Backed by $940 million from the Federal and Queensland governments, the startup hoped to begin constructing facilities at the Brisbane Airport Industrial Park last year. Now it’s found a new home for its quantum computer, due by the end of next year.
Key Takeaways
- PsiQuantum is moving the site of its quantum computing facility to Moreton Bay Central, pivoting away from the original Brisbane Airport Industrial Park location.
- The startup says it has already commenced early site works, with a formal groundbreaking to come in June.
- It has promised a commercially useful quantum computer will be built in Brisbane by the end of 2027, but the project has run months behind schedule.
- The company will also open its Test and Validation Lab at Griffith University’s Nathan campus next week.
- The Australian and Queensland governments invested a joint $940 million in California-based PsiQuantum in 2024.
- PsiQuantum co-founder Jeremy O’Brien stepped down as CEO in February, moving to a position as executive chairman. AMD alumni Victor Peng was appointed interim chief executive.
- Quantum computing promises to facilitate breakthroughs in chemistry, manufacturing, agriculture and finance. The startup’s competitors expect the mid 2030s as a more realistic timeline for “utility scale” quantum computing.
Key Background
PsiQuantum originally planned to break ground on its Brisbane Airport Industrial Park facility in 2025. However, beginning works at the airport would require a Major Development Plan to be opened for public consultation. Two years after the Australian and Queensland Government’s $940 million investment in the startup, such a proposal had yet to be issued – putting PsiQuantum’s commitment to build a powerful quantum computer by the end of 2027 in peril.
With its move to Moreton Bay, the startup is betting laxer planning rules can expedite the construction process.
When the $940m investment was announced in 2024, the governments said the project would create hundreds of jobs. PsiQuantum’s Australian headcount currently sits at around 15, according to LinkedIn. The company did not respond to questions about hiring timelines.
Crucial Quote
“PsiQuantum’s mission to build the world’s first utility-scale quantum computer requires speed, agility, and strong partnerships,” said Victor Peng, Interim Chief Executive Officer of PsiQuantum. “City of Moreton Bay provides the infrastructure, scalability, and collaborative environment we need to deliver.”
Big Number
$1.5 billion – The size of PsiQuantum’s September Series E, which valued the company at $10.5 billion).
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