Quantum enterprises are queuing up to speed up their public listing.

In June this year, Quantinuum, the world's largest quantum unicorn, landed on the NASDAQ with a market value exceeding 1 trillion RMB, firing the starting gun for this capital feast. Since the beginning of this year, many overseas quantum enterprises including Infleqtion and Xanadu have gone public one after another. In China, Origin Quantum passed the hearing of the Sci-Tech Innovation Board, Turing Quantum and other quantum enterprises have successively launched IPO counseling. 2026 has truly become the "first year of public listing" for quantum technology.

The tipping point of the industry comes from the qualitative change of technology moving from the laboratory to engineering application. Quantum computing is bidding farewell to the simple competition for the number of physical qubits and entering the "engineering acceleration period" featuring decoupling of software and hardware as well as system integration.

The 15th Five-Year Plan lists quantum technology as the top priority of future industries, opening up a two-way channel between policy and capital from the top-level design perspective.

Enterprises represented by Turing Quantum have built a full-stack system covering photonic chip design to complete machine integration, and jointly built China's first pilot production line for photonic chips with industry partners, compressing the chip R&D cycle from half a year to several weeks, rapidly narrowing the gap between technology and commercial application.

The trend of commercial implementation is quite clear: quantum precision measurement and quantum communication have taken the lead in forming a stable closed-loop of revenue. The products of Origin Quantum are widely used in rigid demand scenarios such as military industry and energy. Quantum computing, through cloud platforms and industry pilots, has verified incremental value in the fields of finance, medicine, and materials. At the same time, capital is pouring in at an unprecedented speed: the total global financing for quantum computing in 2025 reached 5.395 billion US dollars, a year-on-year increase of 167%, with funds highly concentrated in leading enterprises that have the capability of engineering delivery.

While these enterprises whose financial data is still in the cultivation period are embraced by the capital market with an almost hungry attitude, many people may still not understand what exactly these capitals are pricing for?

Over the past half century, the underlying computing power driving the information civilization has grown steadily following the rhythm of Moore's Law. However, when the traditional chip process approaches the physical limit, and the consumption rate of computing power by large AI models far exceeds the growth of supply capacity, a profound sense of scarcity begins to spread all over the world.

It is against this background that quantum computing has stepped out of the deep walls of laboratories into the spotlight of industry and capital.

What it provides is not a gradual improvement, but a fundamental reconstruction of the computing power supply paradigm, that is, using quantum superposition and entanglement to achieve exponential superiority over classical computers on specific problems.

The essence of the current wave of quantum enterprises going public is therefore different from the simple logic of commercial realization.

It is a global strategic fundraising centered on "computing power sovereignty". In the post-Moore era, the ability to master high-quality and large-scale quantum computing power is rapidly evolving into an "ultimate resource" that determines the upper limit of a country's science and technology, and its geopolitical strategic weight is comparable to oil in the industrial era.

Qubit Quality Is the New Throne

People's understanding of the progress of quantum computing is often led by the number of qubits, as if whoever piles up more physical qubits wins the competition.

But that is not the case. According to the key turning point revealed in the *2026 Global Quantum Computing Industry Development Outlook* report, the core of the current computing power competition has "completely bid farewell to the simple stacking of physical qubit scale, and fully shifted to the improvement of logical qubit quality".

This is a strategic watershed that determines national scientific and technological sovereignty.

In the early days of the popularization of personal computers, the main frequency of CPU was the only performance totem. When the main frequency climbed to around 4GHz, the physical wall of heat dissipation and power consumption stood in the way, and the competition turned to the dimensions of multi-core architecture, process technology and energy efficiency ratio.

The digital game of simply competing for frequency is over.

Quantum qubits face a similar dilemma: a physical quantum qubit is extremely fragile, and tiny thermal noise and electromagnetic disturbance in the surrounding environment will instantly erase the quantum information it carries.

Therefore, manufacturing 1000 extremely unstable physical qubits may have far less actual available computing power than 10 "logical quantum qubits" that have undergone quantum error correction and can run algorithms stably.

A logical quantum qubit is a nearly perfect "abstract qubit" that can self-correct errors by encoding multiple physical qubits through sophisticated algorithms.

What it brings is a qualitative leap, that is, from "usable" to "reliable".

China's quantum computing scientific research has long been constrained by paper competitions: the overwhelming advantage of the "Jiuzhang" optical quantum prototype in solving specific mathematical problems over supercomputers, and the outstanding performance of the "Zuchongzhi" series of superconducting quantum processors in random circuit sampling tasks, have once shocked the academic circle.

However, there is a huge gap between a top academic paper and an engineering system that can stably and continuously provide computing power services.

This gap requires massive capital to fill, such as higher-precision measurement and control systems, dilution refrigerators that can run stably for several months at millikelvin temperatures, and software ecosystems that can efficiently compile quantum algorithms, each of which is a capital-intensive giant.

