QIA Doubles Down on Quantum With PsiQuantum Deal

Qatar Investment Authority (QIA) has invested in a historical USD 1 billion funding round for US-based quantum computing firm PsiQuantum, reaffirming its future-tech bets and the diversification of Qatar's economy. The round was led by BlackRock affiliates, with other international investors like Temasek, Baillie Gifford, and Nvidia Ventures, valuing PsiQuantum at USD 7 billion.

Although QIA did not provide the precise size of its investment, the sovereign wealth fund highlighted the strategic value of quantum computing as part of its long-term technology portfolio.

"Our investment in PsiQuantum is evidence of QIA's vision for the transformative possibilities of quantum technologies and our willingness to invest in world-class innovation. We are establishing international partnerships in future-shaping sectors such as quantum computing, artificial intelligence, and clean energy." a QIA spokesperson said.

Key highlights:

• QIA joins historic USD 1 billion funding round for PsiQuantum to accelerate fault-tolerant quantum computing
• Backed by BlackRock, Nvidia Ventures, and Temasek, PsiQuantum aims to build large-scale quantum facilities in the US and Australia
• QIA expands quantum tech portfolio following investments in Alice & Bob and xAI to support Qatar’s economic diversification

PsiQuantum will leverage the funding to initiate construction of two large-scale quantum computing facilities in Brisbane, Australia, and Chicago, USA, and develop its own proprietary quantum photonic chips essential for the development of fault-tolerant quantum computers.

This investment follows on from QIA's expanding quantum portfolio. In January, QIA co-led a UDS 104 million Series B investment in Paris quantum startup Alice & Bob with Bpifrance. It has also recently invested in Elon Musk's xAI, further entrenching its presence in cutting-edge tech.

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In May, QIA CEO Mohammed Al-Sowaidi said the fund plans to more than double its U.S. investments as part of Qatar's overall vision for economic diversification through strategic international partnerships.