2026比特到量子：全球量子计算融资规模创新高且持续提速研究报告

pitchBooK

aMorningstarcompany

Contents

Keytakeaways1

Introduction2

Ventureactivityinquantumcomputing:

Q12016-Q120264

Investmenttrendsinpubliclytraded

quantumcomputingsecurities12

Themega-catalyst:Geopolitical

competition14

Industryinsights20

Conclusion30

Outlook31

Appendix

3

3

References37

EMERGINGTECHRESEARCH

BitbyQubit:Global

QuantumComputing

FundingHitsNewRecordsandIsAccelerating

Oneatomicstepforman

PitchBookisaMorningstarcompanyprovidingthemostcomprehensive,most

accurate,andhard-to-finddataforprofessionalsdoingbusinessintheprivatemarkets.

Keytakeaways

•VCinvestmentinquantumcomputingreachedaninflectionpointin2025,with$3.9

billiondeployedacross125transactions,thehighestannualtotalonrecord.

•RoughlyfiveoutofeverysixdollarsinvestedinquantumcomputinggloballyflowedthroughNorthAmericanorEuropeantransactions,withNorthAmericacapturing52.5%ofdealvalueandEurope33.6%.

•Asmallsetofcategory-definingplatformcompaniesiscapturingmostlate-stageroundsasincumbentfirmsacceleratehittingtechnicalbenchmarks.

1ANALYSTNOTE:BITBYQUBIT

2ANALYSTNOTE:BITBYQUBIT

Introduction

Spin-up(side)momentum

Quantumcomputingcapitalhasbeenacceleratingbecausethreestructuralforces

areconverging:atechnicalinflectioninerrorcorrection,escalatinggeopolitical

competition,andtheentryofmainstreaminstitutionalcapitalintowhatwaspreviouslyaspecialistassetclass.Together,theseforcesarecompressingthetimelineto

commercialviabilityandpullingforwardcapitalthatwouldhistoricallyhavewaitedforlater-stagecertainty.

Technicalinflection.Errorcorrectionhasadvancedfromtheoreticalpossibilitytodemonstratedprogress.BreakthroughsfromGoogle,IBM,andChina’sUSTChavebroughtscalablefaulttolerancemateriallycloserthanitappearedthreeyearsago.

Multiplecompetingmodalitiesarenowhittinglogical-qubitmilestoneswithgate

fidelitiesapproachingutilitythresholds,andleadingcompaniesareexecutingon

credibleroadmapstohundredsoflogicalqubitsby2030.Thesectorhasmovedfromdebatingfeasibilitytocompetingonexecution.

Geopoliticalcompetition.Quantumhasbecomeatop-tiernationalpriorityacrossallthreemajorblocs.China’s15thFive-YearPlan(FYP)ranksquantumastheleadingfutureindustry,aheadofAIandsemiconductors,supportedbyanestimated$27.5billioninstatecapital.Cumulativegovernmentcommitmentsnowexceed$60billionglobally.Publicfundinghasshiftedfrombasicresearchtowardcommercializationmandatesandprocurementpreferences,andco-investmentstructuresarenow

anchoringthesector’slargestrounds.Stateparticipationdirectlyreducesprivatecapitalriskandestablishesastrategicimperativetodeploy.

Institutionalcrossover.Thecapitalbasehasfundamentallyrepriced.Venturegrowth’sshareofdealvaluerosefromroughly1%in2024to30.4%in2025,thelargestsingle-yearstageshiftinthedataset.Theleadinginvestorsbycapitaldeployedarenow

NVIDIA,BlackRock,BaillieGifford,JPMorgan,andsovereignwealthfundsratherthanspecialistquantumventurefirms.Thearrivalofthisinvestorclassvalidatesquantumasaninstitutionalallocationandacceleratesthecapitalavailabletocategory-definingplatforms.

