The "big month" of quantum is coming, with a single financing deal equivalent to a full quarter's total.
In June 2026, China's quantum industry welcomed a truly significant "big month."
If a single number were used to mark the significance of this month, it would be 3 billion yuan. Recently, Origin Quantum announced the completion of its Pre-IPO round of financing, with a financing scale of nearly 3 billion yuan. After the investment, its valuation approached 24 billion yuan, breaking both the single - financing and valuation records in the domestic quantum computing field.
A comparable piece of data is that in the first quarter of 2026, the total public financing in the entire domestic quantum track was 3.204 billion yuan, exceeding the total for the whole of 2025. This single investment in Origin Quantum almost matched the quarterly total of the entire industry.
This enthusiasm is not exclusive to leading companies. Recently, Fuxi Quantum, which was established only two months ago, announced the completion of its angel and angel + rounds of financing, led by CATL, the leading power battery company, which continued to increase its investment. Meanwhile, Taiyi Quantum Life, established less than half a year ago, closed its Pre - A round with over - fundraising of 300 million yuan, receiving investment intentions of over 2 billion yuan within 8 days.
From leading giants to newly - established startups, and from superconducting, photonic quantum to neutral atoms, capital flowed intensively in this June.
Capital Flocks to Quantum Computing
Before this, the market had already gone through a round of intensive "pre - heating." In March this year, Beijing Bose Quantum completed a 1 - billion - yuan Series B financing, jointly led by Beijing Financial Holdings, ICBC Capital, CMBC International, and Shenzhen Investment Holdings. Meanwhile, Shenzhen SpinQ Technology completed a 600 - million - yuan Series C+ financing, and Hefei Unitary Quantum completed a Pre - A round of financing worth hundreds of millions of yuan.
From the large - scale investments in March to the large - scale financing of Origin Quantum in June, the money - attracting effect of the quantum computing track is gradually amplifying and becoming more focused.
This focus is reflected in the extreme concentration of capital flow. Whether it is the superconducting route of Origin Quantum, the neutral atom route of Taiyi Quantum Life, the photonic quantum route of Bose Quantum, or the algorithm platform of Fuxi Quantum, almost all capital is aimed at the core proposition of "quantum computing."
In addition, a reporter from the Science and Technology Innovation Board Daily learned that Wuhan's Zhongke Kuyuan was also highly concerned by the market during this wave of enthusiasm. Multiple institutions continued to contact it. Its "Hanyuan 2," the world's first dual - core neutral atom quantum computer released last month, signaled to investors the accelerated implementation of technology industrialization.
In contrast, although the financing enthusiasm of quantum application - end enterprises has increased, it is far from the intensity of the computing track.
A reporter from the Science and Technology Innovation Board Daily learned from communicating with the founder of an application enterprise in the field of quantum security that their company has achieved implementation in state - owned and central enterprise scenarios, with hand - held orders reaching the level of 100 million yuan, but the current valuation has not exceeded 1 billion yuan.
This forms a sharp contrast with the hot market situation in the quantum computing track, where the valuation of companies doubles within a few months and the valuation of an angel - round project can reach 1 billion yuan.
Beyond the data, the daily state of the founder better reflects the difference. He told the reporter that after the Spring Festival, he intensively received more than a dozen investment institutions, but he clearly recognized that most of the capital enthusiasm still flowed towards the quantum computing end. "The attention on the application end is still one order of magnitude lower."
Why does capital collectively flow towards quantum computing? Front - line investors and practitioners have given similar analyses to the Science and Technology Innovation Board Daily.
In their view, current quantum computing has gathered the right "timing, location, and people."
The "right timing" lies in the fact that the explosion of computing power demand is an established fact. The training of large AI models, molecular simulation in new drug research and development, and real - time calculation of financial risks are all approaching the ceiling of classical computing power. As Moore's Law slows down and the supply of computing power tightens, finding the next computing paradigm has changed from a long - term proposition to an urgent issue. Quantum computing has been pushed into the spotlight at this time.
