SpinQ raises $147M Series D, hitting $294M in six months
What's the deal? Chinese quantum computing firm SpinQ has closed a 1 billion CNY ($147 million) Series D round, announced June 30. The financing pushes its total raised in the first half of 2026 to 2 billion CNY.
Who's backing it? The round drew a broad roster of state-linked and industrial capital, including CICC Capital, Shanghai Semiconductor Industry Investment, AVIC HonghuaDealroom has a profile for this one. Try Dealroom →, Shanghai Electric Science, Zero2IPO HoldingsDealroom has a profile for this one. Try Dealroom →, and Hongtai FundDealroom has a profile for this one. Try Dealroom →. Existing backers such as Touking Donghai and Qingdao HanruiDealroom has a profile for this one. Try Dealroom → added to their stakes, while industrial investors Lyu Dalong and Lan Kun also joined.
What's the endgame? SpinQ will direct the capital toward full-chain research on fault-tolerant universal quantum computers, core process iteration, and global ecosystem expansion. The focus signals a shift from lab products toward engineering and commercialisation.
Why now? The raise follows a 600 million CNY Series C+ round in April 2026, meaning SpinQ's C-series financing alone approached 1 billion CNY within months. The pace reflects sharply rising investor interest in China's quantum computing sector in 2026.
What could go wrong? Fault-tolerant universal quantum computing remains an early-stage, capital-intensive frontier dominated internationally by large players. SpinQ's ambitions depend on closing a significant technology gap with established foreign leaders.
The signal: The concentration of state and industrial capital behind a single fault-tolerant machine project points to sustained policy-backed betting on quantum hardware. With 2 billion CNY raised in H1 2026, SpinQ stands among the larger cases in China's domestic quantum push.
Read more: Jiemian
Image credit: IBM Research
