Quantum computing company Bose Quantum targets A-share IPO

On July 6, the official website of the China Securities Regulatory Commission disclosed that Beijing Bose Quantum Technology Co., Ltd. (hereinafter referred to as "Bose Quantum") has completed the tutoring filing registration with the Beijing Securities Regulatory Bureau, officially launching the initial public offering and listing tutoring.

The tutoring filing report shows that the company belongs to the computer, communication, and other electronic equipment manufacturing industry, with a registered capital of 360 million yuan. The legal representative and controlling shareholder Wen Kai holds 21.51% of the shares. The tutoring institution is Guotai Haitong Securities.

It is understood that Bose Quantum, founded in November 2020, is one of the core targets in the capitalization race of the domestic quantum computing track.

Currently, the global quantum computing industry faces a choice between the 'general-purpose' and 'dedicated' routes. Compared to general-purpose quantum computers, which pursue universal computing power but have extremely high technical barriers and are far from practical implementation, Bose Quantum's differentiation strategy lies in focusing on coherent optical quantum technology and dedicated quantum computers.

From a technical implementation perspective, dedicated quantum computers sacrifice universality to accelerate solving specific mathematical models such as combinatorial optimization. In May 2026, Bose Quantum released a new generation model, 'Yuliang·Shanhai 1000.' Public data shows that the device supports 1000 computational qubits in standard mode and up to 3000 computational qubits in overclocking mode.

In terms of commercial implementation, Bose Quantum currently outputs computing power mainly by opening its software development kit (SDK) to the outside. According to the company's disclosure, its SDK has accumulated over 100 million calls, with partner enterprises including Jingtai Technology, Shenzhen Metro, and Ping An Group. Some test data shows that its time consumption in specific solving scenarios has been significantly shortened.

With the disclosure of the tutoring filing, Bose Quantum's capital landscape has also emerged.

In less than six years since its establishment, the company has completed 10 rounds of financing. In the first half of 2026 alone, Bose Quantum completed two large financing rounds: a 1 billion yuan Series B round with multiple participants in March, and a recent Pre-IPO round of several hundred million yuan jointly invested by local state-owned capital and industrial capital such as Hangzhou Industrial Investment and Fuzhou State-owned Assets.

The intensive capital support, on the one hand, stems from the 'Fifteenth Five-Year Plan' explicitly stating 'develop scalable dedicated quantum computers,' providing top-level policy endorsement for this sub-track; on the other hand, it also reflects a shift in the primary market's investment logic for hard tech.

After years of betting on technology prototypes, current funds are more inclined to concentrate on enterprises with scaled manufacturing capabilities and clear application scenarios. Compared to the general-purpose route, the dedicated quantum route has received a substantial valuation premium due to its closer proximity to actual industrial applications and cash flow.

As leading enterprises such as Bose Quantum and Origin Quantum enter the Pre-IPO or tutoring phase, the capitalization curtain for the domestic quantum computing sector has been lifted. However, from an objective industry perspective, the overall industry is still in the commercial trial stage.

Currently, most of Bose Quantum's cooperation with leading enterprises in various industries remains at the level of joint R&D, concept verification, or co-building computing power platforms.

To what extent can the over 100 million SDK calls be converted into actual software licensing fees, computing power subscription fees, or whole machine sales revenue? What are the company's current average order value, gross margin, and yield rate for scaled hardware production? These core financial indicators reflecting the company's actual 'blood-making' ability still await detailed disclosure in its prospectus.

Faced with the current situation where classical computing power continuously improves performance through architectural evolution, whether enterprise customers have sufficient motivation to pay high procurement and business system migration costs for dedicated quantum computing power still requires long-term market testing.

For Bose Quantum, which is sprinting towards the capital market, technological parameter iteration is certainly important, but whether it can deliver sustained and healthy commercial revenue in its financial statements is the core challenge it faces.

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