Bose Quantum Launches IPO, Quantum Track Sees Wave of Listings
According to the tutoring filing disclosure from the Beijing Regulatory Bureau of the China Securities Regulatory Commission, on July 6, 2026, Beijing BOSON Quantum Technology Co., Ltd. (referred to as BOSON Quantum) officially launched its A-share IPO tutoring, with the integrated Guotai Haitong Securities serving as the exclusive tutoring broker, paired with Zhong Lun Law Firm and Lixin Certified Public Accountants to form a standardized intermediary team for the listing application.
This optical quantum hard-tech enterprise, established for less than 6 years, has just completed its Pre-IPO financing round, accumulating a total of 10 rounds of fundraising, making it the second quantum computing enterprise in China to sprint for a public listing.
Sustained Heavy Capital Investment
Based on the industrial and commercial basic information disclosed in the tutoring filing registration, BOSON Quantum has a registered capital of 360 million yuan, with its registered address in Chaoyang District, Beijing, and its industry classified as the manufacturing of computers, communications and other electronic equipment.
Founder Wen Kai serves as the legal representative and controlling shareholder, holding a 21.51% stake. The equity structure is concentrated and clear, meeting the key review requirements for equity stability in IPOs.
Reviewing the capital growth path of BOSON Quantum, at the time of its establishment in November 2020, it completed its angel round with lead investment from Light Up Bourne Capital, and then went through 10 rounds of financing intensively in less than six years, with fundraising nodes precisely matching the rhythm of technology iteration and factory construction.
2026 became a critical year for BOSON Quantum's capitalization. In March, it closed a 1 billion yuan Series B financing, jointly led by industrial and state-owned capital entities including Beijing Financial Holdings, ICBC Capital, China Merchants Bank International, Shenzhen Investment Holdings, and Yida Capital.
On July 3, it successfully completed a Pre-IPO financing round of several hundred million yuan, with 10 institutions including Hangzhou Industrial Investment, Jiuzi Capital, Yuanhe Puhua, Hongta Fund, BOC Capital Investment Holdings, and Fuzhou Rongtou Capital participating collectively. The shareholder lineup has fully shifted from early-stage financial VCs to local state-owned assets and industrial consortia, indirectly confirming that the industrialization progress has obtained substantive recognition from the capital market.
Macro industry financing data further highlights the sector's popularity. In the first quarter of 2026, the total financing amount in China's quantum sector reached 3.204 billion yuan, exceeding the total financing amount of the entire year of 2025.
Through horizontal comparison with peers, Origin Quantum secured a Pre-IPO financing of nearly 3 billion yuan with a pre-investment valuation of 21 billion yuan; QuantumCTek's STAR Market IPO has obtained the registration approval from the China Securities Regulatory Commission; SpinQ completed a 1 billion yuan Series D financing, and leading enterprises across the entire sector have collectively entered the listing window period.
The funds raised in this round by BOSON Quantum will mainly be invested in the construction of chip pilot lines, factory expansion and technology iteration. Sufficient cash flow will be used to address core regulatory inquiries such as R&D investment sustainability and order continuity, consolidating confidence for the listing application.
Technological Industrialization Implementation
Different from the single technical route layout of most domestic quantum enterprises, BOSON Quantum is one of the very few enterprises in China that simultaneously lays out both general-purpose and dedicated quantum computing tracks, focusing on the room-temperature operable coherent optical quantum route. It does not require the ultra-low temperature operation environment of the superconducting system, and has inherent advantages in deployment cost and commercial adaptability.
Talent reserve forms the underlying foundation of technology. R&D personnel account for 70% of the total employees in BOSON Quantum, and employees with master's and doctoral degrees account for 65%. The core R&D backbones come from top scientific research institutions such as Stanford University, Tsinghua University, and the Chinese Academy of Sciences. Founder Wen Kai, who holds a bachelor's degree from Tsinghua University and a doctorate from Stanford University, has years of scientific research accumulation in optical quantum computing, and has built a composite team that balances theoretical breakthroughs and engineering manufacturing.
Within five years, BOSON Quantum has completed four full technical iterations of dedicated quantum computers. Its product matrix has been upgraded from the first-generation 100-qubit model to the 550-qubit version, and in May 2026, it grandly launched its flagship product Yuliang·Shanhai 1000 at the Beijing Science and Technology Expo.
The hard-core technical parameters disclosed in the official product documents show that this model adapts to lightweight tasks with 550 computational qubits in precise mode, stably operates 1000 computational qubits in standard mode, and can reach a peak of 3000 computational qubits in overclocking mode.
Yuliang·Shanhai 1000 is equipped with an AI-powered fault-tolerant system, setting an industry record of 44 consecutive days of stable operation with 16 hours of effective operation per day, completely breaking the limitation that early quantum devices could only be tested in laboratories for a short period.
