We investigate compressibility of the dimension of positive semidefinite matrices while approximately preserving their pairwise inner products. This can either be regarded as compression of positive semidefinite factorizations of nonnegative matrices or (if the matrices are subject to additional normalization constraints) as compression of quantum models. We derive both lower and upper bounds on compressibility. Applications are broad and range from the statistical analysis of experimental data to bounding the one-way quantum communication complexity of Boolean functions.