Nvidia Backs PsiQuantum in Round at $7 Billion Value

The quantum computing startup PsiQuantum Corp. raised $1 billion from investors including Nvidia Corp., Qatar Investment Authority and Macquarie Capital in a round that values the company at $7 billion.

The Palo Alto, California-based company said it’ll use the funding to break ground on large-scale, quantum computing sites in Brisbane, Australia, and Chicago and improve the performance of its chips, among other things. Ribbit Capital, Adage Capital Management, Morgan Stanley and SentinelOne Inc. were among the other companies that invested in the new round.