The US Department of War's Office of Strategic Capital (OSC) has given PsiQuantum, a California-based quantum computing developer, a conditional commitment for a loan of up to $150m to expand its manufacturing and prototyping capacity in the US.
The proposed loan is not guaranteed and would only be finalised if PsiQuantum meets applicable financial, legal, technical and regulatory conditions. The Department of War said the conditional commitment outlines customary steps before financial close, including due diligence requirements, and builds on OSC's collaboration with DARPA's Quantum Benchmarking Initiative.
The financing would support PsiQuantum's 140,000 sq ft hub in Milpitas, California, where it scales its technologies and develops and validates prototype systems for its fault-tolerant quantum computing architecture. PsiQuantum would co-invest alongside the loan. The money would fund test equipment for fabricating and validating components, subassemblies and system-level assemblies, infrastructure for system assembly, integration and testing, and advanced cryogenic systems for prototype systems.
PsiQuantum is developing utility-scale, fault-tolerant quantum computers using a silicon photonics approach built on existing semiconductor manufacturing, with chips made with GlobalFoundries. It is also building sites in Chicago, where ground was broken in September 2025, and at Moreton Bay in Queensland, Australia, where construction started in June 2026.
PsiQuantum chief executive Victor Peng said: "Delivering on the full promise of this technology in the United States will require world-class manufacturing and engineering ecosystems, and this potential financing underscores the vital role Washington can play."
The conditional commitment follows other federal and private financing events for the company. In July 2026, PsiQuantum announced a $125m expanded agreement with DARPA under the Quantum Benchmarking Initiative. In September 2026, it signed definitive documentation with the US Department of Commerce for $100m in CHIPS and Science Act incentives. In September 2025, the company raised a $1bn Series E led by funds and accounts managed by BlackRock, Temasek and Baillie Gifford, valuing it at $7bn, with NVentures, Nvidia's venture arm, among new investors. PsiQuantum said at the time that it had raised just over $1.8bn in total.
OSC was set up within the Department of Defense in December 2022 to draw private capital into critical supply-chain technologies for national security. It offers direct loans of up to $150m for projects in the US and announced its first direct loan in August 2025.