2 May 2024

PsiQuantum to build world’s first fault-tolerant quantum computer in Australia

US-based quantum technology leader PsiQuantum will build the world’s first utility-scale fault-tolerant quantum computer in Australia. This follows a A$940 million combined investment by the Australian and Queensland governments.

PsiQuantum will build and operate the warehouse-sized quantum computer in Brisbane, Queensland. Brisbane will also be PsiQuantum’s Asia-Pacific headquarters and regional hub. The company will create up to 400 highly skilled local jobs.

As part of the investment, PsiQuantum will:

  • build and operate successive generations of its Fault Tolerant Quantum Computer (FTQC) in Brisbane
  • establish partnerships with the local quantum industry to create advanced manufacturing clusters and develop an innovation precinct next to the quantum computing site
  • create a dedicated climate research centre
  • open new digital and advanced tech supply chain opportunities
  • invest in university and research collaborations, including PhD positions, mentoring and internship opportunities.

‘A utility-scale quantum computer represents an opportunity to construct a new, practical foundation of computational infrastructure and in so doing ignite the next industrial revolution,’ says Prof. Jeremy O’Brien, PsiQuantum CEO. ‘This platform will help solve today’s impossible problems and will serve as tool to design the solutions we so desperately need to safeguard our future.

‘We’re thrilled to partner with the Australian and Queensland governments as our team at PsiQuantum takes a massive step forward in our mission to help deliver on the promise of quantum computing.’

PsiQuantum’s commitment to developing the local quantum industry will create new partnership opportunities between Australia and the global quantum community, including universities, research institutions and the private sector. Its relationships with global leaders in technology is also expected to attract additional expertise to the Australian quantum ecosystem.

PsiQuantum has raised over US$700 million to date. Two of its founders – Professors Jeremy O’Brien and Terry Rudolph – are Australian.

A closeup of a section of a quantum computer showing highly polished metal disks, tubes and connectors.


Australia’s commitment to quantum

The Australian and Queensland governments each invested A$470 million in PsiQuantum.

‘This investment shows we are serious about building a strong quantum ecosystem here in Australia,’ says Prime Minister Anthony Albanese. ‘We are proud to be working with the Queensland Government to make visionary investments in the future of our nation.’

Dr Cathy Foley, Australia’s Chief Scientist, adds: ‘This investment shows that Australia is serious about its quantum industry development. [It ensures] we are at the front of the pack in the global race to build the first useful quantum computer.’

The Australian Government is committed to developing the quantum industry. It recently awarded A$18.4 million to the University of Sydney to establish a new national centre called Quantum Australia. The centre will bring together some of Australia’s leading research institutions, industry partners and quantum companies to help grow the quantum industry in Australia.

A leading destination for quantum computing

The PsiQuantum investment highlights Australia’s strengths in quantum. The country consistently ranks within the world’s top five countries for high-impact quantum research and quantum computing patents.

Australia has one of the largest quantum workforces in the world. The country is home to world-leading quantum companies including Silicon Quantum Computing, Quantum Brilliance, Diraq, Q-CTRL, Quintessence Labs, Nomad Atomics and QuantX Labs.

CSIRO forecasts that Australia’s quantum technology opportunity could reach A$2.2 billion in revenue by 2030 and A$6 billion by 2045. (Source: CSIRO, Australia’s quantum technology set for growth, October 2022.) Australia’s National Quantum Strategy sets out the opportunities that quantum technologies present for local and international companies.

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