiQuantum expects to deliver its first commercial quantum computing system in under six years.
- Research advances and partnerships have accelerated the timeline for delivery of its system.
- PsiQuantum has garnered substantial investment, with a valuation of $3.15 billion and $700 million in funding.
PRESS RELEASE — PsiQuantum expects to deliver its first commercial quantum computing system in under six years, according to Chief Executive Jeremy O’Brien,
In an interview with according to Reuters, O’Brien said the Palo Alto-based startup’s research advances — and a strategic partnership with chip manufacturing partner GlobalFoundries — is making the timeline shorter than estimates by many experts.
In an interview, O’Brien expressed confidence in the company’s progress, telling Reuters, “The first system that’s actually capable of solving important problems that people want to know the answer to – that’s just a handful of years away.”
“Certainly less than six,” he added.
Typically, the development of practical quantum computing is estimated to take a decade or more, but PsiQuantum is determined to expedite the process. Their partnership with the U.S. Department of Energy is instrumental in achieving this goal. The collaboration will enable PsiQuantum to utilize the facilities at the SLAC National Accelerator Laboratory for designing the essential “cryogenic quantum modules” needed for quantum computers, which operate at temperatures close to absolute zero.
O’Brien emphasized the significance of this partnership, stating, “We’ve (now) got access to another several orders, a couple of orders of magnitude more cooling power through Stanford’s linear accelerator. You’re in a night and day type of world when it comes to cooling power.”
PsiQuantum has garnered substantial investment, with a valuation of $3.15 billion and $700 million in funding, according to the news service. The company’s objective is to assemble multiple quantum modules into a data center-like configuration, aiming to reach approximately 1 million quantum bits, or qubits, for practical applications.
According to Reuters, potential applications for PsiQuantum system includes fields, such as materials science, national security and finance.
In addition to quantum computing, PsiQuantum is also engaged in research aimed at producing cost-effective and abundant green hydrogen, showcasing the company’s commitment to advancing technology with a positive impact on various industries.
For more market insights, check out our latest quantum computing news here.
