PsiQuantum CEO Victor Peng Says Australia Quantum Computer Still on Schedule After Site Move

PsiQuantum Chief Executive Officer Victor Peng said the company will make up lost time on its plan to build a fault-tolerant quantum computer in Australia, after delays and a move of its original site from Brisbane Airport to Moreton Bay. Yahoo published his remarks on November 11, 2026.

PsiQuantum's Moreton Bay Site and 2030 Target

PsiQuantum is a private quantum computing company founded in 2016 and headquartered in Palo Alto, building utility-scale, fault-tolerant systems using silicon photonics. The Australian project was backed by AU$940 million in joint funding from the federal and Queensland governments in 2024, to build the world's first fault-tolerant quantum computer and establish a technology hub in Queensland.

After its original plan near Brisbane Airport faced complex planning and regulatory hurdles, PsiQuantum shifted to Moreton Bay, 30 kilometers away, and broke ground in June. Peng said the schedule, an operational site by the end of 2027 and the computer switched on by 2030, remained on track.

"Nothing has changed," he told POLITICO. "Since we've engaged with the folks in Moreton Bay, the progress has been phenomenal. We really feel it will make up some lost time."

Peng said placing the site near a local TAFE site and in the middle of Queensland's research community made the company's commitment to Australia "a long-term commitment for everybody." PsiQuantum operates a Test and Validation Lab at nearby Griffith University. Two of its four co-founders, Jeremy O'Brien and Terry Rudolph, are Australian, and Nvidia is among its investors.

PsiQuantum's Funding and Valuation Records

PsiQuantum's Australian project sits alongside a record of government and private backing, according to akta.pro company records. The company broke ground on the Moreton Bay Central facility in June 2026, supported by A$940M (US$620M) in Australian Commonwealth and Queensland government funding. In May 2026 it signed a $100 million Letter of Intent with the U.S. Department of Commerce under the CHIPS and Science Act in exchange for a minority, non-controlling equity stake, part of a broader $2.013 billion federal CHIPS quantum package across nine companies. A September 2025 Series E round of $1 billion led by BlackRock, with NVIDIA as a strategic partner, valued the company at $7 billion post-money.

PsiQuantum's Leadership Change and Product Releases

PsiQuantum appointed former AMD president Victor Peng as interim CEO in September 2026, with co-founder Jeremy O'Brien moving to executive chairman, Datacenterdynamics reported. That month the company also published a Nature paper detailing its Omega quantum photonic chipset, fabricated on silicon wafers with silicon nitride waveguides and barium titanate switches, according to optics.org. In October 2026, PsiQuantum released its fault-tolerant quantum computing software, Construct, under an open-access model, Quantum Zeitgeist reported.

What Comes Next for PsiQuantum in Australia

PsiQuantum's stated milestones are an operational site by the end of 2027 and the computer switched on by 2030. Peng said the Moreton Bay machine will be fault tolerant, meaning it can detect and correct errors that would undermine its calculations.