Origin Quantum raises nearly ¥3B Series D, valuing China's quantum leader above ¥20B
What's the deal? Origin Quantum, China's first and largest quantum computing company, has closed a new funding round of nearly ¥3B (roughly $410M). The round, led by state-owned enterprise investment vehicles, values the company at over ¥20B ($2.8B) pre-money — making it one of China's highest-valued quantum computing firms. Existing shareholders followed on, and Huamin Capital joined as a new investor, contributing ¥200M.
The funds will go toward building pilot production lines for thousand-qubit and ten-thousand-qubit quantum chips on 12-inch wafers, as well as R&D and commercialisation of next-generation superconducting quantum computers. The company says it is benchmarking itself against IBMDealroom has a profile for this one. Try Dealroom →.
Why now? Founded in 2017 and spun out of the University of Science and Technology of China, Origin Quantum has spent eight years building a fully domestic quantum computing stack — from chips to operating systems to cryogenic hardware. It has iterated through four generations of superconducting quantum computers, most recently launching a 180-qubit machine in 2026.
The company holds 1,326 public quantum computing patents — second globally, first in China — and is the only Chinese quantum computing firm on the US Entity List. Its cloud platform has reached users in 192 countries and completed nearly one million quantum computing tasks.
China's push for technological self-reliance in strategic sectors has intensified, and quantum computing sits squarely within that agenda. The Entity List designation only reinforces Beijing's motivation to back domestic champions.
What could go wrong? Quantum computing remains pre-commercial at scale. While Origin Quantum has demonstrated applications in computational fluid dynamics, AI model fine-tuning, and financial modelling, widespread enterprise adoption is years away. The gap between research milestones and revenue-generating products is wide, and the company faces global competition from IBM, Google, and a growing cohort of well-funded Western startups.
Heavy reliance on state-backed capital also raises questions about market discipline. Whether Origin Quantum can translate government support into sustainable commercial performance remains to be seen.
The signal: Origin Quantum's nearly ¥3B raise, led by state-owned investment vehicles, underscores Beijing's willingness to deploy serious capital behind domestic quantum champions — particularly one already singled out by Washington's Entity List. With the company now at a late growth stage and valued above $2.8B, the round ranks among the largest ever in quantum computing globally, signalling that China's state-backed funding apparatus views full-stack quantum capability not as a speculative bet but as strategic infrastructure.
Read more: jiemian.com