Quantumcomputingisafundamentallydifferentmodelofcomputation.Where

classicalcomputersprocessinformationinbitsthatholdavalueofeither0or1,

quantumcomputersoperateonqubits.Aqubitcanexistinasuperpositionofboth0and1simultaneously,andmultiplequbitscanbecomeentangled—meaningtheirstatesarelinkedinwaysthathavenoclassicalanalog.Thesetwopropertiesallowquantumsystemstoexplorecertainsolutionspacesinparallel.Foraspecificclassofproblems,theycanperformcalculationsthatwouldbeintractableforeventhe

mostpowerfulclassicalsupercomputers.Thepracticalimplicationsaremostoftendiscussedintermsofcryptography,drugdiscovery,materialsscience,optimization,andmachinelearning,wherequantumsystemsareexpectedtodeliverstep-changeimprovementsineitherspeedorsolutionquality.

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Thetechnologyhasbeenthesubjectoftheoreticalresearchsincetheearly1980s.

Onlyinthelastdecadehasitcrossedfromphysicslaboratoriesintocommercially

fundedengineeringprograms.Thetransitionhasbeendrivenbyparalleladvancesinqubitfabrication,errorcorrection,controlelectronics,andcryogenicinfrastructure.Ithasalsobeensupportedbytheemergenceofcloud-accessiblequantumhardware,whichallowsenterprisesandresearcherstoexperimentwithrealsystemswithout

owningthem.Practical,fault-tolerantquantumcomputingremainsamultidecadeengineeringproject,butthepaceofprogresshasacceleratedmeaningfully,andagrowingpopulationofwell-capitalizedcompaniesisnowcompetingtodefinethedominantarchitecture.

Thereisalsonosinglewaytobuildaquantumcomputer.Thesectorhasconsolidatedaroundseveralcompetinghardwaremodalities,eachwithdistinctstrengthsand

trade-offs.

•Superconductingqubits,pursuedbyIBM,Google,Rigetti,andChina’sOrigin

QuantumandZuchongzhiprogram,offerfastgateoperationsandbenefitfromestablishedsemiconductormanufacturingtechniques.Theyrequireextremecoolingnearabsolutezero.

•Trapped-ionsystems,advancedbyQuantinuumandIonQ,deliverexceptionallyhighgatefidelitiesandlongcoherencetimesbysuspendingindividualatomsinelectromagnetictraps.

•Photonicquantumcomputing,thefocusofPsiQuantum,Xanadu,andQBoson,

encodesqubitsinparticlesoflight.Itoffersapathtoroom-temperatureoperationandintegrationwithexistingtelecommunicationsinfrastructure.

•Neutral-atomsystems,developedbyQuEra,Pasqal,AtomComputing,and

Infleqtion,uselaserstotrapandmanipulatearraysofindividualatoms,combiningstrongscalabilitycharacteristicswithrelativelylongcoherencetimes.

•Otherapproaches,includingtopologicalqubitsandsiliconspinqubits,remain

earlierintheirdevelopmentcycles.Microsoftisalsopursuingtopologicalqubits

viaitsMajorana1chip,whichusesengineeredMajoranazeromodesintopologicalsuperconductorstocreateinherentlyerror-resistantqubits.

Severaltechnicalconceptsareworthdefiningbeforegoingfurther,sincetheyshapeboththeengineeringchallengesandtheinvestmentthesis.A“gateoperation”isthefundamentalunitofcomputationinaquantumsystem,analogoustoalogicgate

inaclassicalcomputerbutoperatingonthequantumstateofoneormorequbits.

“Fidelity”referstohowaccuratelyagateoperationactuallyperformstheintendedmanipulation;higherfidelitymeansfewererrorsperoperation.“Decoherence”isthelossofaqubit’squantumstateduetointeractionwithitsenvironment,whichiswhymostquantumsystemsmustbeheavilyisolatedand,inmanycases,cooledtotemperaturescolderthandeepspace.Thelongeraqubitcanmaintainitsstatewithoutdecoherence,themoreusefuloperationsitcanperform.

