On April 3, 2026, SpinQ Technology announced the completion of a CNY 600 million (approximately $87 million) Series C+ funding round, marking a pivotal moment in China’s rapidly evolving quantum sector. This follows closely on the heels of QBoson’s successful CNY 1 billion (around $145 million) Series B funding round, which occurred just days earlier.
These developments come as part of China’s broader strategy outlined in its 15th Five-Year Plan, which designates quantum technology as the country’s top ‘future industry’. This commitment is underscored by the government’s substantial investment of approximately $15 billion in quantum technology, aimed at fostering innovation and commercialization.
Historically, funding for Chinese quantum companies was modest, typically ranging from $1 to $16 million prior to 2022. However, the landscape has shifted dramatically, with mid-March 2026 witnessing a total of 150 financing events in the domestic quantum computing sector, amounting to CNY 11.2 billion.
SpinQ has reported an impressive 80% year-over-year order growth in the first quarter of 2026, reflecting the increasing demand for quantum solutions. Meanwhile, QBoson has made headlines by opening China’s first large-scale photonic quantum computer factory in Shenzhen in November 2025, further solidifying its position in the market.
Despite these advancements, the journey has not been without challenges. Major players like Alibaba and Baidu have scaled back their quantum research efforts, with Alibaba shutting down its DAMO Academy quantum lab in November 2023 and Baidu exiting quantum research entirely in January 2024.
As the sector continues to evolve, the focus on commercialization support and manufacturing subsidies as directed by the 15th Five-Year Plan is expected to play a crucial role in shaping the future of quantum technology in China.
Initial reactions from industry experts have been positive, highlighting the potential for these investments to drive innovation and position China as a leader in the global quantum landscape. The ongoing support from the China Internet Investment Fund and other private investors indicates a robust confidence in the sector’s future.
As China navigates this transformative period in its quantum sector, the community remains hopeful for the advancements that lie ahead, fostering a spirit of collaboration and innovation.
