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1、A Comparative Analysis ofQuantum IndustryFinancing in the U.S.and ChinaTechnology Advisory&KnowledgebaseThe content and viewpoints presented in this report strive to be independent andobjective.Theinformationoropinionsexpressedhereindonotconstituteinvestment advice;therefore,please be cautious when

2、referring to them.The purpose of this report is to summarise and present the investment andfinancing events occurring in the global quantum industry until March 2024,as wellas investment and financing analyses related to China and the U.S.It reliesprimarily on publicly available data and information

3、,as well as the compilation ofpublicly accessible data.Additionally,it combines the global economic developmentstatus atthe time of publication to provide predictive descriptions of potentialshort-term impacts.This report focuses on content related to investment and financing within thequantum indus

4、try that occurred between 1 January 2019 and 31 March 2024,basedon local time reporting and first event publication.Reports with identical or highlysimilar content that span different years are not considered significant events thatoccurred in that year.The copyright of this report belongs to ICVTA&

5、K.Any form of use or dissemination,including but not limited to publications,websites,public accounts,or personaluseof the content of this report,must be credited accordingly A ComparativeAnalysisof Quantum Industry Financing in the U.S.and China R.ICVTA&K&.2024.04).Theultimate interpretation right

6、of this report belongs to ICVTA&K.Any individual or organization using the content of this report must refrain frommaking any references,deletions,or alterations that contradict the original intention.Withoutwrittenpermission,no individual or organization shall reproduce,copy,publish,or print this r

7、eport in any form.If permission is obtained for citation,reprinting,or publication,it must be within the permitted scope.Violators of theunauthorized use of this report will bear corresponding legal responsibilities.The purpose of quoting data,events,and viewpoints in this report is to collect andsu

8、mmarize information and does not imply endorsement of all viewpoints oraccountability for their accuracy.This report involves dynamic data and presents the situation until the time ofstatistics;it does not represent future circumstances and does not constituteinvestment advice.Please use with cautio

9、n.As a critical frontier in the future technological development,the field of quantum technology hasgarnered attention from over 30 countries and regions,leading to the development of quantumtechnologyindustries.Withitsrevolutionarypotential,quantumtechnologyhasincreasinglyattracted the interest of

10、investors.Both China and the United States are major participants in quantum technology,with their combinedfinancing accounting for approximately two-thirds of global financing,exerting significant influenceon the global development of the quantum field.Therefore,this report aims to conduct a compar

11、ativeanalysis of the investment and financing situations of the U.S.and China in the field of quantumtechnology,exploring their differences,and providing recommendations tailored to the financing statusof Chinese quantum enterprises,with the aim of offering insights for relevant policy-making andmar

12、ket participants.Firstly,we will provide an overview of the global quantum technology industry,including technologicaladvancements,policy support,market prospects and financing demands,to lay the groundwork forsubsequent comparative analysis.Next,we will focus on the investment and financing perform

13、ance of the U.S.and Chinain the field of quantum technology.Through comparisons based on total financing amounts,industrydistribution,company financing situations,etc.,we will delve into the similarities and differencesbetween the two countries,as well as the potential reasons and influencing factor

14、s.Throughthein-depthresearchandanalysispresentedinthisreport,weaimtoprovidecomprehensive data support and professional advice for investors,enterprises,and governmentdepartments in the field of quantum technology.Together,we can advance the development andapplication of global quantum technology,ach

15、ieving a win-win situation for technological innovationand economic growth.IntroductionIntroductionContentContentListList ofof FigureFigure1.Overview of Investment and Financing in the Quantum Technology1.1 The gap between quantum industry investment and financing and leading-edgetechnology sectors

16、is significant.1.2 Quantum computing companies are currently more likely to receive favor from capital1.3 The financing situation of enterprises exhibits disparities,with a significant proportionceasing at the Series A round2.Comparison analysis of social financing and fiscal expenditure between the

17、 U.S.andChina2.1 Comparison of total social financing between the US and China:social capital fundingfluctuates dramatically,with the gap between China and the US steadily increasing.2.2 Comparison of total government financial investment between the US and China:WhileChinas government input is high

18、er,the U.S.Leads in Quantum technology Innovation2.3 Summary of comparative analysis3.Comparative Analysis of Enterprise Financing Amounts and Stages3.1 Chinas financing inquantum computing isabout one-tenth that of the U.S.3.2 Challenges in Chinese Enterprise social capital Financing and Weak Finan

19、cingSustainability3.3 The relatively complete capital market system in the U.S.ensures active social capitalinvestment,leaving China behind4.Prospects for Future Trends4.1 Chinas Possible Actions4.2 Strategies inresponse tothe U.S.embargo020304061011131717192022222526282929Figure:Annual changes in t

20、otal investment and financing amount in the global quantum technology industry(2019-2023)Figure:Annual number of investment and financing rounds in the global quantum technology industry(2019-2023)Figure:Annual number of investment and financing rounds in the global quantum technology industry(2019-