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Theselimitationsexplainwhyerrorcorrectionsitsatthecenterofthefield.Today’s

quantumsystemsarenoisy:Qubitslosetheirquantumstatequickly,andgate

operationsintroduceerrors.Thestandardsolutionistocombinemanyimperfect

physicalqubitsintoasmallernumberofmorereliablelogicalqubitsusingerror-

correctingcodes.Alogicalqubitmightrequirehundredsoreventhousandsofphysicalqubitstooperatereliably.“Faulttolerance”isthepropertyofasystemthatcan

continuecomputingcorrectlydespiteindividualcomponentfailures.Mostimportantly,itisthethresholdatwhichquantumcomputersbecomepracticallyusefulforthemosteconomicallyimportantproblems.Theracetodemonstratescalableerrorcorrectionatthelogical-qubitlevelisnowthecentraltechnicalcontestinthesector.Recent

breakthroughsfromGoogle,IBM,China’sUSTCgroup,andothershavemovedthismilestonemeaningfullycloserthanitappearedeventhreeyearsago.

Ventureactivityinquantumcomputing:Q12016-Q12026

Thequantumcomputingventurelandscapehasundergoneafundamental

repositioningoverthepastdecade.Whatbeganasaniche,early-stageassetclassattractingmodestresearch-adjacentcapitalhasmaturedintoasectorcapableof

absorbinginstitutional-scale,late-stagecommitmentsatvaluationsthatwouldhavebeenunthinkableearlierinitshistory.

Quantumgeography

QuantumcomputingVCdealvaluereached$3.9billionin2025,arecordhighforthesector.Onaquarterlybasis,Q32025alonereachedarecord$1.6billion.Thatsinglequarterexceededthefull-yeartotalsrecordedineveryyearpriorto2021.Q12026

maintainedtheelevatedpaceat$1.2billionbeforesofteningmeaningfullyinearlyQ2,consistentwiththekindofdigestionperiodthattypicallyfollowsavintagemarkedbyconcentrated,large-scaledeployment.

QuantumcomputingVCdealactivity

125

60

$1,169.5

100

96

86

35

71

$145.3

$1,146.1

$1,122.5

$1,268.9

52

22

$242.6

$997.4

10

47

$102.5

$393.1

$532.1

$3,928.0

20162017201820192020202120222023202420252026

Dealvalue($M)Dealcount

Source:PitchBook•Geography:Global•AsofMarch31,2026

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QuantumcomputingVCdealactivitybyquarter

70

$2,000

60

50

$1,500

40

$1,000

30

20

$500

10

0

$0

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

202120222023202420252026

Dealvalue($M)Dealcount

Source:PitchBook•Geography:Global•AsofMarch31,2026

Activitybystagehasdivergedsharplybetweencountandvalue.Venturegrowth

andlate-stageVCroundshavehistoricallyconstitutedthebulkofdealvalue,while

dealcountswereoverwhelminglydominatedbypre-seed/seedandearly-stageVC

transactions.Thisdynamicwasparticularlypronouncedin2025,and2026isechoingasimilardeal-value-to-deal-countsplit.

Informationtechnologyaccountedfor97.6%ofallquantumcomputingVCdealvalueacrossthefullperiod.Healthcare,B2B,materials,financialservices,andenergy

eachrepresentedlessthan1%ofthetotal.End-marketapplicationsinfieldssuchaspharmaceuticals,finance,orlogisticswillemergelater,oncetheunderlyingplatformsreachcommercialmaturity.

From2016throughearly2026,roughlyfiveoutofeverysixdollarsinvestedinquantumcomputinggloballyhascomefromNorthAmericaorEurope.NorthAmericahas

beenthedominantregionatapproximately50%ofallVCdealvalue,withEuropea

meaningfulbutdistantsecondatapproximately34%.Oceania,theMiddleEast,and

therestofworldtogetherrepresentedtheremaining4.8%.ItisworthnotingthatAsia,andChinainparticular,islikelyunderrepresentedinthesefigures,asChinesequantuminvestmentisoftenstate-fundedratherthanstructuredasVCdeals.Therefore,China’srepresentationinthequantumworldasfarasprivatemarketdatagoesisunderstated.

