PsiQuantum, the Palo Alto-based startup that’s been tapped to build quantum computers in Chicago and Brisbane, Australia, has raised a $1 billion dollar Series E that values the 9-year-old company at $7 billion. The round was led by BlackRock, Baillie Gifford, and Temasek, and includes NVentures, the venture capital arm of chip maker Nvidia. The deal is one of the largest single private investments in quantum computing technology to date.

While your average person would be hard-pressed to explain what a quantum computer does, or why you’d want one, investors have decided that they want in.

Since the start of September, the quantum computing industry has seen some of its largest funding rounds yet, including a $320 million Series B for Finnish company IQM and a $600 million capital raise

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