PsiQuantum has raised $1bn in the largest funding round for a quantum computing start-up, intensifying the race to commercialise a technology that promises the computing power needed to solve some of the most difficult scientific problems. The deal caps a burst of investment and soaring valuations for quantum companies this year, despite warnings from some experts that a truly useful quantum machine could still be decades away. The US company said the cash would help it build a quantum computer by 2028 with 1mn quantum bits, the basic units that encode information, far more than the hundreds of qubits in today’s most advanced machines. The ambitious timeframe could put it ahead of Google and IBM, which are in a race to build a full-scale quantum system by the end of this decade.

Full report : Quantum startup PsiQuantum raised $1 billion led by BlackRock, Temasek, and Baillie Gifford at a $7 billion valuation, up from $3.2 billion in 2021, for a 1M-qubit computer by 2028.