Quantum Computing Receives Massive Government Funding Boost as Australia and Japan Invest in PsiQuantum and QuEra

The recent announcements of significant government funding awarded to PsiQuantum by Australia and QuEra by Japan underscore the growing recognition of the transformative potential of quantum computing. PsiQuantum will receive AUS$940 million (US$620 million) through a financial package comprised of equity, grants, and loans, while QuEra has been awarded a JPY 6.5 billion (US$41 million) contract to deliver a state-of-the-art quantum computer. These investments highlight the need for long-term, coordinated leadership and funding from both the public and private sectors to achieve practical quantum advantage, which is estimated to be at least 2030. The awards also emphasize the importance of 'quantum sovereignty,' as governments seek to ensure they have internally developed quantum computers within their borders. While the funding awards are a significant achievement for PsiQuantum and QuEra, challenges remain in terms of meeting milestones, satisfying government contracts, and scaling up to produce a quantum computing system with practical quantum advantage. To address these challenges, Dr. Bob Sutor, Vice President and Practice Lead for Emerging Technologies at The Futurum Group, suggests the need for a 'Quantum Computing Apollo Program' that involves top-down, long-term, coordinated leadership, the development of 'quantum prime' companies, and focused investment in necessary technologies. The close timing of these awards is particularly interesting given the security partnerships between the countries involved, such as the Quad security dialogue and the AUKUS security partnership. These government investments not only strengthen economic ties among these nations but also help develop quantum computing systems capable of competing with those being built by their geopolitical adversaries.