21、2023)Figure:Proportion of investment and financing rounds in the global quantum technology industry (2019-2023)Figure:Proportion of total investment and financing in global quantum computing,quantum communication&safe and quantum sensing&imaging(2019-2023)Figure:Comparison of the total investment an

22、d financing amounts in the quantum technology industry with AI and renewable energy in 2022Figure:Frequency of investment and financing rounds in global quantum computing,quantum communication&safe,and quantum sensing&imaging industries(2019-2023)Figure:Total social capital financing for global quan

23、tum computing,quantum communication&safe,and quantum sensing&imaging(2019-2023)Figure:Global Quantum Technology Industry Top Ten social capital Financing Events (Single Round Financing Amount,Descending Order)Figure:Global Quantum Technology Industry Top Ten social capital Financing Events (Full Fin

24、ancing Amount,Descending Order)Figure:Distribution frequency of time difference between the last social capital financing and thecurrent time for global quantum startupsFigure:Current round of social capital financing for global quantum startups until todayFigure:Annual changes in social financing t

25、otal between the U.S.and China quantum technology companies(2019-2023)Figure:Comparison of U.S.and Chinese Government Investments in the Global Quantum Industry(2019-2023)Figure:Proportion of the U.S.and Chinese government investment in the global quantum industryFigure:Proportion of social capital

26、Investments in Quantum Computing,Quantum Communications&Safe,and Quantum Sensing&Imaging in the U.S.and China(unit:million dollar)Figure:Annual social capital financing total for quantum computing between the U.S.and China(2019-2023)Figure:Annual social capital financing total for quantum communicat

27、ion between the U.S.and China(2019-2023)Figure:Annual social capital financing total for quantum sensing&imaging between the U.S.and China(2019-2023)Figure:Comparison of the annual frequency of social capital financing for quantum technology companies in the U.S.and China Figure:Comparison of financ

28、ing rounds for quantum technology companies in the U.S.and China6The anticipated average growth rate of the global quantum technology market over the next five years ispoised to surpass 30%,with the average annual growth rate projected to remain notably high over thesubsequent decade.Nevertheless,in

29、 2023,despite the overall substantial financing volume,a significantdecrease was observed compared with 2022,amounting to only approximately 75%of the previous year.This signifies a transient downturn in global investment enthusiasm towards quantum technology,failingto maintain the momentum of prece

30、ding years.1 1.OverviewOverview ofof InvesInvestmenttment andand FinancingFinancing inin thetheQuantumQuantum TechnoloTechnologygyThe global quantum technology sector is confronted with an imminent necessity for financial support.Astechnological advancements persist and commercialization progresses,

31、the demand for fundingbecomes progressively urgent.Figure:Figure:Annual changes in total investment and financing amount in the global quantum technology industry(2019-2023)0.00500.001000.001500.002000.002500.003000.003500.0020192020202120222023Unit:Million dollarChapter oneOverview of Investment an

32、d Financingin the Quantum Technology733 55 94 90 90 20192020202120222023Unit:Million dollarFigure:Figure:Annual number of investment and financing rounds in the global quantum technologyindustry(2019-2023)From the perspective of financing frequency,the differences between 2022 and 2023,as well as 20

33、21,are not transparent;however,there is an overall declining trend in the total financing volume.This suggests that since 2021,the decrease in the average individual financing amount has led to a decline in the overall financing of the quantum industry.Figure:Figure:Distribution of total global inve

34、stment and financing by country and region(2019-2023)65%9%6%6%3%11%USAChinaFranceSwitzerlandUKOthersChapter oneOverview of Investment and Financingin the Quantum Technology8From the perspective of financing rounds,since 2018,there has been a surge of startups globally.According to statistics,among t

35、he 201 known enterprises that have investment and financing events,124 were established after 2018.Consequently,early-stage investment and financing events have become frequent since 2020,with financing rounds mainly concentrated in Seed,Angel,and Series A.Figure:Figure:Proportion of investment and

36、financing rounds in the global quantum technology industry(2019-2023)45%22%9%24%SeedAAngleOthersFrom the perspective of geography,both the U.S.and China are main nations engaged in quantum technology,collectively constituting approximately two-thirds of the total global financing.Their substantial c

37、ontributions have a significant influence on the global advancement of the quantum domain.Subsequently,France and Switzerland follow,comprising approximately 6%of the total financing.The United Kingdom occupies 3%,while other countries collectively represent approximately 11%of the total.Chapter one

38、Overview of Investment and Financingin the Quantum Technology9In terms of technology sectors,the global quantum computing sector has received the highest amount of financing,accounting for approximately two-thirds of the total.Following that is quantum communication&safe,accounting for around 32%.Qu

39、antum sensing&imaging has the lowest total financing,comprising only about 2%.Figure:Figure:Proportion of total investment and financing in global quantum computing,quantum communication&safe and quantum sensing&imaging(2019-2023)66%32%2%Quantum ComputingQuantum Communication&SafeQuantum Sensing&Ima

