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PsiQuantum has commenced building a million-qubit quantum computing facility in Chicago, anticipated to be partially operational by 2027 and fully by 2028. This facility will utilize a photonic quantum computing approach and aims to surpass existing computing capabilities.

The potential for this technology to break Bitcoin's encryption has raised scrutiny, although Terry Rudolph, co-founder of PsiQuantum, stated there are no plans to target Bitcoin with their quantum computer. Current assessments indicate Bitcoin's security remains stable for the next 20-40 years, as relevant quantum computing capabilities are expected to emerge around 2030-2035. CoinShares estimates that around 10,230 BTC are exposed due to public key reuse, but the impact of potential theft would resemble routine trading.