Australia just made a billion-dollar bet on building the world’s first ‘useful’ quantum computer in Brisbane. Will it pay off?

Christopher Ferrie is a co-founder of Eigensystems and a member of the Australian Quantum Software Network. He has received funding from the Australian Research Council and the Department of Business Strategy and Innovation.

The Australian government has announced a pledge of approximately A$940 million (US$617 million) to PsiQuantum, a quantum computing start-up company based in Silicon Valley.

Half of the funding will come from the Queensland government, and in exchange, PsiQuantum will locate its planned quantum computer in Brisbane, with a regional headquarters at Brisbane Airport.

PsiQuantum claims it will build the world’s first “useful” quantum computer. Such a device could be enormously helpful for applications like cracking codes, discovering new materials and drugs, modelling climate and weather, and solving other tough computational problems.

Companies around the world — and several national governments — are racing to be the first to solve the quantum computing puzzle. How likely is it Australia’s bet on PsiQuantum will pay off?

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