40、gingChapter oneOverview of Investment and Financingin the Quantum Technology1.1 1.1 The gap between quantum industry investment and financing andleading-edge technology sectors is significant.Until March 22,2024,the total investment and financing amount in the global quantum industryamounted to$11.3

41、59 billion.Compared with similar industries,the quantum industry still fallsbehind significantly in terms of total investment and financing.According to Statista,the authoritativedata agency,in the year 2022,the total investment and financing amount in the artificial intelligence(AI)industry was app

42、roximately$92 billion,while the total investment and financing amount in therenewable energy industry was$495 billion.In contrast,the quantum industry only received$2.625billion in investment and financing.Compared with the AI and renewable energy industries,the quantum industry is still in its earl

43、y stages,primarily focused on research and development.Although the quantum industry has demonstratedsome application capabilities and advantages in fields including electricity,such as the superiorcomputing power provided by quantum computers compared with traditional computers,it still hassome dis

44、tance to go before reaching widespread commercial applications.Therefore,compared withthe AI and renewable energy industries,which have already seen significant commercial utilization,thequantum industry has attracted relatively less attention,resulting in a smaller total investment andfinancing amo

45、unt.Figure:Figure:Comparison of the total investment and financing amounts in the quantum technologyindustry with AI and renewable energy in 20220.001000.002000.003000.004000.005000.006000.00AIRenewable energyQuantum technologyUnit:Million dollar10Chapter oneOverview of Investment and Financingin th

46、e Quantum Technology111 1.2 2Quantum computing companies are currently more likely to receivefavor from capitalAmong the three principal sectorsquantum computing,quantum communication&safe,andquantum sensing&imaging,total investment and financing figures have all witnessed acceleratedgrowth since 20

47、20.Quantum computing retains a definitive lead in total investment and financing,followed by quantum communication and quantum sensing&imaging,which exhibit comparativelylower investment and financing volumes.Additionally,quantum computing maintains a clearadvantage in the number of financing rounds

48、,with listed companies predominantly concentratedwithin the quantum computing domain.On one hand,owing to the earlier advancement and maturity of quantum computing technology alongside its broader application prospects,there exists a relatively higher participation of companies in the quantum comput

49、ing sector.Among the 201 surveyed companies,a substantial 104 are actively involved in quantum computing,constituting over 50%of the total.On the other hand,significant quantum industry policies worldwide allocate ample funding and institutional incentives specifically to quantum computing within de

50、signated sub-sectors.Among 26 government policies about quantum released in 2022,nine are dedicated to specific sub-sectors,with six targeting quantum computing,two focusing on quantum communication,and one addressing quantum sensing&imaging.These policies directed at specific sub-sectors provide ne

51、arly$300 million in funding support specifically for the quantum computing domain.Consequently,in terms of the policy framework,the quantum computing field has considerable advantages.Figure:Figure:Frequency of investment and financing rounds in global quantum computing,quantum communication&safe,an

52、d quantum sensing&imaging industries(2019-2023)Chapter oneOverview of Investment and Financingin the Quantum TechnologyGo public,1Despite the quantum computing industrys dominance in total investment and financing,the potential ofthe quantum communication and quantum sensing&imaging industries shoul

53、d not be underestimated.Quantum communication holds significant advantages in quantum key distribution and quantumcryptography,ensuring communication security.Quantum key distribution enables completely securekey exchange,impervious even to quantum computers,as any eavesdropping attempts are disrupt

54、ed bythe observation of quantum states.With the progression of quantum communication technology,establishing more intricate and expansive quantum communication networks becomes feasible.Thesenetworks can interconnect multiple communication nodes,facilitating functions such as quantum keydistribution

55、,quantum communication,and quantum computing,thus laying the groundwork for futurequantuminternetconstruction.Presently,quantumcommunicationtechnologyisapplicableexperimentally and practically over short distances,but long-distance quantum communicationencounters challenges.In the future,with contin

56、uous technological advancements,long-distance quantum communication isanticipated to become achievable,broadening the scope of quantum communication applications.Inthe realm of quantum sensing&imaging,quantum sensors exhibit superior accuracy and sensitivitycompared with conventional sensors,with th

57、e potential to supplant existing products.However,technical hurdles and cost considerations currently confine most applications to the laboratory stage.120.00500.001000.001500.002000.002500.0020192020202120222023Quantum Computing Quantum Communication&SecureQuantum Sensing&ImagingFigure:Figure:Total

58、 social capital financing for global quantum computing,quantum communication&safe,and quantum sensing&imaging(2019-2023)Unit:Million dollarChapter oneOverview of Investment and Financingin the Quantum TechnologyIn terms of technological domains,all of the top ten financing events are concentrated wi

59、thin two primary technology directions:quantum computing and quantum communication and security,with no companies listed in the field of quantum sensing&imaging.Quantum computing emerges as the dominant focus,with substantial financing directed towards both photonic quantum computing and annealing q

