<p>2026 年 3 月 20 日，Horizon Quantum 在纽约市纳斯达克市场的上市仪式上的照片。</p>
<p>量子计算公司在动荡的市场中逆势而上，今年纷纷上市，因为这些公司希望筹集资金，以利用近期的科学突破，并将实验性技术推向商业化。</p>
<p>其中一家名为 Xanadu Quantum 的公司，专注于量子计算硬件和软件的开发，于周五在纳斯达克和多伦多证券交易所开始交易，在美国市场经历了波动后上涨了 15%。</p>
<p>Xanadu Quantum 是芯片巨头 Nvidia 的量子合作伙伴，在与特殊目的收购公司（SPAC）Crane Harbor Acquisition 合并后首次亮相，SPAC 也被称为 “空白支票公司”。</p>
<p>SPAC 是一种专门创建的空壳公司，通过首次公开募股筹集资金，已成为量子初创公司上市的常见途径。</p>
<p>Xanadu 的上市是在总部位于新加坡的量子软件公司 Horizon Quantum 与空白支票公司 dMY Squared Technology Group 合并后的一周。</p>
<blockquote>
<p>叙述已经从科学项目转变为商业轨迹，公司正在利用这一窗口。</p>
<p>Velu Sinha</p>
<p>贝恩公司合伙人</p>
</blockquote>
<p>dMY Technology Group 于 2021 年通过与其一家空壳公司的合并使 IonQ 上市，使其成为首家公开交易的纯量子计算公司。</p>
<p>自那时以来，SPAC 因提供更快的上市路径且监管审查较少，已成为量子公司筹集资金的热门途径。</p>
<p>量子计算利用量子力学的原理以经典计算机无法实现的方式处理信息，潜在应用涵盖药物发现、材料科学、密码学等多个领域。尽管技术仍处于实验阶段，但被广泛视为具有变革潜力。</p>
<h2>为什么是现在？</h2>
<p>近期的量子上市潮正值全球市场动荡之时，中东冲突动摇了投资者信心，尤其是在量子公司等高风险、投机性资产中。</p>
<p>尽管首日收盘上涨，Xanadu 在纳斯达克上市的股票在盘后交易中下跌超过 10%。与此同时，Horizon Quantum 自上市以来已下跌约 18%，而 Infleqtion 在 2 月 17 日通过空白支票交易在纽约证券交易所上市，其股价已暴跌超过 30%。</p>
<p>尽管如此，公司似乎愿意在这些动荡的市场中冒险，以利用近期行业突破。</p>
<p>“当然，现在进入公开市场是个有趣的时机，考虑到世界上发生的一切……但对于量子计算来说，实际上是一个非常理想的时机，” Horizon Quantum 的创始人兼首席执行官 Joe Fitzsimons 博士告诉 CNBC。</p>
<p>“我们真的开始达到某种拐点，” 他说，并补充说在过去 18 个月中发生了大量突破。</p>
<p>Xanadu Quantum Technologies Inc.首席执行官 Christian Weedbrook，2026 年 2 月 24 日在加拿大安大略省多伦多的公司办公室与量子计算机合影。</p>
<p>彭博社 | 彭博社 | Getty Images</p>
<p>在 2024 年和 2025 年，几家公司和研究小组展示了改进的量子错误纠正，这是构建可靠机器的关键要求。</p>
<p>其他里程碑包括更高的量子比特数量——这增加了量子计算机可以表示和帮助解决的问题的潜在规模和复杂性——以及相干时间，这通过减少噪声和错误的影响来实现更可靠的计算。</p>
<p>“预计在大约 100 个逻辑量子比特时将首次展示实用的量子优势——这是行业预计在 2028-2029 年接近的一个门槛，” 贝恩公司的合伙人 Velu Sinha 告诉 CNBC。</p>
<p>“但对于药物发现或大规模物流优化等具有商业影响的应用，您需要 1,000 到 10,000 个逻辑量子比特，这更可能是在 2030 年代中期，” 他补充道。</p>
<p>所谓的 “量子优势” 是指量子计算机在解决现实世界问题时比已知的最佳经典超级计算机更快、更高效或更准确的理论里程碑。</p>
<h2>叙述的转变</h2>
<p>随着公司竞相追求量子优势，该领域的投资正在上升。包括 Alphabet、Microsoft、Amazon 和 IBM 在内的科技巨头已向该技术投入数百万美元，尽管他们在很大程度上避免了分拆出独立的上市实体。</p>
<p>“叙述已经从科学项目转变为商业轨迹，公司正在利用这一窗口，” Sinha 说。</p>
<p>“量子是投资者视为结构性必然的少数技术类别之一……在完全成熟时，市场规模预计在 1,000 亿到 2,500 亿美元之间，这使得耐心的资本有理由忽视短期波动，” 他补充道。</p>
<p>早期商业应用也在优化、金融建模和化学模拟等领域出现。</p>
<p>“现在是公开上市的合适时机，因为量子，尤其是中性原子，正在从科学进展转向商业相关性，” Infleqtion 的首席执行官 Matthew Kinsella 告诉 CNBC。</p>
<p>“上市为我们提供了加速商业化和投资于我们已经看到客户需求的市场的资本……我们认为商业化将分阶段进行，量子传感和量子计时将在短期内领先，而计算将在性能持续提升时扩展。”</p>
<p>对于较小的量子初创公司来说，近期的收入机会是获得投资者支持其长期研究的关键。</p>
<p>例如，Horizon Quantum Computing 专注于开发可以在经典和量子系统上运行的软件工具，使公司能够在大规模量子硬件变得可行之前产生收入。</p>
<p>公司的首席执行官表示，新筹集的资金将用于扩展其研究团队，并在今年向早期用户推出软件的早期版本。</p>
<p>Xanadu Quantum 还投资了基于云的平台，允许开发者支付费用以使用现有硬件实验量子算法。</p>
<h2>从实验室到现实世界</h2>
<p>历史上，由于量子领域对资本的巨大需求，政府在发展这一领域中发挥了关键作用。</p>
<p>美国、中国和欧盟已承诺投入数十亿美元用于量子研究和商业化，旨在确保在计算和网络安全方面的战略优势。</p>
<p>政府的举措通常集中在或包括对大学和国家实验室的支持。</p>
<p>然而，最新一波的公开上市凸显了该行业正从学术和公共研究转向商业市场，尽管广泛采用的时间表仍不确定。</p>
<p>Counterpoint Research 的研究总监 Marc Einstein 表示：“量子计算机将能够瞬间进行数万亿次计算，这将彻底改变我们与计算的互动方式。”</p>
<p>Einstein 说，个人在办公室或家中拥有量子计算机的那一天可能还需要几十年。但他补充说，大型组织拥有这些设备并提供量子计算服务的未来可能会更早到来。</p>
<p>选择 CNBC 作为您在 Google 上的首选来源，永远不会错过来自商业新闻最可信赖名称的任何时刻。</p>

XNDU

QPUX

量子 ETF - Defiance

QNTM

QUBX

QUBT