Therefore, promoting enterprises including Turing Quantum and Origin Quantum to enter the capital market is essentially raising ammunition for this "qubit quality" race. The billions of funds raised from the public listing will be directly converted into more precise laser optical paths in R&D laboratories, lower-latency feedback circuits in measurement and control chassis, and faster iteration of tapeout verification in clean rooms.

The goal of this fund is to take the lead in defining the "metrics" for the next generation of computing across the globe.

The so-called eager betting by capital is actually betting on the birthplace of this set of standards.

Computing Power Supply Chain

Must Be Kept in Our Own Hands

The mission carried by the batch listing of quantum enterprises is far more complex than the technological breakthrough of a single company. From the perspective of the industrial chain, this is a national-level general mobilization of "de-adhesion", whose core target is to build a thorough safety barrier for China's future computing power system.

Previously, in the field of AI computing power, the supply of high-performance GPUs was weaponized, and overnight it became a shackle choking the throat of the industry. This deep pain is a wake-up call: if the core components of quantum computing repeat the same mistake, the consequences will be more devastating, because quantum computing power is associated with more underlying lifelines such as new material discovery, new drug R&D, financial risk control and even national defense security.

The industrial chain of quantum technology covers a wide range of fields, and there are several "hidden battlefields". For example, the upstream dilution refrigerator, a device that can provide operating conditions for superconducting quantum chips at extremely low temperatures close to absolute zero, has long been dominated by European and American enterprises such as Finland's Bluefors and UK's Oxford Instruments in the global market.

Narrow linewidth laser, the "heart" of ion trap and neutral atom quantum computing routes, its core suppliers are also a few overseas giants.

Once these links are cut off, domestic quantum complete machine enterprises will face the situation of "no rice to cook".

A prominent feature of this 2026 wave of public listing is the concentrated appearance of upstream "shovel sellers".

The hearing of Shanghai Pinzhun Laser on the Sci-Tech Innovation Board is a landmark event. Founded by a doctor team from the Shanghai Institute of Optics and Fine Mechanics of the Chinese Academy of Sciences, this enterprise has realized the independent development of full-band narrow linewidth single-frequency lasers, and its product performance is enough to match or even surpass overseas giants such as Germany's TOPTICA.

The direct goal of its IPO is to raise funds for capacity expansion and accelerate the large-scale substitution of imported products in the core component of quantum light source.

Similarly, Origin Quantum, which has obtained the registration approval, has broken the long-term monopoly of European and American enterprises in the field of quantum precision measuring instruments.

The capitalization of these upstream enterprises is pouring an independent "foundation" for China's quantum building from the most basic level of measurement and light source.

The midstream complete machine manufacturers have shown extraordinary determination for vertical integration.

Turing Quantum self-develops lithium niobate photonic chips, and jointly builds China's first photonic chip pilot line with Shanghai Jiao Tong University, compressing the chip R&D cycle from half a year to several weeks. Origin Quantum adheres to full-stack self-research on the superconducting route, and builds a completely independent vertical closed loop from quantum chip design, quantum measurement and control system to quantum operating system.

This seemingly "heavy asset and uneconomical" model in commercial logic needs to be supported by patient capital from the capital market.

By obtaining relatively low-cost and long-term capital through public listing, these enterprises can build a controllable system from the most underlying physical materials to the top-level application software. What this system constructs is another solid moat beyond the pure commercial barrier — the safety barrier of the supply chain.

In this sense, the considerable premium in the "market dream ratio" of quantum enterprises actually reflects the value of their "industrial chain safety option".

When pricing these enterprises, the capital market incorporates the overall weight of China's computing power sovereignty in the next two decades.

What investors buy is not only the growth expectation of a company, but also an insurance policy for China to master its own destiny in the global technological game.

Next Generation National Grid

Is It Called "Computing Power Network"?

In addition to the hardware aspect, quantum computing also has in-depth cooperation with local governments and leading central enterprises. In the future, it may even transform from a complete machine deliverer to a key node and core operator of the national computing power network.

The "four computing integration" data center promoted by Turing Quantum in cooperation with Shaanxi Big Data Group is a prominent manifestation of this trend. The so-called "four computing" refers to the heterogeneous integration of quantum computing power, supercomputing, intelligent computing and general computing.

The same enterprise has also launched the construction of the first high-ratio quantum-classical hybrid computing center in central China in Ningxiang, Hunan.

Origin Quantum has built the largest quantum computing cloud platform in China, which has provided remote quantum computing services for more than 100 countries around the world.

The common feature of these layouts is obvious: they are not delivering a quantum computer in isolation, but weaving the embryonic form of a "quantum-classical hybrid computing network".

The essence of this network is the strategic upgrading of the "East Data West Computing" project in the quantum era.

Traditional data centers mainly process deterministic logical operations based on 0 and 1. In the future, complex optimization, molecular simulation, password deciphering and other problems emerging in thousands of industries will have to be dealt with by quantum processors as special acceleration units. These quantum computing centers scattered across the country realize unified scheduling and output of computing power through the cloud platform, forming the core skeleton of the future national computing power infrastructure.

The core value of listed quantum enterprises lies in the fact that they are becoming the de facto licensed constructors and operators of this national-level network.