At the same time, it simultaneously launched the QLI quantum computing parallel architecture, fully self-developed general-purpose & dedicated optical quantum chips, and the "Quantum Cloud Hub" integrated software suite. The single-qubit gate fidelity exceeds 98%, fully closing the entire industry chain loop covering underlying components, complete machine hardware, system software, and cloud computing power services.
Industrialization implementation is BOSON Quantum's most core differentiated competitiveness. The company has built the first large-scale manufacturing factory for dedicated quantum computers in China in Nanshan, Shenzhen, with a designed annual production capacity of dozens of commercial complete machines, breaking the long-standing industrial bottleneck that China's high-end quantum computing equipment relies on imports.
At present, BOSON Quantum has delivered physical quantum computers to customers including the National Supercomputing Chengdu Center, China Mobile, Electronics City, and North China University of Technology. The total number of calls to the supporting dedicated quantum computing SDK has exceeded 100 million, with more than 25.39 million calls in the single quarter of the first quarter of 2026.
In terms of business cooperation, it has partnered with Guangdong National Laboratory, Crystal Tech Technology, Shenzhen Metro, and Ping An Group to implement projects, achieving a reduction of more than 80% in the solution time for complex problems in scenarios such as mRNA new drug R&D, rail transit scheduling optimization, and financial risk modeling.
According to the founder's disclosure, BOSON Quantum has achieved several hundred million yuan in commercial revenue through dedicated quantum equipment sales and cloud computing power subscriptions, forming a rare revenue verification capability in the generally loss-making quantum sector.
Highlighted Sector Risks
The top-level policy design has removed institutional obstacles for quantum enterprises' IPOs. The outline of the 15th Five-Year Plan clearly lists fault-tolerant general-purpose quantum computers and scalable dedicated quantum computers as key R&D tasks.
Quantum technology is designated as one of the six future industries; the Shanghai Stock Exchange revised the STAR Market listing rules, formally including "quantum" in the strategic emerging industry catalog; Wu Qing, Chairman of the China Securities Regulatory Commission, publicly stated at the Lujiazui Forum that he supports quantum hard-tech enterprises to land in the capital market. Under the combined effect of multiple policies, the compliance guidelines for BOSON Quantum to apply for the STAR Market are clear and definite.
Demand on the industrial side continues to expand. Currently, the development of global AI large models is encountering the bottleneck of exponential consumption of traditional silicon-based computing power. Tasks such as combinatorial optimization, complex molecular modeling, and risk measurement urgently require computing power upgrades. Dedicated quantum computing can achieve a leap in solution efficiency, becoming a core supplement to traditional computing power.
Industry institutions estimate that the global quantum computing market size will increase from 1.44 billion US dollars in 2025 to 19.44 billion US dollars in 2035, with a compound annual growth rate of 29.73%. Downstream demand scenarios such as biomedicine, high-end manufacturing, finance, and transportation continue to release, with broad long-term market space.
BOSON Quantum has taken the lead in running through the full-link commercial closed loop of "R&D-mass production-complete machine delivery-cloud service subscription", with verifiable equipment delivery data, SDK call data and actual revenue. Combined with the general trend of independent and controllable domestic computing power, it is easier to obtain recognition of its technological innovation attributes from the STAR Market review.
In the capital market's review dimensions for this pre-IPO enterprise, there are four non-negligible development challenges hidden.
High R&D investment in quantum equipment and continuous expenditure on fixed assets for production line construction are eroding profit margins. At this stage, the revenue scale is insufficient to dilute fixed costs, and there is still a long cycle before achieving large-scale profitability. Long-term order reserves and product gross profit margin will inevitably become the core focus of regulatory inquiries.
The entire quantum sector has not yet finalized the mainstream technical paradigm, with superconducting, ion trap and optical quantum technical routes competing side by side. The uncertainty of technological evolution may lead to the risk that the existing R&D route will be eliminated.
A large amount of hot money inflow has pushed up the Pre-IPO valuation level of leading enterprises in the industry. Once the industrialization progress fails to meet market expectations, the entire sector will face a rational valuation correction.
At the same time, the upstream supporting system of the enterprise still has room for improvement. High-end optical key components have not yet achieved full domestic coverage, and the reliance on overseas procurement restricts the independent security level of the entire industry chain.
Therefore, BOSON Quantum has caught the industry boom driven by the triple resonance of policy, capital and industry, and built differentiated barriers relying on dual-track technical layout, mass production factory implementation and real-scenario revenue cases. Launching IPO tutoring has become an important milestone in the enterprise's development.
However, whether it can successfully pass the review and land in the capital market ultimately depends on proving to the review side its continuous R&D iteration capability, the certainty of order growth, and making up for the shortcomings in supply chain independence.
The collective sprint for public listing by enterprises represented by BOSON Quantum, Origin Quantum and QuantumCTek marks that China's quantum computing industry has completely bid farewell to the stage of pure scientific research burning money, and has officially entered a new development cycle of capital-empowered industrialization.
This article is from the WeChat official account "Insight IPO" (ID: dongcha-ipo), author: Yang Licheng, editor: Wang Yimo, published with authorization from 36Kr.