60、uantum computing.Regarding company establishment time,the top ten financing events primarily occurred within companies founded in the past decade.The largest financing rounds within each companys total financing are predominantly concentrated around pre-IPO stages,encompassing Series C,Series D,SPAC

61、,PIPE,and private placements.1.31.3The financing situation of enterprises exhibits disparities,with a significant proportion ceasing at the Series A roundAccording to publicly available data,the top ten cumulative financing events in the global quantum technology sector have amassed$5.8 billion,repr

62、esenting approximately half of the total financing in the sector.PsiQuantum,headquartered in the U.S.,ranks top 1 in this list with$1 billion in cumulative financing.From the perspective of the national distribution,among the top ten total financing for startups in the quantum technology sector,Amer

63、icancompanies occupy five positions,each companys total financing and investment surpassing$500 million.QuantumCTek from China ranks eighth.Additionally,the United Kingdom,Canada,and Australia also demonstrate relatively high total financing in the quantum technology sector.13Chapter oneOverview of

64、Investment and Financingin the Quantum Technology14CompanyCompanyCountry Country Techonology FieldTechonology FieldFinancing AmountFinancing Amount（Unit:One hundred Unit:One hundred million dollarmillion dollar）EstablishEstablishtimetimePsiQuantumUSAOptical quantum computing10.0 2016D-WaveCanadaAnne

65、aling Quantum Computing8.9 1999IONQUSAIon trap quantum computing7.3 2015Sandbox AQUSAQuantum computing,Quantumsecurity6.9 2022QuantinuumUSAIon trap quantum computing5.7 2021RigettiUSASuperconducting Quantum Computing5.6 2013Arqit QuantumUKQuantum Cloud Platform4.2 2017Quantum CTekChinaquantum commun

66、ication&safe,superconducting quantum computing3.9 2009XanaduCanadaOptical quantum computing2.9 2016Silicon Quantum AustraliaSemiconductor Quantum Computing2.5 2017Figure:Figure:Global Quantum Technology Industry Top Ten social capital Financing Events (Single Round Financing Amount,Descending Order)

67、CompanyCompanyCountry Country Techonology FieldTechonology FieldFinancing AmountFinancing Amount（Unit:One Unit:One hundred million hundred million dollardollar）T TimeimeSandbox AQUSAQuantum computing,Quantum security5.02023.02PsiQuantumUSAOptical quantum computing4.52021.07Arqit QuantumUKQuantum Clo

68、ud Platform4.02021.05IONQUSAIon trap quantum computing3.52021.03D-WaveCanadaAnnealing Quantum Computing3.42022.02Quantum CTekChinaquantum communication&safe,superconducting quantum computing2.92024.03QuantinuumUSAIon trap quantum computing2.72021.12RigettiUSASuperconducting Quantum Computing2.62022.

69、03QtictChinaquantum communication&safe network operation2.32021.04Silicon QuantumAustraliaSemiconductor Quantum Computing1.32022.06Figure:Figure:Global Quantum Technology Industry Top Ten social capital Financing Events (Full Financing Amount,Descending Order)1Chapter oneOverview of Investment and F

70、inancingin the Quantum TechnologyAccording to publicly available data,the collective amount of the top ten single-round financing events in the global quantum technology sector has reached$3.212 billion.Sandbox AQ,headquartered in the U.S.,occupied the leading position with a single-round financing

71、amount of$500 million.This financing event has propelled the development of the quantum sub-market to some extent.Among the top ten events,the U.S.emerges as the most active country,with multiple companies receiving substantial financing.China also boasts two companies entering the top ten,indicatin

72、g a gradual development in quantum technology.Moreover,countries such as the United Kingdom,Canada,and Australia have also secured significant financing within the quantum technology sector.In terms of technological fields,quantum computing predominates the top ten financing events in the global qua

73、ntum technology sector.Companies specializing in photonic quantum computing,ion trap quantum computing,and superconducting quantum computing have all received substantial financing.Significantly,no companies are listed in the quantum sensing&imaging sub-sector.In terms of financing stages,these fina

74、ncings mainly occur around pre-IPO stages,including Series C,Series D,SPAC,PIPE,and private placements.From the view of the timeline,the most recent financing events of global quantum enterprises are primarily concentrated in the past year.Among the 201 surveyed companies,124 had their latest financ

75、ing concentrated in the past year to two years.Regarding financing rounds,the latest financing of global quantum enterprises predominantly focuses on initial rounds such as Seed and Series A.This trend is mainly attributable to the fact that the majority of quantum enterprises globally are startups

76、established within the last five years.15Figure:Figure:Distribution frequency of time difference between the last social capital financing andthe current time for global quantum startups1Chapter oneOverview of Investment and Financingin the Quantum Technology1620%26%9%2%1%7%2%6%10%3%14%SeedABCDAngle

77、DebtEquityGrantGo publicUndisclosedFigure:Figure:Current round of social capital financing for global quantum startups until todayChapter oneOverview of Investment and Financingin the Quantum Technology2.2.Comparison analysis of social financing and fiscal Comparison analysis of social financing and

