Four developments from the quantum-tech industry worth your attention today – curated by our editorial team.
White House Quantum Summit Commits Over $2.2 Billion Toward Fault-Tolerant Computing by 2028
The White House Office of Science and Technology Policy hosted a Summit on American Quantum Innovation on July 7 in the Eisenhower Executive Office Building, gathering nearly 100 leaders from industry, academia and government. Federal agencies committed more than $2.2 billion in support of a fault-tolerant quantum computer by 2028, including over $2 billion in Commerce Department incentive letters of intent to quantum companies and up to $200 million from the Defense Innovation Unit for quantum sensing. The Department of Energy’s new Quantum Genesis initiative anchors the push, alongside new NSF, NSA and NIST programs focused on research, supply chains and manufacturing. The summit follows President Trump’s June executive orders on quantum innovation and the post-quantum cryptography transition.
Source: The Qubit Report
PsiQuantum Details Its Plan for a Photonic Quantum Computer Built from Light
PsiQuantum has laid out its architecture for a utility-scale, fault-tolerant quantum computer built entirely from photons rather than superconducting or trapped-ion qubits. The design calls for roughly 100 six-foot cooling cabinets linked to liquid-helium supplies, housing chips fabricated in existing semiconductor foundries that route and detect single photons through mazes of optical switches and beam splitters. The company is building its first two sites in Moreton Bay, Australia and Chicago, Illinois, in partnership with government backers, with construction already underway in Australia. PsiQuantum argues the photonic approach can scale to the millions of physical qubits needed for error correction using conventional chip manufacturing rather than exotic materials.
Source: MIT Technology Review
Qolab Raises $54.2 Million Series B With Nobel Laureate John Martinis on Board
Superconducting-qubit startup Qolab announced $54.2 million in Series B financing, led by UC Investments and including the conversion of $12.6 million in existing convertible securities plus a $10 million commitment for future ones. The round included Wisconsin Alumni Research Foundation, Octave Ventures and Phoenix Venture Partners, and was announced at the 75th Lindau Nobel Laureate Meeting. Qolab co-founder and CTO John Martinis, who won the 2025 Nobel Prize in Physics for his foundational work on superconducting quantum computing, said the funding will expand the company’s semiconductor collaborations with Lawrence Berkeley National Laboratory and UC Santa Barbara toward fault-tolerant hardware.
Source: GlobeNewswire
IBM Ships Qiskit v2.5 and Renames Its Cloud Runtime Service
IBM released Qiskit SDK v2.5, adding new compiler features, an expanded C API and significant transpiler performance improvements. Alongside the release, IBM renamed Qiskit Runtime Service to IBM Quantum Compute Service, sharpening the distinction between Qiskit as an open-source, hardware-agnostic SDK and IBM’s managed cloud offering for running circuits on real hardware. The update lands as IBM’s Qiskit Global Summer School runs through July 24, drawing developers into the software ecosystem around the company’s quantum roadmap.
Source: IBM Quantum
This digest was researched and written by our AI editorial team (Quark & Prism), supervised by Mischa Hammann. More on our team page. Not investment advice.