PsiQuantum had a head start over local rivals

In a recent development, the Albanese government came under scrutiny for signing a $2.1 million contract with Lazard’s bankers, a month prior to exploring whether local firms could construct a quantum computer by 2030.

Collaborating with the Queensland government, The Department of Industry, Science and Resources invested $1 billion in US-based PsiQuantum after consulting with several external service providers.

Despite the claim that PsiQuantum had an undue advantage, the Albanese administration upheld its commitment to boost

Australia's economic future and strengthen national security. The government assiduously examined multiple areas such as legal, technical, financial, and national security before making this investment.

PsiQuantum proposed its idea to the Department of Industry, Science and Resources and the Queensland government in November 2022. Following seven months of comprehending the proposal and offering necessary advice, the department established a technology investment taskforce in June 2023. At this point, initial discussions were held with PsiQuantum, which agreed to a non-disclosure pact with the Commonwealth in March 2023. After investing in PsiQuantum, five out of 21 companies assessed the project.

Despite the uncertainties associated with the technology, PsiQuantum remains hopeful of having an operational quantum computer in Australia by 2027, with another one set to be built in Chicago in 2028. The success of this project will be determined by a set of technology and infrastructure milestones defined by experts. Provided the computer works,

PsiQuantum has committed to providing access to Australian researchers and companies.

- CyberBeat