The "right location" is that quantum computing, as the high - ground of the future computing power ecosystem, is related to national security and economic competitiveness. After it was clearly listed as a future industry in the 14th Five - Year Plan, the policy signal has been upgraded from "encouraging exploration" to "must break through." An investor in the quantum field said that two years ago, the industry was still arguing about whether quantum computing could be achieved. "Now a consensus has been formed - it will definitely succeed, it's just a matter of time." When "whether it can be done" is no longer a question, "when" and "who will achieve it first" have become the directions for capital investment.
Meanwhile, the rapid convergence at the technical level is also providing confidence for this consensus. Just last month, Zhongke Kuyuan, Bose Quantum, and Origin Quantum successively released new - generation quantum computer systems, with the number of qubits covering 180, 200, and 1000 respectively, representing the three mainstream routes of neutral atoms, photonic quantum, and superconductivity. The three technical routes compete on the same stage and each has made breakthroughs, releasing new signals to the market - quantum computing is changing from papers and laboratory indicators to tangible engineering entities. This "visible" progress has made institutions that were originally on the sidelines start to accelerate their entry.
It can be seen that behind this wave of incoming capital, the role of industrial investors is becoming more prominent. The Pre - IPO round of Origin Quantum was led by China North Industries Group. Among the follow - on investors in the Pre - A round of Taiyi Quantum Life, there are automotive industry capitals such as SAIC Financial Holdings and Hengxu Capital. The angel round of Fuxi Quantum was led by CATL, the leading power battery company, which continued to increase its investment.
Industrial investors are not simply financial investors. Their entry often has a clear strategic positioning intention. Incorporating quantum computing into the layout now is also a vote for the long - term certainty of the track.
Furthermore, the commercial narrative is also accelerating. Different quantum computing companies have painted an extremely broad blueprint for the market. From the virtual simulation of the physical world to empowering thousands of industries such as materials, chemicals, and finance, almost every scenario points to a disruptive improvement in efficiency. For example, Fuxi Quantum aims to establish a landing link that connects "industrial problems - quantum modeling - algorithm solving - hardware execution," enabling quantum computing to intervene in the enterprise R & D process even when the hardware is not yet perfect.
Burnout, Uncertainty, and Valuation Anxiety
However, beneath the bustling financing scene, an easily overlooked fact is that the survival challenges faced by quantum computing companies are no less difficult than those of application - end enterprises. The founder of the aforementioned application enterprise clearly mentioned that quantum products are still a new concept for most potential customers. He and his team must take the initiative, visit customers one by one, and explain the product value and industry trends over and over again. "Most customers need us to explain from scratch what quantum security is, how it differs from classical encryption, and why they need to pay attention to this issue now." He said. The market cultivation period is much longer than expected.
Quantum computing companies have more mountains to climb. Currently, no quantum computing enterprise in the industry has achieved positive profitability. From dilution refrigerators to measurement and control systems, core equipment still highly depends on customized R & D. All these investments are currently in the "money - burning" stage, with no income to cover them.
Meanwhile, the rising speed of valuation also makes some investors uneasy. A fund partner admitted in an industry round - table discussion that since the fourth quarter of last year, the valuation of the quantum track has risen particularly fast. "In the early stage, a valuation of 1 billion or 2 billion yuan seemed normal. Now, an angel - round project has a valuation of 1 billion or 2 billion yuan, and it could reach 5 billion yuan in half a year." In his view, this speed is "not very friendly" to investment. As the valuation rises, the expected risks and the problems that the enterprise needs to solve do not decrease, but the expected rate of return for investors will be significantly compressed.
Currently, quantum computing is still in the early stage of engineering, and the final outcome of the technical route is far from certain. Multiple paths such as superconductivity, photonic quantum, neutral atoms, and ion traps are running in parallel. It is still unknown which one will be the first to achieve fault - tolerant quantum computing. An early - stage technology investor told the Science and Technology Innovation Board Daily bluntly: "The current valuation contains too many optimistic expectations for the future, but there are huge uncertainties in the rhythm of technological breakthroughs and the commercialization schedule. Any bottleneck in any link may lengthen the return period."
This article is from the WeChat official account "Venture Capital Daily," written by Yu Shiqi and published by 36Kr with authorization.