Pentagon offers PsiQuantum a conditional loan of up to $150m
PsiQuantum has received a conditional commitment for a loan of up to $150 million from the US Department of War’s Office of Strategic Capital. The quantum computing company announced the commitment on Thursday.
It is the second conditional loan from the same Pentagon office in two days. On Wednesday, the Office of Strategic Capital offered chipmaker Wolfspeed up to $1.5bn.
“Today’s announcement shows the U.S. government’s bold leadership and continued commitment to quantum computing as a critical technology for America’s economic prosperity and national security,” said Victor Peng, PsiQuantum’s chief executive.
What the loan would pay for
The PsiQuantum loan would go to PsiFactory, PsiQuantum’s 140,000-square-foot hub in Milpitas, California. There, the company develops and tests the prototype systems behind its planned fault-tolerant quantum computers. PsiQuantum would add its own investment.
The loan would buy test equipment for components and systems, infrastructure for assembly and testing, and advanced cryogenic systems...
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