78、 fiscal expenditure between the U.S.and Chinaexpenditure between the U.S.and China2 2.1 1Comparison of total social financing between the US and China:socialcapital funding fluctuates dramatically,with the gap between China andthe US steadily increasingBefore 2020,Chinas quantum industry had a compa

79、rable total social financing amount to that of the U.S.,occasionally maintaining a slight lead in some years.Post-2020,both countries augmented their investments in the quantum industry,resulting in significant growth in total investment and financing compared with previous years.However,the increas

80、e in social financing for the quantum industry in the U.S.surpassed that of China,exhibiting a relatively stable growth trend.Consequently,the difference in financing between the two countries has progressively widened.In 2021,the difference in social financing between the quantum industries of the

81、U.S.and China stood at approximately$800 million.By 2022,this difference narrowed to around$400 million but subsequently expanded to over$1 billion in 2023.0.00200.00400.00600.00800.001000.001200.001400.001600.001800.0020192020202120222023Unit:Million dollarUSAChinaFigure:Figure:Annual changes in so

82、cial financing total between the U.S.and China quantum technology companies(2019-2023)17Chapter twoComparison analysis of social financing and fiscal expenditure between the U.S.and ChinaQuantum industry has been a stronghold of American innovation and investment.China has indeedmade strides in quan

83、tum technology,but it is still a fact that the US maintains a clear lead in this field.The US has consistently exceeded China in quantum investment and financing,with the difference onlywidening over the years.One main dvantage of the US is its early start in quantum technology development,with many

84、 of itscompanies established before 2018,while half of Chinas quantum enterprises were founded after 2019.This early start has allowed US companies to complete more funding rounds,leading to higher totalfinancing compared with their Chinese counterparts.Moreover,the US has advantages in scientific r

85、esearch and innovation,publishing significantly morequantum-related papers and holding a leading position in high-cited papers in quantum computingand communication&safe.American research is highly globalized,with adequate internationalcollaboration,enabling it a diverse and stable scientific output

86、.In terms of enterprise innovation,the US boasts a strong lineup of both established companies like IBM,HP,and AT&T,as well as emerging startups like MagiQ and D-Wave Systems.These companies cover awide range of quantum subfields and have a strong grasp of core technologies.The US also benefits from

87、 a more stable and paradigm-breaking approach to technical innovationcompared with Chinas more fast-paced and imitation-focused strategy.This has led to a more solidfoundation for US quantum technology development.Furthermore,the US has a more diversified and less internationally influenced social c

88、apital situationcompared with China.With the US governments support for innovation and the implementation ofregulations like FIRRMA,American quantum companies face fewer obstacles in funding compared withtheir Chinese counterparts.18Chapter twoComparison analysis of social financing and fiscal expen

89、diture between the U.S.and China192.2.2 2Comparison of total government financial investment between the US and China:While Chinas government input is higher,the U.S.Leads in Quantum technology InnovationThe global surge in funding for quantum technology between 2019 and 2023 underscores the recogni

90、tion of its strategic importance worldwide.While various countries have stepped up their investments,its clear that the U.S.remains at the forefront of quantum innovation and funding.Despite Chinas substantial government investments,which exceed those of the US by nearly$2.4 billion,the U.S.maintain

91、s its leadership position in critical areas such as superconducting quantum computing,ion trap quantum computing,post-quantum cryptography(PQC),and atomic clocks.This demonstrates the efficiency of the US approach to quantum research and development,which emphasizes both public and private sector co

92、llaboration and leverages a powerful ecosystem of academy,industry,and government support.In terms of organizational structure and strategic planning,the US stands out with its comprehensive approach to implementing quantum initiatives.The National Quantum Initiative Act(NQIA)of 2018 paved the way f

93、or significant investments and coordinated efforts across various agencies.Programs like the Quantum Leap Challenge Institutes(QLCI)under the National Science Foundation(NSF)and legislative actions such as the National Defense Authorization Act(NDAA)and the CHIPS&Science Act further solidify US comm

94、itment to advancing quantum technologies.While other countries like the UK,Australia,and the Netherlands have also announced ambitious quantum strategies and funding initiatives,they still look to the U.S.as a leader and collaborator in driving quantum innovation forward.The US not only excels in re

95、search and development but also in fostering a vibrant startup ecosystem and facilitating technology transfer from academia to industry.010002000300040005000600070008000900010000TotalUnit:million dollarUSAChinaFigure:Figure:Comparison of American and Chinese Government Investments in the Global Quan

96、tum Industry(2019-2023)Chapter twoComparison analysis of social financing and fiscal expenditure between the U.S.and China20Figure:Figure:Proportion of the U.S.and Chinese government investment in the global quantum industry$9.2 Billion$9.2 BillionChinaChina$6 6.8 8BillionBillionUSAUSA42.08%China42.