<p>量子计算公司尽管在动荡的市场中仍然选择上市，旨在筹集资金以实现商业化。Xanadu Quantum 在纳斯达克上市后上涨了 15%，这是与一家 SPAC 合并的结果。Horizon Quantum 也在近期上市。该行业在量子错误纠正和量子比特数量方面正经历突破，预计到 2028-2029 年将实现实用的量子优势。主要科技公司正在投资于量子技术，将其视为一个重要的市场机会，估计市场规模在 1000 亿到 2500 亿美元之间。早期应用正在优化和金融建模领域出现，标志着从实验阶段向商业可行性的转变</p>

<p>Photo from Horizon Quantum's listing ceremony at the Nasdaq MarketSite in New York City on Friday, March 20, 2026.</p>
<div class="lb-trans"><p>2026 年 3 月 20 日，Horizon Quantum 在纽约市纳斯达克市场的上市仪式上的照片。</p>
</div><p>Quantum computing firms are defying turbulent markets to go public this year, as companies seek to raise funds to capitalize on recent scientific breakthroughs and push the experimental technology closer to commercialization.</p>
<div class="lb-trans"><p>量子计算公司在动荡的市场中逆势而上，今年纷纷上市，因为这些公司希望筹集资金，以利用近期的科学突破，并将实验性技术推向商业化。</p>
</div><p>One such firm, Xanadu Quantum, which builds quantum computing hardware and software, began trading on the Nasdaq and Toronto Stock Exchange on Friday, rallying 15% in the U.S. after a rocky start in public markets.</p>
<div class="lb-trans"><p>其中一家名为 Xanadu Quantum 的公司，专注于量子计算硬件和软件的开发，于周五在纳斯达克和多伦多证券交易所开始交易，在美国市场经历了波动后上涨了 15%。</p>
</div><p>Xanadu Quantum — a quantum partner of chip giant Nvidia — debuted after merging with Crane Harbor Acquisition, a Special Purpose Acquisition Company (SPAC), also known as a 'blank-check firm.'</p>
<div class="lb-trans"><p>Xanadu Quantum 是芯片巨头 Nvidia 的量子合作伙伴，在与特殊目的收购公司（SPAC）Crane Harbor Acquisition 合并后首次亮相，SPAC 也被称为 “空白支票公司”。</p>
</div><p>A SPAC is a shell company created specifically to raise capital through an initial public offering, and they have become a common route for quantum startups to list.</p>
<div class="lb-trans"><p>SPAC 是一种专门创建的空壳公司，通过首次公开募股筹集资金，已成为量子初创公司上市的常见途径。</p>
</div><p>Xanadu's listing came a week after Singapore-based quantum software company Horizon Quantum began trading following its merger with blank-check company dMY Squared Technology Group.</p>
<div class="lb-trans"><p>Xanadu 的上市是在总部位于新加坡的量子软件公司 Horizon Quantum 与空白支票公司 dMY Squared Technology Group 合并后的一周。</p>
</div><blockquote>
<p>The narrative has shifted from science project to commercial trajectory, and companies are capitalizing on that window.</p>
<p>Velu Sinha</p>
<p>Partner, Bain &amp; Company</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>叙述已经从科学项目转变为商业轨迹，公司正在利用这一窗口。</p>
<p>Velu Sinha</p>
<p>贝恩公司合伙人</p>
</blockquote>
</div><p>dMY Technology Group took IonQ public in 2021 through a merger with one of its shell companies, making it the first publicly traded, pure-play quantum computing company.</p>
<div class="lb-trans"><p>dMY Technology Group 于 2021 年通过与其一家空壳公司的合并使 IonQ 上市，使其成为首家公开交易的纯量子计算公司。</p>
</div><p>Since then, SPACs, which offer a quicker path to listing with less regulatory scrutiny, have become a popular path for quantum companies to raise capital.</p>
<div class="lb-trans"><p>自那时以来，SPAC 因提供更快的上市路径且监管审查较少，已成为量子公司筹集资金的热门途径。</p>
</div><p>Quantum computing uses the principles of quantum mechanics to process information in ways classical computers cannot, with potential applications spanning across drug discovery, materials science, cryptography and more. While technology remains experimental, it is widely seen as potentially transformative.</p>
