Australian Government Invests $1BN on Aussie Quantum Computing Startup

[EEVblog]

21 companies applied and only one got the entire $1BN?   

https://www.afr.com/technology/labor-s-bold-1b-bet-on-aussie-quantum-start-up-20240429-p5fnb7

[ejeffrey]

"Australian quantum computing company" in... Palo Alto

Multiple of the founders are Australian and it sounds like they are opening a new fairly large site in Brisbane, but it's still odd to see them called an Australian company...

[RoGeorge]

Doubt.  Smells like money laundering, or maybe funds for the incoming elections, who knows. 

Often companies contest the winner and go to court for only a couple of million in grants, and here 1000 million goes all into one direction, and outside Australia, and expect me to believe this is legit. 

[SiliconWizard]

$1 freaking Billion.

[thermistor-guy]

Looks like a high-powered scientific team:

https://www.psiquantum.com/about

I can easily imagine a member of the FVEY (https://www.forbes.com/advisor/business/what-is-five-eyes/) coughing up $1BN
for a technology that will break cryptographic codes.

[mianos]

Meanwhile, google is giving away $5M USD to anyone who can find a practical use for it.

This sounds so funny it has to be fake, but it is as real as the government pissing away all that money.

https://www.newscientist.com/article/2420137-google-launches-5m-prize-to-find-actual-uses-for-quantum-computers

The "top people on the job" should collect that prize first, it should be easy money.

[EEVblog]

"Australian quantum computing company" in... Palo Alto
Multiple of the founders are Australian and it sounds like they are opening a new fairly large site in Brisbane, but it's still odd to see them called an Australian company...

Clown world.

[mianos]

No clowns Dave, chiefs. Lot of em.

[bookaboo]

"Government is a waste of tax payers money"

Ron Swanson.

[vk6zgo]

$1 freaking Billion.

The Premier of Western Australia spent $A1.3billion on a football stadium a few years back.
A billion isn't that much these days for governments, or corporations.

[RoGeorge]

I don't know Australian politicians at all, so not taking sides, but from $1BN spent on a stadium, one might hope some money will be recovered from tickets and sport events, plus you are left with some infrastructure, and at least the money are spent inside the country.

Quantum computing, on the other hand, so far proved to be only a buzzword and a media hype.  Theoretical speculations and fragile toy-demos, with no hope for practical applicability.  The field is stalled since decades.  Then, the money are spent on a company outside Australia.  That's a big red flag.  If it were to be any breakthrough to justify the investment, that would be developed inside the country, and most probably behind closed doors.

Also 1 BN is a lot of money no matter for which government, would be a mistake to normalize the abnormal.

[nctnico]

Quantum computing, on the other hand, so far proved to be only a buzzword and a media hype.  Theoretical speculations and fragile toy-demos, with no hope for practical applicability.  The field is stalled since decades.  Then, the money are spent on a company outside Australia.  That's a big red flag.  If it were to be any breakthrough to justify the investment, that would be developed inside the country, and most probably behind closed doors.

According to a different article https://www.abc.net.au/news/2024-04-30/australia-signs-deal-for-first-useful-quantum-computer/103781352 the idea is that the company moves to Australia to get Quantum computing to be developed in Australia. Not sure whether this will work out. For this kind of leading edge development you need a scientific ecosystem. In the Netherlands such an ecosystem exists around the Technical University of Delft. Lots of companies are active and there are special buildings erected where you can rent lab spaces which are fitted with the facilities to run quantum computing experiments. Think about water cooling, special gasses, gas leak detectors, etc. One of my customers provides systems used for quantum computing experiments and therefore has some lab space in such a building. Quite impressive and not something you build quickly.

[golden_labels]

That is pretty cheap, I would say. For comparison (costs adjusted for inflation):

• Developing first nuclear weapon: $25 bn, + $50 bn for an aircraft to carry it
• JWST: $10 bn
• ITER: $50 bn
• GPS: $10 bn + $1 bn/yr.
• LHC: $5 bn
• Human Genome Project: $5 bn

Bonus: F-35 development…

[nctnico]

How about putting people on the moon?

[SiliconWizard]

"Australian quantum computing company" in... Palo Alto
Multiple of the founders are Australian and it sounds like they are opening a new fairly large site in Brisbane, but it's still odd to see them called an Australian company...

Clown world.

Sad clown even.

