PsiQuantum has shifted its $940 million federally-backed Brisbane quantum computer build from the airport precinct to Moreton Bay’s old Petrie paper mill, with groundbreaking now slated for June.
The Palo Alto-based startup announced today that its world-first utility-scale quantum computer will be anchored at Moreton Bay Central, on the site of the former Petrie Paper Mill north of Brisbane.
Early site works are due in the coming weeks, ahead of a formal groundbreaking in June.
The move comes after the project’s timeline was revealed to be slipping badly at Senate Estimates in January.
“PsiQuantum’s mission to build the world’s first utility-scale quantum computer requires speed, agility, and strong partnerships,” said Victor Peng, PsiQuantum’s interim CEO — and a former AMD president who took over from co-founder Jeremy O’Brien in February.
“City of Moreton Bay provides the infrastructure, scalability, and collaborative environment we need to deliver.”
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It’s Peng’s first major Australian announcement since taking the chair.
Moreton Bay Mayor Peter Flannery called the deal “a significant opportunity for economic growth, not just for our city but for Queensland”.
The project, he added, “will help drive highly skilled jobs, attract new industry, and strengthen Queensland’s position in advanced manufacturing and future technologies”.
The original aggressive plan announced in 2024 called for the Brisbane site to be operational by the end of 2027.
But as of earlier this year, consultation on the draft development plan for the airport site still hadn’t begun.
New home for controversial project
The new Moreton Bay Central site sits inside a precinct already slated to host events at the 2032 Brisbane Olympic and Paralympic Games.
It’s also home to the University of the Sunshine Coast’s Moreton Bay Campus and a future TAFE Centre of Excellence for advanced manufacturing.
The new site is “equipped to support large-scale industrial operations”, according to PsiQuantum, and has the power and utility infrastructure needed for the cryogenically-cooled quantum build.
The $940 million federal-Queensland package signed in April 2024 — $470 million from Canberra and the balance from the Queensland government, in a mix of equity, grants and loans — has not been without controversy.
Advisory firm McGrathNicol was contracted last year to deliver a “lessons learned” review after Senate documents revealed the federal industry department had originally recommended against using the National Reconstruction Fund to bankroll it.
Robert Lindwall, PsiQuantum’s head of Australian operations, said the company “greatly appreciates the professionalism and cooperation of the Brisbane Airport team during this process”.
Separately, PsiQuantum will open a Test and Validation Lab at Griffith University’s Nathan campus next week.
Since the Series E round in September last year, which took PsiQuantum to a A$10.5 billion valuation , the company’s US institutional backers led by BlackRock have a sizeable interest in PsiQuantum eventually building something.