<div class="lb-trans"><p>量子计算利用量子力学的原理以经典计算机无法实现的方式处理信息，潜在应用涵盖药物发现、材料科学、密码学等多个领域。尽管技术仍处于实验阶段，但被广泛视为具有变革潜力。</p>
</div><h2>Why now?</h2>
<div class="lb-trans"><h2>为什么是现在？</h2>
</div><p>The recent wave of quantum listings comes at a tumultuous time for global markets, as conflict in the Middle East roils investor confidence, especially in risky, speculative assets like quantum companies.</p>
<div class="lb-trans"><p>近期的量子上市潮正值全球市场动荡之时，中东冲突动摇了投资者信心，尤其是在量子公司等高风险、投机性资产中。</p>
</div><p>Despite ending its first day higher, the Nasdaq-listed shares of Xanadu fell over 10% in after-hours trading. Horizon Quantum, meanwhile, has dropped around 18% since its debut, while Infleqtion, which debuted on the New York Stock Exchange in February through a blank-check deal on Feb. 17, has seen its stock plunge by more than 30%.</p>
<div class="lb-trans"><p>尽管首日收盘上涨，Xanadu 在纳斯达克上市的股票在盘后交易中下跌超过 10%。与此同时，Horizon Quantum 自上市以来已下跌约 18%，而 Infleqtion 在 2 月 17 日通过空白支票交易在纽约证券交易所上市，其股价已暴跌超过 30%。</p>
</div><p>Still, companies appear willing to brave these volatile markets to capitalize on recent industry breakthroughs.</p>
<div class="lb-trans"><p>尽管如此，公司似乎愿意在这些动荡的市场中冒险，以利用近期行业突破。</p>
</div><p>&#34;It's an interesting time to be entering the public markets, of course, with everything happening in the world ... But for quantum computing, it's actually a very ideal time to be coming out,&#34; Dr. Joe Fitzsimons, the founder and CEO of Horizon Quantum, told CNBC.</p>
<div class="lb-trans"><p>“当然，现在进入公开市场是个有趣的时机，考虑到世界上发生的一切……但对于量子计算来说，实际上是一个非常理想的时机，” Horizon Quantum 的创始人兼首席执行官 Joe Fitzsimons 博士告诉 CNBC。</p>
</div><p>&#34;We're really starting to hit something of an inflection point,&#34; he said, adding that there has been a significant number of breakthroughs that have occurred over the past 18 months.</p>
<div class="lb-trans"><p>“我们真的开始达到某种拐点，” 他说，并补充说在过去 18 个月中发生了大量突破。</p>
</div><p>Christian Weedbrook, chief executive officer of Xanadu Quantum Technologies Inc., with a quantum computer at the company's office in Toronto, Ontario, Canada, on Feb. 24, 2026.</p>
<div class="lb-trans"><p>Xanadu Quantum Technologies Inc.首席执行官 Christian Weedbrook，2026 年 2 月 24 日在加拿大安大略省多伦多的公司办公室与量子计算机合影。</p>
</div><p>Bloomberg | Bloomberg | Getty Images</p>
<div class="lb-trans"><p>彭博社 | 彭博社 | Getty Images</p>
</div><p>In 2024 and 2025, several companies and research groups demonstrated improved quantum error correction, a key requirement for building reliable machines.</p>
<div class="lb-trans"><p>在 2024 年和 2025 年，几家公司和研究小组展示了改进的量子错误纠正，这是构建可靠机器的关键要求。</p>
</div><p>Other milestones include higher qubit counts — which increase the potential size and complexity of problems a quantum computer can represent and help solve — and coherence times, which allow more reliable computations by reducing the impact of noise and errors.</p>
<div class="lb-trans"><p>其他里程碑包括更高的量子比特数量——这增加了量子计算机可以表示和帮助解决的问题的潜在规模和复杂性——以及相干时间，这通过减少噪声和错误的影响来实现更可靠的计算。</p>