Thebroaderpatternisoneofsustainedrepositioning.Quantumcomputinghas

evolvedfromaniche,early-stageassetclassintooneattractinginstitutional-scale

capital.From2016throughearly2026,dealvaluehasbeenincreasinglyconcentratedinlarge,late-stagerounds,reflectinggrowinginvestorconvictioninthesector’s

commercialviability.Thecompaniesreceivingthiscapitalare,onaverage,olderandfurtheralongtheirtechnicalroadmapsthantheirpredecessorsinearliervintages,

andthevaluationstheycommandreflectamarketthatincreasinglybelievesquantumadvantageisaquestionofwhenratherthanwhether.

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QuantumcomputingVCdealvaluebyregion,2016-2026

NorthAmerica

Europe

Asia

Oceania

RestofWorld

MiddleEast

$3.7,33.6%

$0.2,2.2%

$0.2,2.2%

$0.0,0.4%

$0.0,0.0%

$5.8,52.5%

$0$1$2$3$4$5$6

2016-2026dealvalue($B)

Source:PitchBook•Geography:Global•AsofMarch31,2026

Latestage,earlydominance

Thedistributionofdealvalueacrossstagestellsoneofthecleareststoriesinthe

dataset.Acrossthefull2016to2026period,late-stageVCcapturedthelargestshareofcapitalat42.2%($4.7billion),followedbyearly-stageVCat33.8%($4billion),

venturegrowthat17.2%($1.9billion),andpre-seed/seedat6.8%($786million).Thestagebreakdownin2025lookedmateriallydifferentfromthefull-periodaverages,withlate-stageVCaccountingfor40%ofdealvalue;early-stageVC,27%;venturegrowth,30.4%;andpre-seed/seedjust2.4%.

ShareofquantumcomputingVCdealvaluebystage

$4,000

$3,500

$3,000

$2,500

$2,000

$1,500

$1,000

$500

$0

20162017201820192020202120222023202420252026

VenturegrowthLate-stageVCEarly-stageVCPre-seed/seed

Source:PitchBook•Geography:Global•AsofMarch31,2026

Themostconsequentialshiftistheexpansionoftheventuregrowthtier.In

2024,venturegrowthcapturedroughly1%ofquantumdealvalue.In2025,that

sharereached30.4%,anincreaseofmorethan25xinasingleyear.Thedriveris

straightforward:Quantinuum’sNovember2025SeriesB,technicallyclassifiedas

early-stageVCbuttransactedatventure-growthscale($838.9millionata$10billionpre-moneyvaluation),andthebroaderemergenceofroundsexceeding$100million

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acrossadiversesetofplatformcompanies.ThecompanywentpubliconJune4andraised$1.7billion,selling28millionsharesat$60pershare.

Priorto2024,venturegrowthactivityinquantumcomputingwassporadicandsmallinabsoluteterms.The2025figuremarksthefirstyearinthedatasetinwhichlate-stageinstitutionalcapitalbehavedasasystematicpresenceratherthananepisodicparticipant.

Thepre-seedandseedtiershavemovedintheoppositedirection.Theirshareof

dealvaluecompressedfrom6.8%in2024to2.4%in2025,evenasaggregatedollaramounts($86millionin2024,$94millionin2025)remainedroughlyconsistent.Thecompressionreflectsthedenominatoreffectoflate-stagemega-roundsratherthananycollapseinearly-stageformation.Italsounderscoresabroaderdynamicworthmonitoring:Inabsoluteterms,dealactivitybelow$5millionhasremainedflatacrossthefullperiod,withannualtotalsinthesingle-digitmillionsthroughout.

