Jerry Petersen 
- PsiQuantum and the Department of Commerce have signed definitive documentation finalizing the award of $100 million meant to bolster quantum technology development in the U.S.
- The award was announced in May, when Commerce signed letters of intent with PsiQuantum and several other companies for the issuance of federal financial incentives under the CHIPS and Science Act
- PsiQuantum said it will use the funds to support R&D of various critical components
PsiQuantum is set to receive $100 million in research and development funding following the signing of definitive documentation with the Department of Commerce that finalizes the awarding of federal incentives originally announced by the agency in May meant to accelerate U.S. quantum computing development.
The company said last week that the funding, awarded under the CHIPS and Science Act, will support R&D of critical components like high-performance optical switches, high-temperature single-photon detectors and advanced packaging approaches. The effort also aims to bolster the components’ performance and domestic manufacturability.
Commenting on the award, Victor Peng, who was named PsiQuantum’s permanent CEO this July, said secure supply chains for advanced technologies help ensure U.S. national security and prosperity.
“PsiQuantum is proud to anchor our supply chains here in the United States. Thanks to the leadership of the U.S. government, our company will be able to manufacture even more of our state-of-the-art components in America,” Peng said.
What Other Companies Received Funding From the Commerce Department?
PsiQuantum is one of nine companies that the Commerce Department signed letters of intent with in May for the release of financial support worth more than $2 billion in total.
The other awardees include GlobalFoundries, which is set to receive $375 million to establish a secure quantum foundry supporting multiple quantum computing modalities, and IBM, which is expected to receive $1 billion to establish Anderon, a quantum foundry subsidiary that will build superconducting wafers.
How Else Has PsiQuantum Collaborated With the Government?
The partnership with Commerce continues PsiQuantum’s long-running collaboration with the U.S. government, which includes work with the Air Force Research Lab since 2022 to bolster the U.S. Air Force’s expertise in semiconductor chip manufacturing and silicon photonics.
And just this July, PsiQuantum signed a $125 million agreement that expands its work with the Defense Advanced Research Projects Agency on the Quantum Benchmarking Initiative, which seeks to assess commercial pathways to utility-scale quantum computing.
The agreement will support broader testing of the company’s software, system architecture and supporting infrastructure, including verification and validation work tied to its utility-scale hardware design, custom photonic manufacturing processes and cryogenic systems.