97、08%China31.10%USA31.10%USA26.82%Others26.82%Others2.3 2.3 Summary of comparative analysisPowerfulPowerful socialsocial capitalcapital drivesdrives thethe U U.S S.quantumquantum industryindustry leadershipleadershipIn the U.S.,social capital investment in the quantum industry has been powerful,with a

98、 totalinvestment of approximately$380 billion in quantum computing alone.This demonstrates theconfidence of private investors in the U.S.quantum sector.Chinese social capital investment in quantum technology has been relatively lower,with onlyaround 3%of the risk capital attracted by Chinese quantum

99、 enterprises compared with their UScounterparts.This indicates a relative lack of enthusiasm or confidence among Chinese privateinvestors in the quantum industry.ChinasChinas QuantumQuantum InvestmentInvestment situationsituation:LimitedLimited socialsocial capitalcapital ConfidenceConfidenceThe U.S

100、.government has taken an active approach to support the quantum industry throughpolicies like the National Quantum Initiative Act.This legislation has provided substantial funding,totaling$1.275 billion from 2019 to 2023,for the development of quantum technologies.While China has also made significa

101、nt government investments in quantum technology,exceedingthose of the US by nearly$2.4 billion,the impact of these investments on technology advancementis not obvious.The U.S.maintains a clear lead in critical quantum technologies such assuperconducting and ion trap quantum computing,indicating that

102、 government investment doesnot necessarily translate to technological superiority.Chapter twoComparison analysis of social financing and fiscal expenditure between the U.S.and ChinaUSUS QuantumQuantum IndustryIndustry hashas a a RobustRobust CapitalCapital MarketMarket andand DiverseDiverse ExitExit

103、 OpportunitiesOpportunitiesIn the realm of quantum technology,the United States stands as a beacon of innovation andinvestment,boasting a mature capital market that offers a myriad of exit opportunities for bothinvestors and companies alike.Within this flourishing landscape,numerous quantum technolo

104、gyfirms have successfully navigated the complexities of the stock exchanges,providing a lucrativeavenue for investors to capitalize on their ventures while simultaneously empowering companies toprocure additional capital for expansion and development.This thriving ecosystem,characterizedby the prese

105、nce of multiple listed companies,underscores the robustness of the US quantumindustry and the strength of its exit pathways.In stark contrast,the Chinese quantum industry languishes with a solitary listed company,presenting a stark limitation in exit opportunities and grappling with formidable hurdl

106、es infundraising through public markets.This glaring asymmetry underscores the pivotal role of asupportive regulatory environment and a mature capital market in fostering industry growth andprosperity.While the United States offers investors a diverse array of exit options,ranging frominitial public

107、 offerings(IPOs)to strategic acquisitions,the Chinese market struggles to providecomparable avenues for investors to realize their investments.USUS GovernmentGovernment FundingFunding andand InnovationInnovation OutpaceOutpace ChineseChinese EffortsEffortsThe powerful social capital investment in th

108、e U.S.quantum industry has contributed to its globalleadership,especially in critical areas like superconducting and ion trap quantum computing.While Chinas government investment in quantum technology is substantial,the countrys relativelag in key quantum technologies suggests that social capital in

109、vestment and private sectorinnovation may play a more significant role in driving technological advancement in the quantumindustry.USUS PolicyPolicy andand InvestmentInvestment ClimateClimateSupportsSupports QuantumQuantum InnovationInnovation AdvantageAdvantageThe U.S.has a more diversified and les

110、s internationally influenced social capital situation comparedwith China,which faces challenges in attracting international capital due to governmentregulations and economic conditions.The U.S.government policies have created a supportive environment for social capital investment inthe quantum indus

111、try,leading to a more stable and conducive ecosystem for innovation comparedwith China.21Chapter twoComparison analysis of social financing and fiscal expenditure between the U.S.and China223 3.ComparativeComparative AnalysisAnalysis ofof EnterpriseEnterprise FinancingFinancingAmountsAmountsandand S

112、tagesStages3 3.1 1Chinas financing in quantum computing is about one-tenth that ofthe U.S.While China may show competitiveness in areas like quantum sensing&imaging,the difference in quantum computing financing is substantial and highlights The U.S.s superiority in this critical field.Looking at the

113、 figures provided,its evident that the U.S.consistently outpaces China in quantum computing financing across multiple years.In 2019,the U.S.invested$92.80 billion compared with Chinas$30 billion.This trend continues in subsequent years,with the U.S.maintaining a substantial lead,reaching$554.86 bill

114、ion in 2023,while China only reached$51.60 billion,or one-tenth that of the U.S.This significant difference displays the U.S.s dominance in quantum computing innovation and investment,positioning it as a global leader in this crucial aspect of quantum technology.The U.S.powerful ecosystem of social

115、capital,research institutes,and government support fosters a beneficial environment for quantum computing advancements,further solidifying its superiority in the global quantum industry.Figure:Figure:Proportion of social capital Investments in Quantum Computing,Quantum Communications&Safe and Quantu

