Quantum computing company BosonQ is seeking an IPO on the A-share market.

On July 6, the official website of the China Securities Regulatory Commission (CSRC) disclosed that Beijing Boson Quantum Technology Co., Ltd. (hereinafter referred to as "Boson Quantum") has completed counseling registration with the Beijing CSRC and officially launched its initial public offering (IPO) and listing counseling.

The counseling record report shows that the company's industry classification is computer, communications, and other electronic equipment manufacturing, with a registered capital of 360 million yuan. The legal representative and controlling shareholder, Wen Kai, holds 21.51%. The counseling institution is Guotai Haitong Securities.

It is understood that Boson Quantum, founded in November 2020, is one of the core targets in China’s quantum computing track for capital competition.

Currently, the global quantum computing industry faces a choice between two routes: "universal" and "specialized." Compared to universal quantum computers, which pursue general-purpose computing power but face extremely high technical barriers and distant application prospects, Boson Quantum’s differentiated strategy focuses on coherent photonic quantum technology and specialized quantum computers.

In terms of technology, specialized quantum computers sacrifice universality, accelerating solutions for specific mathematical models such as combinatorial optimization. In May 2026, Boson Quantum released a new generation model, "Yuliang·Shanhai 1000." Public data shows that this device supports 1000 computational qubits in standard mode and up to 3000 computational qubits in overclocking mode.

On the commercial front, Boson Quantum currently mainly provides computing power by opening its Software Development Kit (SDK) to external users. According to company disclosures, SDK calls have exceeded 100 million times, and partner companies include XtalPI, Shenzhen Metro, Ping An Group, etc. Some test data show that its response times in specific scenarios have been significantly shortened.

With the disclosure of the counseling registration, Boson Quantum’s capital map is surfacing.

Since its establishment less than six years ago, the company has completed 10 rounds of financing. In just the first half of 2026, Boson Quantum completed two large financings: a 1 billion yuan Series B round in March with multiple parties involved, and a recent Pre-IPO round worth several hundred million yuan, jointly invested by Hangzhou Industrial Investment, Fuzhou State Assets, and other local state capital and industrial capital.

The intensive support of capital comes partly from the "15th Five-Year Plan," which explicitly calls for "developing scalable specialized quantum computers," providing top-level policy endorsement for this niche track. On the other hand, it also reflects the shift in primary market logic for hard tech investments.

After several years of bets on technical prototypes, current funding is more inclined to focus on enterprises with scalable manufacturing capabilities and clear application scenarios. Compared to the universal route, the specialized quantum route is closer to actual industrial application and cash flow, thus achieving a substantial valuation premium.

As leading companies such as Boson Quantum and Origin Quantum enter the Pre-IPO or counseling stages, the curtain has risen on the capitalization of China’s quantum computing sector. However, from an objective industrial perspective, the industry as a whole is still at the stage of commercial trial.

Currently, cooperation between Boson Quantum and leading enterprises in various industries mostly remains at the level of joint R&D, proof-of-concept, or co-building computing platforms.

To what extent can hundreds of millions of SDK calls be converted into actual software license fees, computing power subscription fees, or full device sales revenue? What are the company’s current average transaction price, gross margin, and yield rate for large-scale hardware production? These core financial indicators reflecting the company’s true “blood-making” capabilities still await detailed disclosure in its prospectus.

Facing the current situation where classical computing power continues to improve performance through architectural evolution, whether enterprise customers have sufficient motivation to pay high costs for specialized quantum computing power and business system migration still requires long-term market validation.

For Boson Quantum, which is sprinting toward the capital market, technical parameter iteration is certainly important, but the key challenge it faces is whether it can achieve sustained and healthy commercial revenue in the financial statements.

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