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"