PsiQuantum

Photonic · Founded 2015 · Palo Alto, CA

Bet entirely on photonic measurement-based quantum computing at ~1M qubit scale, skipping the NISQ era. Massive capital raise ($1B+ public commitments) and large public-sector contracts in Australia (Brisbane), US (Chicago), UK. No public hardware demonstrations — by design. Either delivers the most consequential moonshot in QC or doesn't.

Delivered

Late

Missed

Softened

Pending

Delivery rate (excluding pending): 100%

Our verdict

PsiQuantum is the highest-variance bet in the industry. No qubit-count demonstrations along the way — the play is to go straight to a million-qubit photonic system circa 2027-2030. If it works, it's the largest step-function in QC. If it doesn't, capital is incinerated. They've delivered on theoretical contributions and foundry partnerships; the headline 2027 milestone is the only one that matters and there's no public data to bet for or against.

Claims by target year

Target: 2024

Establish manufacturing partnership for photonic-quantum chips at silicon-foundry scale

Delivered

Outcome: GlobalFoundries partnership announced 2021, manufacturing at scale ramped 2024-2025.

Claim source ↗

Target: 2025 · Announced 2021

Demonstrate fusion-based quantum computing primitives

Delivered

Outcome: Published fusion-based quantum computing framework (Bartolucci et al. 2021); GlobalFoundries-fabbed silicon-photonic chip demonstrations through 2024-2025.

Claim source ↗

Target: 2027 · Announced 2024