Quantum computing startup PsiQuantum is seeking to raise at least $750 million in a funding round led by BlackRock (NYSE:BLK), aiming to double its valuation to $6 billion, San Francisco Business Times reports.

The Palo Alto-based company is developing a fault-tolerant quantum computer using photonic qubits, leveraging traditional semiconductor manufacturing techniques. According to PsiQuantum’s website, the company’s approach involves using photons as qubits, allowing for scalability through existing chip fabrication processes.

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PsiQuantum Secured Global Expansion and Government Partnerships

PsiQuantum is collaborating with the governments of Australia and the U.S. to build quantum computing facilities in Brisbane and Chicago, respectively, Reuters reports. According to the Australian Financial Review, the company has secured $617 million in funding in Australia from federal and Queensland governments to construct a commercial quantum computer.

In the U.S., PsiQuantum plans to build a 300,000-square-foot facility in Chicago’s Illinois Quantum and Microelectronics Park, supported by more than $500 million in anticipated public funding, The Quantum Insider says. The initiatives underscore PsiQuantum’s commitment to advancing quantum computing infrastructure globally.

Engineering the Future of Computing

PsiQuantum manufactures its quantum chips at GlobalFoundries’ facility in New York, utilizing photonic technology developed for fiber-optic communications, Reuters reports.

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According to The Quantum Insider, the company has introduced the Omega quantum photonic chipset, designed for utility-scale quantum computing, featuring high-performance photonic components. Additionally, PsiQuantum has developed high-speed optical switches and improved photon detectors to enhance quantum circuit performance.

To boost efficiency, PsiQuantum implemented a compilation technique known as active volume compilation, aiming to reduce application run times by approximately 50-fold, The Quantum Insider says.

Backed By Giants Like BlackRock, Microsoft, And Nvidia’s Quantum Reversal

BlackRock, which led PsiQuantum's previous $450 million round, is returning as lead investor, signaling sustained institutional confidence. According to San Francisco Business Times, other major backers include Microsoft's (NASDAQ:MSFT) venture arm M12, Atomico, Founders Fund, Playground Global, Temasek Holdings, and FPV Ventures.