[EEVblog]

Quantum computing, on the other hand, so far proved to be only a buzzword and a media hype.  Theoretical speculations and fragile toy-demos, with no hope for practical applicability.  The field is stalled since decades.  Then, the money are spent on a company outside Australia.  That's a big red flag.  If it were to be any breakthrough to justify the investment, that would be developed inside the country, and most probably behind closed doors.

According to a different article https://www.abc.net.au/news/2024-04-30/australia-signs-deal-for-first-useful-quantum-computer/103781352 the idea is that the company moves to Australia to get Quantum computing to be developed in Australia. Not sure whether this will work out. For this kind of leading edge development you need a scientific ecosystem.

As I undersatnd it, their HQ ia not moving to Australia, and it remains a US HQ'd company.
They will just build their prototype here in QLD.

[iMo]

That $1BN spending breakdown:
1. Kickoff meetings with Gov representatives - $100mil
2. PR activities with Gov representatives- $200mil
3. Team building with Gov representatives - $200mil
4. Off site meetings re Strategy with Gov representatives- $100mil
5. New office spaces in Australia and US - $399mil
6. OPEX  - 10 R&D persons $400k, CEO and his office $560k
7. CAPEX - $20k for Rigol and Siglent scopes and multimeters, $10k for stainless steel, copper tubing and coaxial cables, $10k for 50liters of liquid helium..

[vk6zgo]

Quantum computing, on the other hand, so far proved to be only a buzzword and a media hype.  Theoretical speculations and fragile toy-demos, with no hope for practical applicability.  The field is stalled since decades.  Then, the money are spent on a company outside Australia.  That's a big red flag.  If it were to be any breakthrough to justify the investment, that would be developed inside the country, and most probably behind closed doors.

According to a different article https://www.abc.net.au/news/2024-04-30/australia-signs-deal-for-first-useful-quantum-computer/103781352 the idea is that the company moves to Australia to get Quantum computing to be developed in Australia. Not sure whether this will work out. For this kind of leading edge development you need a scientific ecosystem.

As I undersatnd it, their HQ ia not moving to Australia, and it remains a US HQ'd company.
They will just build their prototype here in QLD.

GMH was regarded as an Australian company for 70 odd years,as indeed it effectively was till the pencil necks in Detroit started throwing their weight around.
Fairchild made semiconductors in Oz with a lot of local input.

[vk6zgo]

The original headline is incorrect, as the total is $940 million evenly divided between the Australian Federal Govt & the Queensland State Govt.

[tszaboo]

"Australian quantum computing company" in... Palo Alto
Multiple of the founders are Australian and it sounds like they are opening a new fairly large site in Brisbane, but it's still odd to see them called an Australian company...

Clown world.

It's a project where costs are unknown to general public, so you can order a bolt for 10K dollars and nobody is the wiser.
Perfect kind of project for embezzlement, kickbacks, and political corruption.

[golden_labels]

How about putting people on the moon?

I tried to stick to examples, which are somewhat atomic, with unknown outcomes prior to completion, and don’t address any specific problem. Something, that would be around the same area as investing into quantum computing.

[coppice]

"Australian quantum computing company" in... Palo Alto
Multiple of the founders are Australian and it sounds like they are opening a new fairly large site in Brisbane, but it's still odd to see them called an Australian company...

Clown world.

I guess they are in-tents-ly researching the subject.

[langwadt]

That $1BN spending breakdown:
1. Kickoff meetings with Gov representatives - $100mil
2. PR activities with Gov representatives- $200mil
3. Team building with Gov representatives - $200mil
4. Off site meetings re Strategy with Gov representatives- $100mil
5. New office spaces in Australia and US - $399mil
6. OPEX  - 10 R&D persons $400k, CEO and his office $560k
7. CAPEX - $20k for Rigol and Siglent scopes and multimeters, $10k for stainless steel, copper tubing and coaxial cables, $10k for 50liters of liquid helium..

sure they would get to 5,6,7 before running out and asking for more?

[SiliconWizard]

[Whales]

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

For fun see page 203 of the 2024 Sigbovik : "Quantum Disadvantage.  Or, simulating IBM's 'quantum utility' experiment with a Commodore 64"

[mianos]

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

For fun see page 203 of the 2024 Sigbovik : "Quantum Disadvantage.  Or, simulating IBM's 'quantum utility' experiment with a Commodore 64"

As I said earlier, Google is offering $5M USD to someone who can beat a VIC-20. Commodore 64 as asking a bit much if you ask me.
https://www.xprize.org/prizes/qc-apps

[vk6zgo]

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

For fun see page 203 of the 2024 Sigbovik : "Quantum Disadvantage.  Or, simulating IBM's 'quantum utility' experiment with a Commodore 64"

A Commodore 64 would be more useful simulating a doorstop.