</div><p>&#34;The first demonstrations of practical quantum advantage are expected at around 100 logical qubits — a threshold the industry is approaching by 2028-2029,&#34; Velu Sinha, partner, Bain &amp; Company, told CNBC.</p>
<div class="lb-trans"><p>“预计在大约 100 个逻辑量子比特时将首次展示实用的量子优势——这是行业预计在 2028-2029 年接近的一个门槛，” 贝恩公司的合伙人 Velu Sinha 告诉 CNBC。</p>
</div><p>&#34;But for commercially impactful applications like drug discovery or large-scale logistics optimization, you need 1,000 to 10,000 logical qubits, which is more likely mid-2030s,&#34; he added.</p>
<div class="lb-trans"><p>“但对于药物发现或大规模物流优化等具有商业影响的应用，您需要 1,000 到 10,000 个逻辑量子比特，这更可能是在 2030 年代中期，” 他补充道。</p>
</div><p>This so-called &#34;quantum advantage&#34; refers to the theoretical milestone in which quantum computers solve real-world problems faster, more efficiently, or more accurately than the best-known classical supercomputer.</p>
<div class="lb-trans"><p>所谓的 “量子优势” 是指量子计算机在解决现实世界问题时比已知的最佳经典超级计算机更快、更高效或更准确的理论里程碑。</p>
</div><h2>A shifting narrative</h2>
<div class="lb-trans"><h2>叙述的转变</h2>
</div><p>As companies race to pursue the quantum advantage, investments in the space have been rising. Tech giants including Alphabet, Microsoft, Amazon and IBM have poured millions into the technology, though they have largely avoided spinning out standalone public entities.</p>
<div class="lb-trans"><p>随着公司竞相追求量子优势，该领域的投资正在上升。包括 Alphabet、Microsoft、Amazon 和 IBM 在内的科技巨头已向该技术投入数百万美元，尽管他们在很大程度上避免了分拆出独立的上市实体。</p>
</div><p>&#34;The narrative has shifted from science project to commercial trajectory, and companies are capitalizing on that window,&#34; Sinha said.</p>
<div class="lb-trans"><p>“叙述已经从科学项目转变为商业轨迹，公司正在利用这一窗口，” Sinha 说。</p>
</div><p>&#34;Quantum is one of a small number of technology categories investors view as structurally inevitable ... The addressable market at full maturity is estimated at $100 to $250 billion, which gives patient capital a reason to look past near-term volatility,&#34; he added.</p>
<div class="lb-trans"><p>“量子是投资者视为结构性必然的少数技术类别之一……在完全成熟时，市场规模预计在 1,000 亿到 2,500 亿美元之间，这使得耐心的资本有理由忽视短期波动，” 他补充道。</p>
</div><p>Early commercial applications are also emerging in areas such as optimization, financial modeling and chemical simulations.</p>
<div class="lb-trans"><p>早期商业应用也在优化、金融建模和化学模拟等领域出现。</p>
</div><p>&#34;The time was right [to go public] because quantum, and especially neutral atoms, is moving from scientific progress toward commercial relevance,&#34; Matthew Kinsella, CEO of Infleqtion, told CNBC.</p>
<div class="lb-trans"><p>“现在是公开上市的合适时机，因为量子，尤其是中性原子，正在从科学进展转向商业相关性，” Infleqtion 的首席执行官 Matthew Kinsella 告诉 CNBC。</p>
</div><p>&#34;Going public gives us the capital to accelerate commercialization and invest behind the markets where we already see customer demand ... We think commercialization will happen in stages, with [quantum sensing and quantum timing] leading near term and computing expanding as performance continues to scale.&#34;</p>
<div class="lb-trans"><p>“上市为我们提供了加速商业化和投资于我们已经看到客户需求的市场的资本……我们认为商业化将分阶段进行，量子传感和量子计时将在短期内领先，而计算将在性能持续提升时扩展。”</p>