116、m Sensing&Imaging in the U.S.and China(unit:million dollar)Chapter threeComparative Analysis of Enterprise Financing Amounts and StagesQuantum Communication&Safe,913.59Quantum Communication&Safe,816.56Quantum Sensing&Imaging,113.81Quantum Sensing&Imaging,233.7223Figure:Figure:Annual social capital f

117、inancing total for quantum computing between the U.S.and China(2019-2023)0.00200.00400.00600.00800.001000.001200.001400.001600.0020192020202120222023Unit:Million dollarUSAChina0.00100.00200.00300.00400.00500.00600.0020192020202120222023Unit:Million dollarUSAChinaFigure:Figure:Annual social capital f

118、inancing total for quantum communication&safe between the U.S.and China(2019-2023)Its evident that the U.S.consistently outperforms China in quantum communication&safefinancing from 2019 to 2023.Despite the lower absolute value of social financing in this sectorcompared with quantum computing,the U.

119、S.maintains its leadership position.For instance,in 2019,while China invested$4.50 billion in quantum communication&safe,the U.S.did not record anyinvestment.However,in subsequent years,the U.S.rapidly closed the difference and surpassedChina.By 2023,the U.S.reached an impressive$520 billion in fina

120、ncing,far surpassing Chinas$9.75 billion.Chapter threeComparative Analysis of Enterprise Financing Amounts and Stages24Figure:Figure:Annual social capital financing total for quantum sensing&imaging between the U.S.and China(2019-2023)0.0010.0020.0030.0040.0050.0060.0070.0080.0090.00100.002019202020

121、2120222023Unit:Million dollarUSAChinaWhile the absolute value of social financing in quantum sensing&imaging may be the lowestamong the various quantum sectors,its important to consider the overall impact and the U.S.comparative performance in this area.Although the total financing in quantum sensin

122、g&imaging may not significantly affect the overallquantum social financing situation,its noteworthy that the U.S.and China have relatively similarlevels of investment,with China holding a slight lead in recent years.However,according to the provided data,its evident that the U.S.has been steadily in

123、creasing itsinvestment in quantum sensing&imaging over the years.For instance,in 2019,both countries hadminimal investment,with the U.S.recording$0 and China$3 billion.However,by 2023,the U.S.significantly increased its investment to$90 billion,surpassing Chinas$73.82 billion.Chapter threeComparativ

124、e Analysis of Enterprise Financing Amounts and Stages253 3.2 2Challenges in Chinese Enterprise social capital Financing and WeakFinancing SustainabilityFigure:Figure:Comparison of the annual frequency of social capital financing for quantum technology companies in the U.S.and China 05101520253054321

125、Unit:Million dollarChinaUSAFrequencyThe establishing time of quantum enterprise in China compared with the U.S.indicates a delayedstart for Chinese companies.Among the number of financing rounds,only 13 out of 60 companiessurveyed in China have completed three or more rounds of financing,compared wi

126、th the U.S.,where a larger proportion of companies have completed multiple rounds,indicating a morepowerful financing environment.Among Chinese quantum enterprises,QuantumCTeK stands out with nine rounds of financing,followed closely by CAS Quantum Network with seven rounds.However,when considering

127、the timesince the last financing round,about two-thirds of Chinese quantum startups have gone over a yearwithout financing,compared with only a quarter in the U.S.This indicates a potentially less stablefunding environment for Chinese quantum startups.This funding situation has led to over half of C

128、hinese quantum startups not acquirng any funding,and about two-thirds of them going nearly over a year without funding.Additionally,only aboutone-tenth of Chinese quantum startups have successfully secured Series B funding or later rounds.In terms of single-round funding amounts,Chinese quantum comp

129、anies receive approximatelyone-fifth of the funding compared with their U.S.counterparts.Chapter threeComparative Analysis of Enterprise Financing Amounts and Stages263 3.3 3The relatively complete capital market system in the U.S.ensuresactive social capital investment,leaving China behindFigure:Fi

130、gure:Comparison of financing rounds for quantum technology companies in the U.S.and ChinaChinaUSAThe relatively complete capital market system in the U.S.ensures active social capital investment,giving the country a significant advantage over China.Among the top ten cumulative financingevents in the

131、 global quantum technology field,US-based PsiQuantum leads with a total financingof$1 billion.Looking at the distribution by country,U.S.companies occupy five of the top ten spotsin total financing for quantum technology startups.Among the global quantum technology fields top ten single-round financ

132、ing events,the U.S.is themost active country,with multiple companies receiving substantial funding.Among them,US-based Sandbox AQ ranks first with a single-round financing amount of$500 million.Additionally,among the nine listed companies surveyed,U.S.enterprises account for the largest proportion,w

133、iththree companies:Rigetti,IONQ,and Quantum Computing Inc.(QCI).Until March 22,2024,RigettiComputing has a market value of$258 million,with an average stock price of$1.63.IONQ has amarket value of$1.96 billion,with an average stock price of$9.39.Quantum Computing Inc.has amarket value of$80.35 milli

