The Department of War's Office of Strategic Capital (OSC) announced today a $150 million conditional loan commitment to PsiQuantum, Corp. to enhance the company's advanced manufacturing and prototyping capabilities in the United States. Building on OSC's ongoing collaboration with the Defense Advanced Research Projects Agency (DARPA)'s Quantum Benchmarking Initiative, the proposed loan follows recently awarded funding agreements with DARPA and CHIPS and supports PsiQuantum's novel photonic approach to developing the world's first commercially useful fault-tolerant quantum computer (FTQC).
The potential financing executes on President Donald J. Trump's mandate to drive and sustain U.S. leadership in the strategically important field of quantum information science and technology. Quantum computing is now regarded, alongside Super Intelligence (SI) and semiconductors, as a foundational technology for future economic and military advantage.
"OSC's proposed transaction with PsiQuantum directly aligns with President Donald J. Trump's mandate to accelerate development and commercialization of quantum computing. Quantum computing will provide transformational capabilities, and the Department of War's investment into PsiQuantum serves the mission of securing U.S. leadership in quantum computing in full alignment with Department of War objectives set forth by Secretary of War Pete Hegseth," said David A. Lorch, Director of the Office of Strategic Capital and Senior Advisor to Deputy Secretary of War Steve Feinberg.
"Funding the development of fault-tolerant quantum computing is a national security imperative,"added Peter B. Zuckerman, Senior Managing Director at OSC. "We must scale this critical technology to secure our technological edge and deny adversaries a decisive strategic advantage."
"I applaud OSC for this strategic collaboration with DARPA and CHIPS, which demonstrates how the Department of War is moving at breakneck speed to meet President Trump's directive that the United States must lead in quantum. Quantum computing will shape the future of warfare and fundamentally change how the Joint Force solves its most complex operational challenges," said Emil Michael, Under Secretary of War for Research and Engineering.
The conditional loan commitment between OSC and PsiQuantum specifies customary additional steps the company must take to proceed toward financial close, including satisfying financial, legal, technical, due diligence, and other requirements.