</div><p>For smaller quantum upstarts, near-term revenue opportunities are key to securing investor support for their long-term research.</p>
<div class="lb-trans"><p>对于较小的量子初创公司来说，近期的收入机会是获得投资者支持其长期研究的关键。</p>
</div><p>Horizon Quantum Computing, for instance, has focused on developing software tools that can run on both classical and quantum systems, positioning the company to generate revenue before large-scale quantum hardware becomes viable.</p>
<div class="lb-trans"><p>例如，Horizon Quantum Computing 专注于开发可以在经典和量子系统上运行的软件工具，使公司能够在大规模量子硬件变得可行之前产生收入。</p>
</div><p>The company's CEO said newly raised funds will be used to expand its research team and roll out an early iteration of its software to early access users this year.</p>
<div class="lb-trans"><p>公司的首席执行官表示，新筹集的资金将用于扩展其研究团队，并在今年向早期用户推出软件的早期版本。</p>
</div><p>Xanadu Quantum has also invested in cloud-based platforms that allow developers to pay to experiment with quantum algorithms using existing hardware.</p>
<div class="lb-trans"><p>Xanadu Quantum 还投资了基于云的平台，允许开发者支付费用以使用现有硬件实验量子算法。</p>
</div><h2>From labs to the real world</h2>
<div class="lb-trans"><h2>从实验室到现实世界</h2>
</div><p>Historically, governments have played a critical role in developing the quantum sector due to its heavy capital requirements.</p>
<div class="lb-trans"><p>历史上，由于量子领域对资本的巨大需求，政府在发展这一领域中发挥了关键作用。</p>
</div><p>The United States, China, and the European Union have committed billions of dollars to quantum research and commercialization, aiming to secure strategic advantages in computing and cybersecurity.</p>
<div class="lb-trans"><p>美国、中国和欧盟已承诺投入数十亿美元用于量子研究和商业化，旨在确保在计算和网络安全方面的战略优势。</p>
</div><p>Government initiatives have often focused on or included support from universities and national laboratories.</p>
<div class="lb-trans"><p>政府的举措通常集中在或包括对大学和国家实验室的支持。</p>
</div><p>However, the latest wave of public listings underscores how the industry is shifting from academic and public research toward commercial markets, even as timelines for widespread adoption remain uncertain.</p>
<div class="lb-trans"><p>然而，最新一波的公开上市凸显了该行业正从学术和公共研究转向商业市场，尽管广泛采用的时间表仍不确定。</p>
</div><p>&#34;Quantum computers are going to be able to do trillions of computations instantaneously, and that will absolutely revolutionize the way we act with computing,&#34; said Marc Einstein, research director at Counterpoint Research.</p>
<div class="lb-trans"><p>Counterpoint Research 的研究总监 Marc Einstein 表示：“量子计算机将能够瞬间进行数万亿次计算，这将彻底改变我们与计算的互动方式。”</p>
</div><p>The day when individuals have quantum computers in their offices or homes may be decades away, Einstein said. But a future in which large organizations own the machinery and provide quantum computing services could arrive much sooner, he added.</p>
<div class="lb-trans"><p>Einstein 说，个人在办公室或家中拥有量子计算机的那一天可能还需要几十年。但他补充说，大型组织拥有这些设备并提供量子计算服务的未来可能会更早到来。</p>
</div><p>Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.</p>
<div class="lb-trans"><p>选择 CNBC 作为您在 Google 上的首选来源，永远不会错过来自商业新闻最可信赖名称的任何时刻。</p>
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随着行业达到 ‘拐点’，量子公司正在竞相进入市场