The Australian Commonwealth and Queensland Governments will invest 940 million AUD ($620 million) in Silicon Valley-based quantum computing company PsiQuantum, enabling the firm to build the world's first utility-scale quantum computer at a site in Brisbane, Australia. The company intends to have the site operational by the end of 2027. 

PsiQuantum’s first utility-scale system will be hyperscale and consist of 1 million physical qubits, with a modular architecture that is able to leverage existing cryogenic cooling technologies. PsiQuantum uses a fusion-based architecture for its quantum computing approach, leveraging infrastructure in the semiconductor manufacturing industry to fabricate and test its photonic devices.

As part of the investment, PsiQuantum will establish its Asia-Pacific headquarters to build and operate successive generations of its utility-scale fault-tolerant quantum computer in Brisbane. PsiQuantum will also establish partnerships with Australian stakeholders and manufacturers in the quantum industry, invest in university and research collaborations, and create a dedicated climate research center, among other conditions. 

PsiQuantum was valued at $3.2 billion in a 2022 article by Forbes, and has research partnerships with the Air Force Research Lab, SLAC National Acceleratory Laboratory, and Defense Advanced Research Projects Agency (DARPA). The company also has partnerships with SkyWater Technology, Mitsubishi, and GlobalFoundries in technology and manufacturing. The company also opened a U.K.-based R&D facility in March of last year, giving it access to one of Europe's largest liquid helium cryogenic plants. 

Australia established a National Quantum Strategy in 2023 with the intention of making the country a leader in the global quantum industry by 2030 by encouraging research, applications, and commercialization. The country's Commonwealth Scientific and Industrial Research Organization established a Quantum Roadmap in 2020.