Mega-roundsarethenewnormal

The$25million-plusdealtierhascometodefinethequantumcomputingventure

landscape.Afteramodest$30millionin2016,thiscohortsurpassed$800million

annuallyby2021andreached$3.5billionin2025,roughlyfourtimesthepriorpeakof$885millionrecordedin2024.Critically,thisgrowthwasnotbroad-based.Dealvalueinthesub-$10milliontierswasflattodecliningin2025,indicatingthataconcentratedsetofmega-roundsaccountedforthevastmajorityofdeployedcapital.

ShareofquantumcomputingVCdealvaluebydealsize

100%

80%

60%

40%

20%

0%

20162017201820192020202120222023202420252026

$25M+

$10M-$25M

$5M-$10M

$1M-$5M

$500K-$1M

>$500K

Source:PitchBook•Geography:Global•AsofMarch31,2026

Thispatternisconsistentwithdynamicsseeninotherdeep-techverticalsat

comparablestagesofmaturity,whereahandfulofcategory-definingcompaniesattractdisproportionateinvestorattentionwhilethebroaderpopulationraisesonmoremodestterms.

The$10millionto$25milliontierhasdeliveredthemostconsistentgrowthtrajectoryofanysizeband,expandingfrom$70millionin2016to$253millionin2025.While

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headlinefiguresacrossothertiershavebeenvolatile,thismid-marketband,ssteadyprogressionsuggestsamaturingpipelineofcompaniessuccessfullynavigatingfromearlydevelopmentintogrowth-stagefundraising.

Dealactivityinthetiersbelow$5millionhasremainedlargelyflatacrossthefullperiod,withannualtotalsinthesingle-digitmillionsthroughout.

Early2026dataismixed.ThroughApril,thesectorsaw$1.3billionacross64deals.Onanannualizedbasis,thiswouldprojecttoapproximately$4.5billion,modestly

above2025,s$3.9billionfull-yeartotal.The$25million-plustieristrackingatroughlythesamepaceas2025,suggestingthatmega-roundactivityhasnotmeaningfully

decelerated.The$5millionto$10milliontieristheprincipalexception,trackingwellbelow2025,space.

Sizematters:Pre-moneyandpost-moneyvaluations

Thepersistentgapbetweenmedianandaveragedealsizeunderscoresthedegree

towhichasmallnumberofoutsizedroundshavecometodefinethemarket.This

divergencewasmostpronouncedin2025,whenthemedianof$90millionsatagainstanaverageof$50.4million.

MedianandaveragequantumcomputingVCdealvalue

$60

$50.4

$50

$40

$30.8

$30

$20

$11.0$9.0

$10

$0

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

——MedianAverage

Source:PitchBook•Geography:Global•AsofMarch31,2026

MedianquantumcomputingVCdealsizebystage

$70

$60

$50

$40

$30

$20

$10

$0

$39.2$60.0

$17.1$9.8$2.6

$12.8$9.3$3.4

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Pre-seed/seedEarly-stageVCLate-stageVC

Venturegrowth

Source:PitchBook•Geography:Global•AsofMarch31,2026

Venturegrowthhasemergedasthemostconsequentialstagebydealsize,with

medianroundsreaching$60millionin2026,ascompaniesareraisinglate-stage

capitaltofundcommercialization.Early-stageVCmedianshavebeenmorevolatile,swingingfrom$3millionin2020to$12.8millioninearly2026,likelyreflectingthesmallnumberoftransactionsperyear.Pre-seed/seeddealshavebeenthemost

stabletier,growinggraduallyfrom$1.7millionin2017to$3.4millioninearly2026.Havingsaidthat,thefundinggapbetweentheyoungercohortandtheirlater-stagecounterpartsfurtherreinforcestheideathatinvestorsarefocusingonexisting

companieswithviabletechnicalandcommercialroadmaps.Unlessanemergingstartupleveragesanovelquantumcomputingapproach,VCsaremorekeento

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allocatecapitaltoincumbentsthatarefurtheralongintheircommercialandtechnicalmaturity.

