Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful qua

Labor’s bold $1b bet on Aussie quantum start-up

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2024-04-29 21:30:04

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

The federal and Queensland governments are each contributing $470 million through share purchases, grants and loans to PsiQuantum, which was co-founded by two Australians.

A prototype of PsiQuantum’s cabinet, many of which will eventually be linked together to create a commercially useful quantum computer.

It’s the latest and one of the largest elements of the Albanese government’s Future Made in Australia policy and follows the $1 billion federal commitment to establish a domestic solar panel manufacturing industry.

The policy also includes $1.5 billion to establish critical minerals projects and tax incentives to lure capital to Australia.

Where traditional computers rely on silicon chips that work from a foundation of ones and zeroes, quantum computers use “qubits” that can be in both states at once.