The Australian Commonwealth and Queensland Governments announced a joint investment of AU$940 million (approximately US$620 million) in PsiQuantum to build what the company described as the world’s first utility-scale, fault-tolerant quantum computer at a site near Brisbane Airport. Each government committed approximately AU$470 million in equity and loans, as detailed by a Prime Minister’s media release.
PsiQuantum, a photonic quantum computing company co-founded by Australians Professor Jeremy O’Brien and Professor Terry Rudolph, agreed to establish its Asia-Pacific headquarters in Brisbane. The company planned to have the site operational by the end of 2027 and to create up to 400 highly skilled local jobs.
Prime Minister Anthony Albanese said the investment showed “we are serious about building a strong quantum ecosystem here in Australia.” Opposition science spokesperson Paul Fletcher criticized the selection process as lacking transparency and contestability. The Australian National Audit Office subsequently added a potential audit topic on the investment to its work program.