Origin Quantum closes nearly 3 bln yuan Pre-IPO round at 21 bln valuation

Origin Quantum has closed a nearly 3 billion yuan Pre-IPO funding round in just 30 days, a pace that underscores the intense demand for cutting-edge technology exposure among Chinese investors. The deal values the Hefei-based quantum computing company at 21 billion yuan pre-money, the highest valuation ever for a Chinese quantum firm. The speed of the raise is striking. Most Pre-IPO rounds in China’s tech sector drag on for months, often stalling amid regulatory reviews or valuation disagreements.

Origin Quantum’s ability to secure such a sum in a single month suggests the company had a queue of institutional investors ready to commit, bypassing the usual due diligence delays. This deal comes at a time when Beijing has tightened scrutiny on high-tech IPOs, particularly those involving sensitive technologies like quantum computing. The government has signaled it wants to control how and when such firms go public, partly to protect national security interests and partly to prevent market bubbles.

Yet the rapid close of this round indicates that private capital is betting heavily on quantum’s commercial promise, regardless of regulatory overhang. What many casual observers miss is that Origin Quantum’s valuation is not just a reflection of its technology but also of its strategic positioning. The company has secured partnerships with state-owned enterprises and local governments, giving it a pipeline of potential customers in defense, finance, and energy.

These ties reduce the risk that regulatory hurdles will derail its path to an eventual IPO. The 21 billion yuan pre-money valuation also sets a benchmark for other Chinese quantum startups. Competitors like Qask and Shenzhen Quantum will now face pressure to demonstrate comparable traction or risk being left behind in the race for investor attention. The quantum sector in China is still nascent, but this round signals that the market is already picking winners.

For Origin Quantum, the capital will likely fund expansion of its superconducting quantum computer production and the development of quantum cloud services. The company has been vocal about its goal to build a quantum computer with 1,000 qubits by 2026, a milestone that would put it in direct competition with global leaders like IBM and Google. The broader implication is that China’s quantum ecosystem is maturing faster than many Western analysts assume.

While U.S. export controls have restricted the flow of advanced chips and equipment, Chinese firms are finding workarounds through domestic supply chains and alternative architectures. Origin Quantum’s ability to attract this level of funding suggests that investors see a viable path to commercialization, even amid geopolitical headwinds. The next test will be whether Origin Quantum can translate this valuation into a successful public listing.

If it does, the deal will have validated the Pre-IPO round’s speed and size. If not, the 21 billion yuan price tag will become a cautionary tale about how quickly hype can outpace reality in frontier tech.