2024 Global Overview of Quantum Unicorn Enterprises
2024 Global Overview of Quantum Unicorn Enterprises
In the wave of quantum technology, a group of companies has emerged with outstanding innovation and growth potential, known as quantum unicorns. The ICV TAnK report, “2024 Global Overview of Quantum Unicorn Enterprises” provides readers with a window into the development and market position of these companies.
In the report, we define quantum unicorns and quantum quasi-unicorns as follows:
Quantum Unicorn Enterprises:
l Established for no more than ten years, these enterprises have achieved rapid growth within a relatively short period.
l Having received private equity investment from professional investment institutions and not yet listed, they demonstrate high recognition and potential value in the capital market.
l With a post-money valuation exceeding (or equal to) $1 billion in their most recent financing round, these enterprises show a high level of market recognition and industry status.
Quantum Quasi-unicorn Enterprises:
l Having received private equity investment from professional investment institutions and not yet listed.
l With a post-money valuation exceeding (or equal to) $100 million in the most recent financing round, and having been established for no more than five years.
l With a post-money valuation exceeding (or equal to) $500 million in the most recent financing round, and having been established between five and ten years ago.
This standard ensures that we focus on quantum enterprises with true unicorn potential and aligns with the valuation criteria for unicorns outside the quantum industry, maintaining horizontal comparability.
As shown in Figure 1, there are a total of 9 global quantum unicorns and 30 quantum quasi-unicorns.
Figure 1:Distribution of quantum unicorn enterprises/quasi-unicorn enterprises
This report aims to analyze the current status and future trends of quantum unicorns and quasi-unicorns, presenting global quantum startups with growth potential and value. It provides insights for investors, entrepreneurs, and policymakers. By examining factors such as the countries or regions of the companies, their specific fields, growth timelines, funding valuations, and future IPO prospects, the report helps readers gain a deeper understanding of quantum enterprises' development trends, identify future investment opportunities, and contribute to advancing the global quantum industry.
Overview of Quantum Unicorns
This report provides a comprehensive analysis of leading companies in the global quantum technology industry, revealing the distribution, growth, market valuation, and technological focus of these quantum unicorns. Currently, there are 9 quantum unicorns worldwide, primarily concentrated in the technology powerhouses of the United States and China. Companies from these two countries account for two-thirds of the total number and 80% of the global valuation. These enterprises have achieved rapid growth, averaging 4.4 years to reach unicorn status. Notably, U.S. companies SandboxAQ and Quantinuum attained unicorn status within just three years, with an average valuation of $3.67 billion, highlighting the United States' leading position in the field of quantum technology.
Figure 2: Average Valuation of Quantum Unicorn enterprises by country (Unit: USD Billion)
Although most quantum unicorns are concentrated in the quantum computing field, they demonstrate strong innovation potential and market appeal in both quantum hardware and software. However, these companies also face financial challenges post-IPO, with some at risk of delisting due to depressed stock prices. As benchmarks within the industry, some companies have not only achieved breakthroughs in technological innovation but also shown significant potential in commercial applications. Their success stories provide valuable references for the entire industry.
The report highlights that, despite the technical challenges and commercialization barriers in the quantum technology field, its rapid growth and innovation potential indicate significant future prospects for the industry. Therefore, global investors, entrepreneurs, and policymakers should closely monitor developments in this sector and seize future investment opportunities.
Overview of Quantum Quasi-Unicorns
Similarly, global quantum quasi-unicorns play a significant role in the commercialization wave of quantum technology. These companies are widely distributed across North America, Asia, Oceania, and Europe, with Europe being the most concentrated region, hosting 18 companies, accounting for 60% of the global total. The UK, France, and the US lead with a combined valuation of over $1.5 billion, while China ranks fourth with a 10% share of the global valuation total. Despite China's active number of companies, its average valuation lags behind the US, UK, and France, indicating a need for improvement in growth potential and market recognition.
Quantum quasi-unicorns are primarily focused on quantum computing, with over 90% of these companies specializing in this field, particularly in hardware development, which represents about 67% of the sector. The total valuation for quantum computing reaches $7.145 billion, making up 90% of the total valuation, while quantum communication and security have relatively smaller valuations.
Figure 3:Ranking of countries by the number of global quantum quasi-unicorns and their share of the total valuation
As shown in Figure 4, most quasi-unicorn companies are still in the early stages of development, with 66.7% of them having stopped at Series A funding. However, companies like Atom Computing and Quandela have become industry benchmarks due to their significant valuations and growth potential, demonstrating the broad application potential of quantum technology in areas such as drug discovery, materials science, quantum relays, and quantum key distribution. With advancements in technology and increased market recognition, these companies are expected to play a more pivotal role in the future of the quantum technology sector.
Figure 4:The funding round situation for global quantum quasi-unicorn enterprises
Conclusion and Outlook
l Compared to cutting-edge fieldslike AI, the total valuation of quantum unicorn enterprises is relatively low.
l Whether it is quantum unicorn enterprises or quasi-unicorn enterprises, they are all concentrated in the field of quantum computing.
l Quantum unicorn enterprises are primarily concentrated in China and the U.S, while quasi-unicorn enterprises are distributed across 12 countries.
l Some quasi-unicorn enterprises have demonstrated significant growth potential. "Over-aged" unicorn enterprises still have significant growth potential.
Report Link:2024 Global Overview of Quantum Unicorn Enterprises
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