Datapointcountsunderlying

thesefiguresarerelatively

limited,rangingfrom4to42

observationsperyear,andaremodestcomparedtomore

establisheddeep-techverticalswherelargertransactionpoolsallowformorestatistically

robustconclusions.Individuallargeorsmalltransactions

canhaveanoutsizedeffectonmedianandaveragefiguresinanygivenyear,andthesetrendsshouldbeinterpretedwiththatconstraintinmind.

Pre-moneyvaluationshavebroadlytrackeddealsizes,withthemedianclimbingtoadatasethighof$72.6millioninearly2026.Averages,however,paintadifferentpicture.In2025,theaveragepre-moneyvaluationhit$537.4millionwhilethemedianwasjust$32.8million.Onceagain,thisunusuallywidegapshowsthatafewextremelyhigh

valuationspulledtheaverageup,eventhoughmostcompanieswerevaluedfarlower.

Bystage,late-stageVCvaluationshaveswungthemost,from$12.7millionin2017to$970millioninearly2026.Early-stageVCvaluationshavealsobeenuneven,rangingfrom$7.1millionin2023to$72.6millioninearly2026.Pre-seed/seedvaluations

havebeenthemoststable,risingsteadilyto$27millioninearly2026,asinvestorconfidenceinthesectorhasgrown.

Post-moneyvaluationsmirrorthepre-moneypattern,withthemedianclimbingtoadatasethighof$79.4millioninearly2026.The2025averageof$604.6millionsatfarabovethe$35.5millionmedian,againpointingtoahandfulofoutlierspulling

aggregatefiguresupward.

Late-stageVCpost-moneyvaluationshavevariedthemost,jumpingto$1.1billioninearly2026aftersittingbetween$17.1millionand$129.7millionfrom2017to2024.

Venturegrowthpost-moneyvaluationsonlyappearin2025($3.9billion)and2026($1.2billion),asthestagesawnorecordeddealsinearlieryears.Pre-seed/seed

remainsthemoststable,climbingfrom$5.6millionin2017to$35.8millioninearly2026asthesectormatures.

Asenseofurgency

Themediantimebetweenfundingroundshasremainedrelativelystableacrosstheperiod,hoveringbetween0.7and1.9years.Thatsuggestsactivequantumcompanieshavebeenreturningtomarketatafairlyconsistentcadenceacrossverydifferent

capitalmarketenvironments.Theslightelongationobservedin2024,wherethe

medianreached1.9years,mayreflectamoreselectivefundraisingenvironment

inwhichcompaniesneededmoretimebetweenrounds.However,thesubsequentcompressiontooneyearinearly2026suggeststhe2024extensionwastemporaryratherthanstructural.

Companiesareraisingcapitallaterintheirlifecycles,withthemedianageattime

ofdealnearlydoublingfrom2.1yearsin2017to4.1yearsin2025.Thisreflectsa

maturingsectorinwhichinvestorsincreasinglyfavorcompanieswithrealoperatinghistoryoverconcept-stagebets.Thepatternholdsacrossstages:Late-stageVC

consistentlyfundscompanies6to7yearsold,venturegrowthskewsolderat7to18

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AverageandmedianquantumcomputingtimesincelastVC

2.5

2.0

1.5

1.0

0.5

0.0

1.7

1.5

1.4

1.0

20162017201820192020202120222023202420252026

MedianAverage

Source:PitchBook•Geography:Global•AsofMarch31,2026

years,andpre-seed/seedremainstheentrypointfortheyoungestcompaniesat1to2.5years.

