As we've said over the years, this is one to be aware of.
From the San Jose Silicon Valley Business Journal, July 22:
PsiQuantum secured a $125 million DARPA agreement for quantum computing development.
The Palo Alto company is one of two finalists in DARPA's Quantum Benchmarking Initiative.
PsiQuantum uses photons rather than superconducting circuits or trapped ions.
Palo Alto-based PsiQuantum has secured an expanded $125 million performance-based agreement with the Defense Advanced Research Projects Agency to advance its quantum computing technology, marking the company’s largest U.S. government award to date.The agreement, announced July 22, will support testing and evaluation of PsiQuantum’s hardware, software and system designs while helping fund infrastructure at its facilities in Milpitas and Chicago.PsiQuantum is one of two companies to reach the final phase of DARPA’s Quantum Benchmarking Initiative. The program is evaluating whether any quantum computing approach can produce a commercially useful system by 2033.To meet DARPA’s benchmark, a system must generate more economic value than it costs to operate.The new agreement expands DARPA’s evaluation of PsiQuantum’s approach to building and operating fault-tolerant quantum computers. Companies participating in the initiative must meet technical milestones before receiving additional awards.The expanded agreement follows a $31.8 million award PsiQuantum received from DARPA in September 2025 as it advanced into the initiative’s final phase.“DARPA’s Quantum Benchmarking Initiative is one of the most comprehensive and rigorous government programs for evaluating emerging technology that I have ever seen,” PsiQuantum CEO Victor Peng said. “Their widely respected team of experts has stress-tested PsiQuantum’s approach.”PsiQuantum is developing quantum computers that use photons, or particles of light, rather than the superconducting circuits or trapped ions pursued by some competitors. The company is working with GlobalFoundries to manufacture its photonic chips using existing semiconductor-production processes....
....MUCH MORE
If interested see also:
PsiQuantum is different. March 24, 2025 - "Quantum computing startup PsiQuantum raising at least $750 million, sources say"
September 11, 2025 - A Name To Know: "PsiQuantum Raises $1 Billion, Says Its Computer Will Be Ready in Two Years"
November 7, 2025 - "Quantum Leap: Lockheed Martin & PsiQuantum"
November 17, 2025 - "Former Top [Australian] Spy, Nick Warner Sounds Warning On Quantum Arms Race In Defence Tech"
If PsiQuantum's approach works, this is the one to decrypt Bitcoin and other blockchain based systems. From CoinTelegraph, March 2026:
Construction begins at quantum facility big enough to break Bitcoin
March 2026 - Quantum Computing Startup Backed By Nvidia, Lockheed Martin, Breaks Ground On Major Chicago Computing Center
As the young people say: "Shit just got real."
....Seven acres under roof is pretty big for a startup.
April 2026 - "Quantum photonics roadmap — how Xanadu and PsiQuantum are looking to transfer qubits through beams of light"
May 2026 - "Xanadu Quantum (XNDU) Shares Plunge Over 50% Following Massive Registration Filing"
June 2026 - "Enter Helios: quantum computer sets high watermark for accuracy"
Quantinuum, recently public as a spin-out of Honeywell, and PsiQuantum, still private, are two of the more interesting entrants in the quantum computing races. Here's the former, symbol QNT via Asia Times, June 27...
Possibly also of interest, at Barron's:
"...How to Pretend You Understand Quantum Computing."
