The controllability of current quantum technologies allows to implement spin-boson models where two-photon couplings are the dominating terms of light-matter interaction. In this case, when the coupling strength becomes comparable with the characteristic frequencies, a spectral collapse can take place, i.e. the discrete system spectrum can collapse into a continuous band. Here, we analyze the thermodynamic limit of the two-photon Dicke model, which describes the interaction of an ensemble of qubits with a single bosonic mode. We find that there exists a parameter regime where two-photon interactions induce a superradiant phase transition, before the spectral collapse occurs. Furthermore, we extend the mean-field analysis by considering second-order quantum fluctuations terms, in order to analyze the low-energy spectrum and compare the critical behavior with the one-photon case.
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