Analyst note · Silicon spin
Quobly Silicon spin
CEA-Leti silicon spin-qubit spinout — French sovereign bet on FD-SOI 300mm manufacturing scale.
CEA-Leti silicon spin-qubit spinout — French sovereign bet on FD-SOI 300mm manufacturing scale.
— Ledger Desk · analyst thesis
Bull case
▲ upsidePROQCIMA shortlist hands Quobly €100M+ over 5 years; CEA-Leti gives it a manufacturing edge that Quantum Motion and Diraq can't match in Europe. 15+ years of CEA/CNRS research base, 40+ patent families. Targeting 100-qubit Q100T chip by 2027.
Bear case
▼ downsideOut-raised 8:1 by Quantum Motion on the same physics; no DARPA QBI validation; 2027 100-qubit target slips into 2029 and France consolidates around Pasqal + Alice & Bob instead.
Ledger Score · Quobly
The Ledger reads sceptical
France's silicon-spin entry leveraging CEA-Leti's fab as a moat; PROQCIMA finalist, out-raised by peers.
France's silicon-spin entry leveraging CEA-Leti's fab as a moat; PROQCIMA finalist, out-raised by peers.
Technology
58
Capital
40
Commercial
12
Government
55
Components are independently scored and weighted. See methodology.
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