PsiQuantum in Brisbane: The A$940 Million Bet on a Million-Qubit Quantum Computer
In April 2024, the Australian federal and Queensland governments committed A$940 million, equivalent to approximately US$617–620 million, in equity, grants and loans to PsiQuantum. The funding supports plans for a utility-scale quantum computer near Brisbane Airport, targeting approximately one million physical qubits and up to 400 specialised jobs.
Key Facts at a Glance
| Item | Details |
|---|---|
| Announcement date | 29 April 2024 |
| Total government package | A$940 million, approximately US$617–620 million |
| Federal government contribution | A$470 million |
| Queensland government contribution | A$470 million |
| Planned location | Near Brisbane Airport, Queensland |
| Regional headquarters | Brisbane |
| Target system size | Approximately one million physical qubits |
| Employment target | Up to 400 specialised jobs |
| Site operational target | End of 2027 |
| Error-corrected quantum computer target | 2029 |
| Government policy | Australia’s Future Made in Australia plan |
PsiQuantum: Australian Roots and a Silicon Valley Base
PsiQuantum was founded in 2016 and is headquartered in Silicon Valley. Several of its founders and senior leaders have academic and professional connections to Australia and the United Kingdom.
Chief Executive Officer Jeremy O’Brien led photonic quantum research at the University of Bristol. Chief Business Officer Stratton Sclavos is an experienced technology executive.
For several leaders, developing a major quantum computing facility in Australia represents a homecoming, while giving the country an opportunity to participate in the development of advanced computing infrastructure.
The Brisbane project is designed to move quantum computing beyond small research demonstrations towards a large-scale system capable of addressing demanding computational problems.
How PsiQuantum’s Photonic Quantum Computer Works
Photons as Qubits
PsiQuantum uses photons, or particles of light, as the basis of its quantum computing approach. Its chips are designed around standard semiconductor manufacturing techniques, and the system is intended to require less extreme cooling than some competing quantum computing architectures.
Modular System Design
The planned machine uses multiple specialised cryogenic cabinets connected through optical fibre. The modular architecture is intended to help scale the system towards approximately one million physical qubits.
Why Error Correction Matters
Quantum computers are sensitive to environmental disturbances and operational errors. Building a useful large-scale machine requires techniques that detect and correct errors during computation.
PsiQuantum argues that a commercially useful quantum computer must be fully error-corrected. Achieving that goal requires a much larger and more complex system than a small experimental device.
The distinction matters because the number of physical qubits alone does not establish how many reliable computations a machine can perform.
The major challenge is demonstrating that the complete system can run useful quantum algorithms reliably at scale. The Brisbane project is an ambitious development programme rather than proof that this goal has already been achieved.
Timeline of the Brisbane Quantum Computing Project
| Date | Milestone |
|---|---|
| 2016 | PsiQuantum founded |
| 29 April 2024 | A$940 million government package announced |
| End of 2027 | Brisbane site targeted to become operational |
| 2029 | Error-corrected quantum computer targeted |
Funding, Investment and People
| Name or Item | Role or Details |
|---|---|
| Jeremy O’Brien | PsiQuantum co-founder and CEO |
| Stratton Sclavos | PsiQuantum chief business officer |
| Steven Miles | Queensland premier at the time of the announcement |
| Federal government funding | A$470 million |
| Queensland government funding | A$470 million |
| Sydney-based Silicon Quantum Computing | Received approximately A$40 million in Australian investment |
The A$940 million package combines contributions from the federal and Queensland governments through equity, grants and loans. The project also forms part of Australia’s broader Future Made in Australia policy, which aims to strengthen domestic advanced technology and industrial capabilities.
PsiQuantum has raised substantial private funding since 2024, and its valuation can change significantly as investment rounds and technical milestones progress.
Why the Project Matters to Australia
A large-scale quantum computing facility could create specialised engineering and research roles while attracting investment in semiconductor manufacturing, photonics and advanced computing.
The project also places Brisbane within a global competition to develop quantum computers capable of solving problems that are difficult for conventional computers.
However, the technology remains challenging. A million-qubit target is a technical objective, not a guarantee of commercial success. The performance of the eventual machine will depend on engineering execution, error correction and the ability to run useful algorithms reliably.
Frequently Asked Questions
How much did Australia commit to PsiQuantum?
The federal and Queensland governments announced a combined package of A$940 million, split equally at A$470 million each.
Where will the quantum computer be built?
The planned facility is near Brisbane Airport in Queensland, with PsiQuantum’s regional headquarters in Brisbane.
How many jobs could the project create?
The project targets up to 400 specialised roles.
When is the quantum computer expected to be ready?
The site was targeted to become operational by the end of 2027, with an error-corrected quantum computer targeted for 2029.
PsiQuantum’s Brisbane project represents a major Australian investment in photonic quantum computing, with its long-term impact depending on whether the company can turn its ambitious technical plans into a reliable, large-scale system.
