Schizophrenia (SCZ) and bipolar disorder (BD) are characterised by pervasive clinical heterogeneity, compromising biological discovery and individualized treatment. Data-driven clustering has identified a transdiagnostic severe psychosis subtype marked by high psychotic symptom load, cognitive impairment, and poor functioning, yet its biological underpinnings remain to be understood. To address this, we examined associations among 14 PRS, plasma lipidomics (361 species across 16 classes), and a machine-learning-derived severe psychosis probability score in a sample spanning the psychosis spectrum (PRS n=1,190; lipid subset n=428) in the PsyCourse study. Genetic risk and lipid profiles were both associated with illness severity but appeared to act independently: SCZ-PRS was positively associated with severe psychosis subtype probability (q=0.045), while BD-PRS (q=0.02) and educational attainment PRS (q=0.045) showed negative associations. Eight lipid classes were enriched with severe subtype probability, including increased sphingolipids (dSM, dCer), glycerophospholipids (PC, PE-P, PE), TAG, and CE, alongside decreased PC-P. Enrichment patterns were robust to adjustment for diagnosis, medication, and symptom severity. PRS and lipid profiles each explained 7–8% of variance, jointly ~16%. No significant mediation or shared genetic-lipidomic covariation was detected. Together, these findings suggest that polygenic liability and lipidomic dysregulation contribute to disease severity through partly independent pathways, and their convergence on a symptom-derived severity score supports the premise that multidimensional phenotyping can reveal biological structure that diagnostic categories alone obscure. The lipidomic signal points toward pharmacologically tractable pathways, particularly ether-lipid remodelling and sphingolipid dysregulation, suggesting that lipidomics and polygenic risk are complementary dimensions for understanding and ultimately treating severe psychosis.