In a significant development for China’s burgeoning quantum technology sector, SpinQ Technology announced the completion of a CNY 600 million ($87 million) Series C+ funding round on April 3, 2026. This announcement follows closely on the heels of QBoson’s successful CNY 1 billion ($145 million) Series B funding round, which took place just days earlier.
The surge in funding reflects a broader trend within China’s quantum sector, which has seen a marked shift from public to private investment. As of mid-March 2026, the domestic quantum computing track recorded 150 financing events totaling CNY 11.2 billion, a stark contrast to the funding rounds prior to 2022 that typically ranged from $1-16 million.
China’s government has designated quantum technology as a top priority in its 15th Five-Year Plan, allocating approximately $15 billion to bolster the industry. This strategic focus aims to drive commercialization support and manufacturing subsidies, positioning quantum technology as a cornerstone of future economic development.
Despite the promising investment landscape, the sector has faced challenges. Notably, major players like Alibaba and Baidu have scaled back their quantum research efforts; Alibaba closed its DAMO Academy quantum lab in November 2023, while Baidu exited quantum research entirely in January 2024.
Nevertheless, the momentum in private investment is undeniable. SpinQ reported an impressive 80% year-over-year order growth in the first quarter of 2026, underscoring the increasing demand for quantum solutions. Additionally, QBoson has made headlines by opening China’s first large-scale photonic quantum computer factory in Shenzhen in November 2025.
As the quantum sector evolves, the National Venture Guidance Fund has allocated CNY 121.8 billion to support innovative projects, further fueling the competitive landscape. The shift towards private funding is indicative of a maturing industry that is beginning to attract substantial capital.
Official statements from industry leaders highlight the optimism surrounding this investment wave. The recent funding rounds are seen as a validation of the potential that quantum technology holds for transforming various sectors, from telecommunications to computing.
As China continues to invest heavily in quantum technology, the implications for global competitiveness and technological leadership are profound. The rapid advancements in this field could redefine the landscape of innovation, not just within China, but on a global scale.