Analyst note · Superconducting
Origin Quantum Superconducting
China's national quantum champion — only Chinese company with a complete vertical stack; STAR Market IPO in counseling.
China's national quantum champion — only Chinese company with a complete vertical stack; STAR Market IPO in counseling.
— Ledger Desk · analyst thesis
Bull case
▲ upsideChina-only competitive moat backed by national-security imperative and effectively unlimited state capital. 72-qubit Wukong operational since Jan 2024; >20M cloud accesses from 139 countries. IPO counseling filed Sept 2025 for Shanghai STAR Market.
Bear case
▼ downsideCut off from Western markets, capital, and supply chain due to export controls. Technical capability trails IBM/Google by 2-3 years. Domestic substitute supply chain still maturing.
Ledger Score · Origin Quantum
The Ledger reads cautious
China's leading commercial quantum vendor — state-backed superconducting platform with limited Western technical verification.
China's leading commercial quantum vendor — state-backed superconducting platform with limited Western technical verification.
Technology
62
Capital
75
Commercial
55
Government
30
Components are independently scored and weighted. See methodology.
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A profile is a snapshot of an argument, not a verdict. The Ledger updates the score nightly; the thesis we revisit only when the facts change.
— analyst-note conventions