Therefore, leading quantum enterprises will most likely gradually evolve into entities with strong public utility attributes in the future through in-depth collaboration and equity binding with giants such as operators and state-owned clouds. Their revenue model will shift from the current reliance on sporadic complete machine sales and project-based orders to a hybrid model with both stability and high added value — "computing power time rental + industry solution + application ecological service".

Just like power companies not only sell generators, but also charge by kilowatt-hour through the grid; cloud service providers do not force customers to build their own computer rooms, but provide services with elastic resources. The final form of quantum computing power will be delivered to thousands of industries through the national computing power network just like water and electricity.

My judgment on the pattern in the next three to five years is that there will be obvious differentiation in the echelon of listed quantum enterprises.

Those companies that deeply cultivate upstream core components will continue to strengthen their position as professional suppliers and become "hidden champions".

While complete machine and platform enterprises represented by Origin Quantum and Turing Quantum are most likely to evolve into "licensed operators" of the national computing power network.

Once this role is confirmed by the system and business model, the market will grant them stable valuation benchmarking key infrastructure. All the praise words that push up the stock price at this moment will be supported by the stable and huge cash flow of computing power services by then.

But it should be noted that for quantum technology which is still in the early stage of industrial life, the capital flood is not only an engine for ripening, but also a strong drug that may induce systemic risks.

While cheering for China's quantum strategy, several deep-seated risks must be laid on the table.

The most direct risk is the glaring "gap" between valuation and commercialization process.

The 400x premium of Quantinuum and the phenomenon that some domestic enterprises have a valuation of nearly 10 billion yuan with revenue of less than 1 billion yuan release a signal of foam. When the regular financial report pressure of listed companies and investors' thirst for growth narrative collide head-on with the long cycle and high uncertainty of quantum R&D, a dangerous incentive distortion may breed.

Enterprises may be tempted to chase short-term market hotspots, tilt resources to demonstration projects that are easy to package but have limited actual progress, and relax the long and lonely research on core problems such as quantum error correction and logical qubit fidelity.

We need to be alert to the "mass steel smelting" phenomenon in the field of quantum computing, where capital is surging and concepts come first, but the underlying foundation that determines the final victory is neglected.

Another risk lurks in the differentiation of technical routes.

Superconductivity, optical quantum, ion trap, neutral atom... At present, multiple physical routes are still being explored in parallel, and it is far from certain who will be the first to reach the holy grail of fault-tolerant quantum computing.

However, capital has its strong shaping power. When huge funds are concentrated into a certain route endorsed by "star scientists plus national team", it may prematurely form a de facto resource monopoly, squeezing or even suffocating the living space of other potential but late-starting technical directions.

This "gambling-style" heavy bet, if the direction is wrong, will bring huge time and capital sunk costs at the national level.

The more macro risk is probably that the quantum industry may move towards "two-layer decoupling".

Both China and the United States have placed quantum technology at the core of their national strategies, and have respectively built semi-closed systems covering basic research, core supply chains and capital markets.

China's wave of promoting domestic substitution and independent public listing, while consolidating autonomy, may objectively accelerate the division of the global quantum industry into two parallel technical gardens — each with relatively independent technical standards, patent pools and supply chain networks.

From semiconductors to AI, this division has made the whole world pay a heavy price in efficiency.

Quantum computing has stronger strategic attributes and involves more fundamental interests, so its risk of "systematic decoupling" is also higher.

Therefore, the next two to three years will be a key window to test the quality of this batch of listed/soon-to-be-listed quantum enterprises. The "core assets" that are really worth holding for a long time are not the stars with the highest valuation, but those companies that can take the lead in making substantial breakthroughs in gross profit margin, the export proportion of core components, or the acquisition of high-quality computing power service contracts.

The improvement of gross profit margin means that products are getting rid of customized delivery and moving towards replicable economies of scale.

The export of core components reversely verifies that the technical strength has been recognized by the most stringent peers.

The signing of large computing power service contracts marks that the business model is moving towards a benign track from "selling equipment" to "selling services".

These three indicators are the touchstone to measure whether a quantum company is a real industrialization pioneer or a naked swimmer in the capital foam.

Final Note

China's batch promotion of quantum enterprises to the capital market carries significance far beyond the scope of financial events. It is a national-initiated general mobilization for "computing power sovereignty" on the eve of the dawn of the post-Moore era.

It uses the language of the capital market to point out the future strategic judgment: mastering the next generation of computing power is related to the core destiny of the country.

The organizational form of this general mobilization has distinct characteristics of the times.

It no longer simply relies on the centralized allocation of national finance, but through the public market, integrates social capital pursuing returns, regional economies that need growth pillars, scientific research teams tackling key problems and the huge application market into one, forging a mixed legion facing the commanding height of future technology.

Public listing is just a mark that marks the official transition of China's quantum industry from the "scientific research era" to the simultaneous era of "capital explosion and engineering verification".

The subsequent reshaping of the industrial structure will be far-reaching. A brand-new hard technology industrial chain covering high-end lasers, cryogenic equipment,