Leveraging the existing semiconductor industry is the only plausible path to building a commercially viable, million-qubit quantum computer.
It is strategically superior to bypass incremental, smaller-scale quantum systems and focus exclusively on developing a commercially useful, large-scale machine from the outset.
The first commercially valuable applications of quantum computing, such as in materials science and chemistry, will require fewer resources and arrive sooner than the ability to break public-key encryption.
A vertically integrated business model, where PsiQuantum uses its own computers for in-house discovery, is the ultimate goal to capture the most value from the technology.
The threshold for a quantum computer to become commercially impactful for significant problems is approximately one million qubits.
~2016-2024
PsiQuantum spends over eight years and more than $100 million establishing its manufacturing process at GlobalFoundries' fab in upstate New York.
Recent Past
Raises nearly $2 billion in private capital from investors including BlackRock, Baillie Gifford, and Temasek, reportedly more than any other quantum company.
Recent Past
Graduates to the final phase of a critical DARPA vetting program, becoming one of only two companies to reach that stage.
2023-2024
Announces major government-backed deals, including a ~A$1 billion project to build a computer in Brisbane, Australia, and becoming the anchor tenant of a new $500 million campus in Chicago.
End of 2027
Target date for enabling the first large-scale, 100-megawatt quantum computing site in Australia.
▶Manufacturing-First ScalabilityApr 2026
Shadbolt asserts that PsiQuantum's core thesis is that the only feasible path to a million-qubit computer is by leveraging the existing global semiconductor industry. This involves a long-term, capital-intensive partnership with fabs like GlobalFoundries and adherence to traditional chip design practices.
This strategy trades near-term quantum advantage demonstrations for a potentially more scalable path to commercial viability, creating a high-stakes bet on a single manufacturing paradigm that requires immense capital before showing results.
▶Capital-Intensive 'Moonshot' ApproachApr 2026
PsiQuantum has deliberately focused all its resources on building a large-scale, commercially useful machine, bypassing smaller systems. This has attracted nearly $2 billion in private capital and major government deals in Australia and Chicago, positioning the company as a national-level strategic asset.
Shadbolt's narrative frames quantum computing not as an incremental research project but as a massive infrastructure and capital expenditure challenge, which justifies its significant funding and government backing by promising a definitive, rather than iterative, outcome.
▶Pragmatic Commercialization via AI/MLApr 2026
Shadbolt positions the primary commercial use of early large-scale quantum computers not as direct problem-solving, but as generating superior training data for classical machine learning systems. This focuses on high-value problems in chemistry and materials science, while noting that breaking encryption requires even greater resources.
This reframing of 'commercial use' lowers the immediate performance bar for the quantum computer itself, making it a powerful co-processor for existing AI workflows rather than a standalone replacement, potentially accelerating its path to revenue.
▶Vertical Integration as the EndgameApr 2026
The long-term business model described by Shadbolt is not to sell quantum computing time as a service, but to become a vertically integrated company. PsiQuantum intends to use its own machines to conduct in-house research and development for applications like drug and materials discovery, capturing the value directly.
This ambition to control both the computational platform and the applications built upon it suggests a strategy to create a deep, defensible moat, transforming from a hardware provider into a discovery-driven conglomerate.