PsiQuantum has shifted its $940 million federally-backed Brisbane quantum computer build from the airport precinct to Moreton Bay\u2019s old Petrie paper mill, with groundbreaking now slated for June.<\/p>\n
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. <\/p>\n
Early site works are due in the coming weeks, ahead of a formal groundbreaking in June.<\/p>\n
The move comes after the project\u2019s timeline was revealed to be slipping badly<\/a> at Senate Estimates in January.<\/p>\n \u201cPsiQuantum\u2019s mission to build the world\u2019s first utility-scale quantum computer requires speed, agility, and strong partnerships,\u201d said Victor Peng, PsiQuantum\u2019s interim CEO \u2014 and a former AMD president who took over from co-founder Jeremy O\u2019Brien in February<\/a>. <\/p>\n \u201cCity of Moreton Bay provides the infrastructure, scalability, and collaborative environment we need to deliver.\u201d<\/p>\n \tGet the best of Startup Daily straight to your inbox<\/p>\n \n Want to know the latest in startup news? Subscribe to our daily news and analysis coverage on what\u2019s happening to ANZ startups, investors and the broader ecosystem. And best of all, it’s FREE! <\/p>\n By continuing, you agree to our\u00a0Terms & Conditions<\/a>\u00a0and\u00a0Privacy Policy<\/a>.<\/p>\n It\u2019s Peng\u2019s first major Australian announcement since taking the chair.<\/p>\n Moreton Bay Mayor Peter Flannery called the deal \u201ca significant opportunity for economic growth, not just for our city but for Queensland\u201d. <\/p>\n The project, he added, \u201cwill help drive highly skilled jobs, attract new industry, and strengthen Queensland\u2019s position in advanced manufacturing and future technologies\u201d.<\/p>\n The original aggressive plan announced in 2024<\/a> called for the Brisbane site to be operational by the end of 2027. <\/p>\n But as of earlier this year, consultation on the draft development plan for the airport site still hadn\u2019t begun.<\/p>\n New home for controversial project<\/p>\n The new Moreton Bay Central site sits inside a precinct already slated to host events at the 2032 Brisbane Olympic and Paralympic Games. <\/p>\n It\u2019s also home to the University of the Sunshine Coast\u2019s Moreton Bay Campus and a future TAFE Centre of Excellence for advanced manufacturing. <\/p>\n The new site is \u201cequipped to support large-scale industrial operations\u201d, according to PsiQuantum, and has the power and utility infrastructure needed for the cryogenically-cooled quantum build.<\/p>\n The $940 million federal-Queensland package signed in April 2024 \u2014 $470 million from Canberra and the balance from the Queensland government, in a mix of equity, grants and loans \u2014 has not been without controversy.<\/p>\n