[coppice]

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

There is good evidence that a quantum computer could do a few useful niche things at great speed if they can massively reduce the noise. There is no evidence at all that a quantum computer will ever be any kind of general purpose computation machine, so the name computer is a stretch. Can they massively reduce the noise, and get some serious entanglement? Who knows, but you never learn to do anything without a lot of effort, and those niches may prove to be highly valuable.

[thermistor-guy]

... Can they massively reduce the noise, and get some serious entanglement? ...

That is their claimed edge - using an error-correcting fault-tolerant approach.

https://www.nature.com/articles/s41467-023-36493-1
https://arxiv.org/abs/2211.15465

[coppice]

... Can they massively reduce the noise, and get some serious entanglement? ...

That is their claimed edge - using an error-correcting fault-tolerant approach.

https://www.nature.com/articles/s41467-023-36493-1
https://arxiv.org/abs/2211.15465

With the massive noise they have now, they do so much error correction the final speed is pathetic. That's why reducing it is key to achieving a useful result.

[EEVblog]

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

According to my world leading quantum computing research friend, head of a quantum computing lab, nope, they aren't capable of anything practical yet.

[Bud]

A Commodore 64 would be more useful simulating a doorstop.

You should pay some respect to something officially recognized in Guiness World Records as the best selling desktop computer of all time.

[Bud]

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

According to my world leading quantum computing research friend, head of a quantum computing lab, nope, they aren't capable of anything practical yet.

That implies that either that Psi thing is going to beat IBM, or Australian government is incredibly stupid. And I am not sure about the former.

[golden_labels]

You should pay some respect to something officially recognized in Guiness World Records as the best selling desktop computer of all time.

Hey! It’s easy to be the all-time winner, if almost all competition leaves the category.

[vk6zgo]

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

According to my world leading quantum computing research friend, head of a quantum computing lab, nope, they aren't capable of anything practical yet.

That implies that either that Psi thing is going to beat IBM, or Australian government is incredibly stupid. And I am not sure about the former.

Australia is a Federation---The Queensland State Govt put up half.

A previous Federal Govt gave a $450 million grant to a "startup" environmental group who were supposed to be to protect the Great Barrier Reef, ignoring existing organisations which had been "doing the hard yards" for years.

The most immediately obvious thing about the group was that it was headed by industrialists friendly to the governing party of the day.

At this remove, the Great Barrier Reef Foundation has done a pretty good job, being fairly transparent in where the money has gone, so a "Captain's call" can work, despite all our misgivings.
Whether setting up a complete new organisation was the best idea at that point is a moot point.

[vk6zgo]

A Commodore 64 would be more useful simulating a doorstop.

You should pay some respect to something officially recognized in Guiness World Records as the best selling desktop computer of all time.

Yes, it was a very popular doorstop!

[SiliconWizard]

Australia will invest $940 million in Silicon Valley start-up PsiQuantum in a major bet that it will build the world’s first commercially useful quantum computer in Brisbane.

Is there any evidence of a quantum computer doing anything better than a traditional computer, or is it just all theoretical?

According to my world leading quantum computing research friend, head of a quantum computing lab, nope, they aren't capable of anything practical yet.

Yep.
The reason it gets so much attention lately (and thus funding) is its promise to (eventually) be able to crack our state-of-the-art encryption schemes. Of course it's still a long way from that, but that's pretty much the only application I've heard of and which (IMHO) explains why governments are starting to invest "massively" in it. As always, it's not because of any potential positive application, but just because it's a potential, very powerful weapon.

[EEVblog]

The reason it gets so much attention lately (and thus funding) is its promise to (eventually) be able to crack our state-of-the-art encryption schemes. Of course it's still a long way from that, but that's pretty much the only application I've heard of and which (IMHO) explains why governments are starting to invest "massively" in it. As always, it's not because of any potential positive application, but just because it's a potential, very powerful weapon.

They have already made the movie, Sneakers.

[DiTBho]

"Australian quantum computing company" in... Palo Alto
Multiple of the founders are Australian and it sounds like they are opening a new fairly large site in Brisbane, but it's still odd to see them called an Australian company...

Clown world.

Sad clown even.

hey? look at my "Nuke Mars!" T-shirt