Mindthegap

Thelimitedexitactivityobservedthroughmostofthedatasetislessananomaly

thanareflectionofwherethesectorsitsinitsdevelopmentcycle.Mostquantum

computingcompaniesarestillworkingtowardquantumadvantage,thepointatwhichaquantumsystemdemonstrablyoutperformsclassicalcomputersonacommerciallyrelevanttask.Untilthatmilestoneisreachedatscale,theuniverseofacquirers

andpublic-marketinvestorswillingtounderwriteanexitatanattractivevaluationremainsnarrow.

Thisiscompoundedbytheageprofileofthecompaniesinthedataset.Withamedianofroughlythreetofouryearssincefoundingattimeofdealacrossmuchoftheperiod,themajorityofcompaniesthathavereceivedventurebackingaresimplynotyet

exit-ready.Deep-techcompanieshistoricallytake10to15yearsfromfoundingtoexit,placingthebulkofthecurrentquantumcohortseveralyearsawayfromthatthreshold.

Exitconditionsremaindifficult.TheSPACwaveof2020to2022producedahandfulofquantumpubliclistings,mostofwhichhavesignificantlyunderperformed,narrowingtheIPOpath.Strategicacquirers,largetechfirms,defensecontractors,andfinancialinstitutionsarelargelybuildinginternalcapabilitiesratherthanacquiring,leavingexitactivitymutedthrough2025.

Publiclistingshavedrivennearlyallexitvalue,withthe$2billionin2021reflectingtheIonQandArqitSPACmergers,followedbyRigettiandD-Wavelistingsin2022.

Activityhasbeenepisodicsince:zeroin2023,$143millionacrossfourdealsin2024,and$223millionacrossfivedealsin2025.Acquisitionshavebeensimilarlymodestatunder$250millionannually.Buyoutshavebeenessentiallyabsent,unsurprisinggiventhatquantumcompaniesarepre-profitandbuiltaroundspecializedIPandtalent,

makingthempoorLBOcandidates.

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Q12026changedthepicturedecisively.Fourtransactions,Xanadu($2.8billion),

Infleqtion($1.7billion),QuantumCircuits($550million),andHorizonQuantum

Holdings($503million),totaled$5.7billion,roughly15timesthecombinedexitactivityof2023to2025.Thatjustfourdealsaccountforallof2026exitactivityunderscorestheepisodicnatureofliquidityinthismarket,whereahandfuloflargeeventsdefine

theaggregate.

Reversemergersremainthedominantexitroute,withXanadu,Infleqtion,IonQ,Arqit,Rigetti,andHorizonallgoingpublicviaSPAC-stylestructuresratherthantraditionalIPOs.DisclosedacquisitionsincludeQuantumCircuits($550million),GoodChemistry($75million),andQAN($0.3million),butmanyothers,includingCambridgeQuantumComputing,Super.tech,andQxBranch,closedwithoutdisclosedvalues,makingthe

truescaleofM&Aactivityhardtoassess.

Oneacquisitionwarrantsspecificattention.CambridgeQuantumComputing’s

November2021combinationwithHoneywellQuantumSolutionswasrecorded

withoutadisclosedvalue.ThedealformedQuantinuum,nowthedataset’smosthighlyvaluedcompanyata$10billionpre-moneyvaluationonitsNovember2025SeriesB.Itisareminderthatundisclosedormodestlyvaluedexitscanseedsomeofthesector’smostconsequentialoutcomes.

Geographicconcentrationinexitsmirrorsbroaderdealactivity.Mostvalueis

concentratedintheUSandCanada.TheUKisrepresentedviaArqitandCambridgeQuantumComputing.ChinaappearsthroughQuantumCTek’sJune2020domestic

IPO,andSingaporeviaHorizonQuantumHoldingsin2026.Capitalisflowinginto

quantumcompaniesacrossmanymarkets,buttheconditionsformeaningfulliquidityeventsremainconcentratedinasmallersetofjurisdictions.

Capitalgravity

Capitalconcentrationisadefiningfeatureofthequantumcomputingventure

landscape.Thetopfivetransactionsfrom2016throughearly2026accountfor

26.8%ofallVCdeal