Private Firm PsiQuantum Aims to Revolutionize Quantum Computing by 2027

In a remarkable nine-year journey, Australian physicist Jeremy O’Brien’s company, PsiQuantum, has raised over $1 billion in funding and valued itself at over $3 billion, making it one of the leading private quantum computing firms. With ambitious plans to build a practical quantum machine by late 2027, PsiQuantum aims to leapfrog its rivals and achieve a groundbreaking feat: developing a photonic quantum computer that can run commercially practical problems and is fault-tolerant.

However, experts are skeptical about the company’s progress, citing concerns over technical hurdles and the audacious goal of building a machine requiring around one million qubits. As the competition between PsiQuantum and its rivals intensifies, the stakes are high, but the potential rewards make it an exciting time for researchers working in this field.

With quantum computing poised to revolutionize fields such as medicine, finance, and materials science, the future of PsiQuantum is a high-stakes bet that experts worldwide will closely watch. Can the company overcome its technical challenges and deliver on its promises? Only time will tell.

The Billion-Dollar Quantum Computing Gamble

The article highlights the ambitious plans of PsiQuantum, a private quantum computing firm founded by Australian physicist Jeremy O’Brien. Despite having zero ambition to go into business during his academic years, O’Brien now runs a company that has raised over $1 billion in funding and values itself at more than $3 billion.

In just nine years since its founding, PsiQuantum has managed to raise an impressive amount of capital from venture capitalists and governments. The company’s coffers are likely to rival those of internal quantum computing efforts at Google or IBM. With 350 staff based in Palo Alto, California, PsiQuantum has scored significant investments from governments in Australia and the United States.

PsiQuantum aims to build a practical quantum machine by late 2027, which is an ambitious goal considering the technical challenges involved. The company plans to use light in silicon chips to create a programmable quantum computer that can outperform classical machines. By the end of 2027, PsiQuantum hopes to operate a photonic quantum computer that can run commercially useful problems and is fault-tolerant.

While venture capitalists and governments have rushed to invest in PsiQuantum, not everyone shares their optimism. Several scientists, including Chao-Yang Lu from the University of Science and Technology of China, worry that the firm is promising things it will struggle to deliver. Shimon Kolkowitz, a quantum physicist at the University of California Berkeley, calls a bet on PsiQuantum “extremely high risk.”

PsiQuantum’s researchers have not published a specific number for the number of qubits required for their machine, but it is estimated to be in the order of one million. Overcoming technical challenges will be crucial for the company to achieve its goals. Lu and other scientists are skeptical about how much progress PsiQuantum has made.

If PsiQuantum succeeds in building a practical quantum machine, it will put the firm ahead of its major rivals and leapfrog researchers who are solving toy problems on small-scale quantum computers. However, PsiQuantum has shown very little progress compared to its competitors. Rather than gradually building up, the company aims to jump straight into a machine that will require something in the order of one million qubits.

PsiQuantum tests quantum computing using light in silicon chips in a prototype cryogenic cabinet. This technology can potentially create a programmable quantum computer that can outperform classical machines. However, the technical challenges involved are significant, and several scientists are skeptical about how much progress PsiQuantum has made so far.

PsiQuantum’s researchers are working on photonic quantum computing, which uses light to perform calculations. This technology has the potential to be fault-tolerant and can run commercially useful problems. However, overcoming technical challenges will be crucial for the company to achieve its goals.

Venture capitalists have rushed to invest in PsiQuantum, but not everyone shares their optimism. Several scientists are skeptical about the company’s progress so far and worry that it is promising things it will struggle to deliver.