Australia has agreed to invest nearly AUD $1 billion in U.S.-based quantum start-up PsiQuantum with the goal of owning the first commercial-scale quantum computer. The technology is expected to be operational by 2027. The Australian government stated in a press release that this investment will create hundreds of high-skilled jobs and drive economic benefits for the quantum sector.
The deal with PsiQuantum has raised concerns about the selection process, the decision to bet big on a single quantum technology, and the exclusivity of the deal, especially since PsiQuantum is also developing a quantum computer for the U.S. TechRepublic has reached out to PsiQuantum for comment.
PsiQuantum plans to build the world’s first utility-scale, fault-tolerant quantum computer in Australia, near Brisbane Airport. The computer is expected to solve commercially useful problems across various industries. The Australian and Queensland governments have jointly invested AUD $940 million in this project, with the aim of fostering the local quantum technology industry and building quantum computing skills in Australia.
However, there are questions about investing in a single quantum company and whether Australia should be acting more like a venture capital firm in its quantum investments. The Australian National Audit Office may conduct a review of the PsiQuantum deal, including the expedited Expression of Interest process.
Despite the potential benefits to the Australian quantum industry, PsiQuantum has announced plans to build a second quantum computer in the U.S. by 2028. This has led to questions about the value Australia will ultimately receive from its investment. Overall, Australia’s quantum leap poses both challenges and opportunities for the future of quantum technology in the country.
