Q-CTRL

Quantum Computing · Enterprise Software · Defense Technology

Funding

Q-CTRL raises $290M Series C, becomes Australia's first quantum unicorn

Investors are betting that error-suppressing software, not raw qubit count, decides which quantum firms reach customers first.

• Q-CTRL announced a $290 million Series C led by Salesforce Ventures, pushing its valuation above $1 billion and making it Australia's first quantum computing unicorn.
• The Sydney-based company builds AI-driven software that suppresses errors in quantum computers and ruggedizes quantum sensors for GPS-denied navigation in aircraft and vehicles.
• The oversubscribed round was expanded twice to meet investor demand, making it the largest-ever raise for a software-focused quantum company and more than 2.5x its entire $113 million Series B.
• Backers included Australia's federal National Reconstruction Fund, which contributed about $70 million AUD, alongside AMD Ventures, Jared Kushner's Affinity Partners, and Lockheed Martin Ventures.
• Q-CTRL joins seven other quantum unicorns -- PsiQuantum, QuEra, Photonic, Nord Quantique, Xanadu, IQM and SandboxAQ -- as venture capital increasingly flows into the sector.
• The scale of the raise suggests investors are starting to treat quantum-enabling software, not just processor hardware, as the layer that could decide which companies reach commercial adoption first.