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Earlier this year, Australia agreed to invest nearly A$1 billion in US quantum startup PsiQuantum in a bid to become the first country to have a commercial-scale quantum computer.
The technology is expected to be operational by 2027.
“This investment marks the beginning of a manufacturing and production partnership that will create hundreds of highly skilled local jobs,” the Australian government said in an April statement. Press release“It also presents exciting opportunities in our quantum field that will have huge economic benefits.”
However, the deal has raised many questions since it was announced. These concerns include how PsiQuantum was chosen, why Australia is betting so heavily on a single quantum technology, and the exclusivity of the deal, as PsiQuantum is also developing quantum computers for the United States.
TechRepublic has reached out to PsiQuantum for comment.
What quantum computing technology is PsiQuantum developing?
The Australian and Queensland governments have jointly invested A$940 million (US$630 million) in PsiQuantum to build the world’s first practical-scale, fault-tolerant quantum computer near Brisbane Airport in Queensland.
PsiQuantum says the computer will “solve commercially useful problems across a wide range of industries based on chemistry, mathematics and physics,” transforming key sectors such as renewable energy and “driving the global economy for decades to come.”
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The investment, split equally between the Australian and Queensland governments, with each contributing about A$470 million to the project, will involve a financing package made up of equity, grants and loans, the two sides said.
PsiQuantum plans to scale up fusion-based architectures using photonics approaches to encode qubits as particles of light. The startup will leverage advanced semiconductor manufacturing industry infrastructure to build and test millions of photonic devices.
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This will allow a quantum computer to have enough physical qubits to implement error correction. PsiQuantum’s utility-scale system will have 1 million physical qubits, with an ultra-large footprint and modular architecture that can take advantage of cryogenic cooling.
What questions have been raised about the PsiQuantum transaction?
The success of the PsiQuantum project will enable Australia to take the lead in quantum computing and promote the further development of Australia’s local quantum technology industry. But since the 2024 announcement, many questions remain about the deal.
PsiQuantum is not a quantum computing company based in Australia
PsiQuantum’s two co-founders – CEO Jeremy O’Brien and chief architect Terry Rudolph – are both from Australia. O’Brien’s career includes a decade at the University of Queensland, where the idea and early research of photon-based quantum computers was born.
However, PsiQuantum is based in the United States, and its investments in U.S. quantum startups have been questioned by local players, especially in the context of the Australian government Future Australian Manufacturing PolicyThe company is seeking to make further investments in Australian businesses.
Paul Fletcher, Australia’s Shadow Minister for Science, Arts, Government Services and the Digital Economy, said: Other local quantum companies — such as Silicon Quantum Computing, Diraq and Quantum Brilliance — were not carefully considered for investment.
The potential to build Australia’s own quantum computing skills
The PsiQuantum agreement includes a commitment to help promote Australia’s quantum computing industry. Established strategic partnerships with five Queensland universities Establish educational programs targeting industry skills for quantum computing and other advanced technologies.
“This collaboration builds on decades of Australia and Queensland being world leaders in quantum computing,” said Jeremy O’Brien of PsiQuantum in a press release. “This collaboration will help ensure Australia develops the necessary skills and advances research to continue leading in this field for decades to come.”
Is investing in a single quantum company a gamble?
Should Australia be run like a venture capital firm?
The issue arises because Australia has invested significant public money in the hope of “picking winners” in the quantum race, even though the specific technologies are unproven.
Australia has concentrated a large portion of its quantum investments (and associated risks) in a single company, while other countries have spread their quantum investments more widely due to market and technology uncertainties.
For example, the UK spends only $17 million attracted PsiQuantum to open a factory thereLike other countries, the UK is making smaller investments in a range of competing technologies so that it can adjust its strategy if necessary.
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In a letter to the Australian National Audit Office, Fletcher wrote:
“Different types of quantum technologies are currently being developed around the world. Globally renowned quantum academic experts, including Australian scholars, are unsure which technology will be proven and can be applied on a large scale.”
PsiQuantum investment process may be scrutinized
In August 2024, Australia’s acting Auditor General Rona Mellor confirmed that the Australian National Audit Office was considering a formal audit of the PsiQuantum transaction.
In response to the letter and recommendation from shadow minister Paul Fletcher, Mailer said Include it in the work plan for this fiscal year for consideration.
Another issue up for review is the fast-track expressions of interest process, which seeks feedback from other Australian quantum companies on potential investments in their companies. Fletcher called the process a “sham” as parts of the PsiQuantum deal move forward.
PsiQuantum to build quantum computer in US by 2028
Australians may only have a year to enjoy the pleasure of owning their first practical quantum computer. Shortly after the Australian announcement, PsiQuantum revealed it would build a second computer in Chicago, USA, by 2028, at which point it would build on Australia’s experience.
The US deal raises questions about the value Australia gets from its $1 billion outlay, as the technology will soon move elsewhere and the intellectual property PsiQuantum acquires from developing the computer in Australia will be exploited in the US
Australia’s giant leap still in doubt
The Australian quantum industry could ultimately benefit greatly from the advent of the world’s first fault-tolerant quantum computer. With PsiQuantum locating its Asia-Pacific base in Brisbane, Queensland and Australia could become a hub for quantum innovation.
The Australian government can only hope, however, that by 2027 PsiQuantum’s technology will deliver on its promise – by which time the legacy problems will pale in comparison to the promise that computers hold for industry in Australia and beyond.
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