134、on,with an average stock price of$1.07.Chapter threeComparative Analysis of Enterprise Financing Amounts and StagesThe U.S.capital market is relatively complete,offering a variety of ways for enterprises to raise funds,creating a more loose market environment for financing.From the perspective of fi

135、nancing methods,U.S.companies not only rely on common financing methods but also use debt financing and othermethods to raise capital.Moreover,relevant government departments in the U.S.provide considerablesupport for the development of the quantum industry.For example,the Department of Energy(DOE)h

136、as participated in the investment of multiple enterprises.Currently,four companies have completedmultiple rounds of financing through government grants.In contrast,China faces significant challenges in social capital funding for its quantum enterprises,especially in the current context of decoupling

137、 from the U.S.in investment and social capital.As the U.S.imposes restrictions on investments in sensitive technologies like quantum,Chinese companies may findit increasingly difficult to access U.S.capital markets,further widening the difference between the twocountries in the quantum technology se

138、ctor.Looking at investors,U.S.companies have a diverse range of investor sources,including domesticprivate investment institutions like Honeywell and JP Morgan Chase,U.S.government departments suchas the DOE and the National Science Foundation,as well as foreign institutes such as investors fromRepu

139、blic of Korea,China,and the UK,who have also participated in the investment and financing of U.S.quantum enterprises.Source Photonics,for example,received a$90 million investment from Chinesecompanies Wantong Development and Haomei New Material in its Series D financing in 2023.27Chapter threeCompar

140、ative Analysis of Enterprise Financing Amounts and Stages4.4.Prospects for Future TrendsChapter fourForecasting Future Trends4 4.1 1Chinas Possible ActionsIncreased Funding SupportIncreased Funding SupportChina has been significantly increasing its funding support for the quantum industry,investing

141、approximately$92 billion from 2019 to 2023,compared with the U.S.s$50 billion.This trend is expected to continue,with China likely to further increase its funding in the next five years.DualDual-Cycle StrategyCycle StrategyTo counter US restrictions on Chinese investments,China is likely to adopt a

142、dual-cycle strategy.This strategy involves balancing the internal cycle and the external cycle by attracting long-term capital sources from countries along the Belt and Road Initiative and other regions to replace US capital.Technological InnovationTechnological InnovationChina will continue to focu

143、s on technological innovation in quantum information science,with more universities establishing quantum laboratories.The number of quantum computing technology invention patents in China has grown significantly,indicating a narrowing difference with the US in technology development.4 4.2 2Strategie

144、s in response to the U.S.embargoLegislative MeasuresLegislative MeasuresThe U.S.has enacted a series of legislative measures to curb Chinese investment in critical technologies,including quantum.The Foreign Investment Risk Review Modernization Act(FIRRMA)of 2018 expanded the authority of the Committ

145、ee on Foreign Investment in the U.S.(CFIUS)to review and block foreign investments in U.S.companies,especially those with ties to China.This has made it more challenging for Chinese entities to invest in U.S.quantum companies,limiting their access to U.S.technology and markets.Export ControlsExport

146、ControlsThe U.S.has implemented stricter export controls on technologies relevant to quantum,preventing the transfer of sensitive technologies to China.The Commerce Departments Bureau of Industry and Security(BIS)has placed restrictions on the export of items that could be used for quantum computing

147、,communication,or cryptography,effectively limiting Chinas access to key technologies.2829Intellectual Property ProtectionIntellectual Property ProtectionThe U.S.has strengthened intellectual property protection measures to safeguard its quantum technology innovations.This includes stricter enforcem

148、ent of patent laws and regulations,making it harder for Chinese entities to replicate or utilize US-developed quantum technologies without proper authorization.Research and Development FocusResearch and Development FocusThe U.S.government has prioritized funding and support for quantum research and

149、development,fostering an environment conducive to technological advancement.Programs like the National Quantum Initiative(NQI)provide funding and resources for quantum research,giving U.S.companies a competitive edge in innovation.Investment ScreeningInvestment ScreeningThe U.S.has increased scrutin

150、y of foreign investments,particularly those from China,in U.S.quantum companies.CFIUS reviews investments for national security risks and can block or require divestment of investments that pose such risks,further limiting Chinese access to US technology and intellectual property.International Partn

151、ershipsInternational PartnershipsThe U.S.has sought to strengthen international partnerships in quantum research and development,particularly with allies in Europe and Asia.These partnerships not only enhance collaboration but also create a unified front against Chinese technological expansion in th

152、e quantum sector.Public Awareness CampaignsPublic Awareness CampaignsThe U.S.government has launched public awareness campaigns highlighting the risks associated with Chinese investment in critical technologies like quantum.These campaigns aim to educate the public and policymakers about the importance of protecting US technology and intellectual property from foreign threats.Chapter fourForecasting Future TrendsCanadaCanadaSingaporeShttps:/ContactContact UsUs