As governments race to build quantum capabilities, venture capital is following – reshaping the global funding map for one of tech’s most strategically important frontiers
Is quantum computing entering a new realm?
Preqin First Close recently highlighted quantum technology’s potential benefits across healthcare, climate change, and security, focusing on venture capital (VC) deal flow and financing rounds across the world.
Interest in quantum computing is evident across both public and private markets, particularly in VC, as investors search for breakthrough companies with long-term commercial potential.
Nearly half (48.2%) of global quantum VC deal value since 2017 has been deployed in the past 18 months, according to Preqin data. In total, $21.7bn has been invested across 1,549 deals from 2017 to June 2026, with $10.5bn committed since the start of 2025 (Fig. 1). Average deal size has almost doubled since 2021, rising from $16.1mn in 2021 to $27.9mn since January 2025.
Fig. 1: Volume and aggregate value of VC quantum deals
Source: Preqin Pro. Data as of June 2026
Nevertheless, quantum development could pose risks, with a Google blog published in March highlighting the potential issues around rapid technological advancement.
Future quantum computers could ‘break the elliptic curve cryptography that protects cryptocurrency and other systems’, writes Google’s Ryan Babbush, Director of Research, Quantum Algorithms, and Hartmut Neven, VP of Engineering, Google Quantum AI.
Governments and public institutions are preparing for this challenge, seeking to protect companies, citizens, and national infrastructure from nouveau cyber threats. Policy frameworks and national initiatives are being developed to fund quantum start-ups, computing infrastructure, and research labs to prepare society for ‘a disruptive change’, according to Spain’s Quantum Technologies Strategy.
This acceleration reflects a segment of venture activity developing alongside, rather than within, the current AI cycle. Governments and investors are positioning themselves early within a field where commercial applications remain nascent, but the potential impact is significant.
Since 2017, quantum VC spending has been mostly concentrated in the US ($8.4bn), the UK ($3.1bn), China ($2.6bn), France ($1.1bn), and South Korea ($1.0bn). But over the past 18 months, a different picture has emerged.
In Spain, for example, $377.9mn has been spent since the start of 2025, with a total decade spend of $459.8mn – meaning 82.2% of total deal value since 2017 has been deployed in the last 18 months, according to Preqin data.
Elevated levels of activity since the start of 2025 can also be seen in Denmark (80.3%), the Netherlands (74.3%), Israel (59.8%), Finland (56.8%), the UK (56.1%), and the US (51.1%). In comparison, China (37.7%) and South Korea (16.7%) have seen a lower share of recent activity.
While deal value is rising across Europe and Israel, the US remains the dominant market for quantum VC deals. Quantum firms in the country attracted $4.1bn in deal value between 2017 and 2024, and a further $4.3bn over the past 18 months, with 16 companies each raising over $100mn in VC rounds. Since the start of 2025, the US has accounted for 41.1% of global quantum VC deal value, according to Preqin data.
The country’s National Quantum Initiative Act, first passed in 2018, laid the foundation for federal coordination across research, standards, and workforce development, while the CHIPS and Science Act (2022) expanded funding for next-generation technologies, including quantum computing.
The US government has also directly invested in Quantinuum, a Colorado-based quantum computing firm. The company raised almost $1.7bn in its upsized IPO at the start of June.
Elsewhere, Quantum Circuits was acquired by D-Wave Systems in a transaction valued at $550mn in January.
The six countries that have experienced the largest shift in VC activity, with the highest proportion of total deal value occurring in the last 18 months versus 2017–2024 (Fig. 2), all have recent national policy initiatives. Their governments have sought to strengthen domestic capabilities and position themselves within the global quantum landscape.
Fig. 2: Proportion of total decade deal value deployed, by country
Source: Preqin Pro. Data as of June 2026
Spain’s Quantum Technologies Strategy (2025–2030) outlines four core objectives: strengthening research; fostering a quantum market and access to financing; preparing society for a disruptive change; and consolidating its national vision with international opportunities. Since its announcement, quantum AI software company Multiverse Computing has closed its $215.0mn series B round, with participation from the Spanish government, and is reportedly in discussions to raise a further $595.0mn this year, according to Bloomberg.
Denmark’s National Strategy for Quantum Technology, launched in 2023, combines research, commercialization, and security in a single framework, aiming to commit more than DKK1.2bn from 2023–2027. Initiatives include shared infrastructure, improved access to quantum computing resources, and the creation of ‘Quantum House Denmark’ to connect start-ups, investors, and corporates. In June 2025, Denmark-based QuNorth raised €80.0mn in venture funding, co-led by the Export and Investment Fund of Denmark and the Novo Nordisk Foundation, to support the development of its neutral atom-based quantum computing platform.
The Netherlands’ quantum strategy is centred on Quantum Delta NL, a national growth program founded in 2021 and backed by €615.0mn of public funding. The goal is ‘to position the Netherlands as a new Silicon Valley for quantum technology for Europe’, Quantum Delta says. Earlier this year, Netherlands-based QuantWare raised €152.0mn in a series B round to support the development and commercialization of its superconducting quantum processor technology and expand its manufacturing capacity.
Israel’s National Quantum Initiative, founded in 2018, has supported the development of a quantum computing center with an initial investment of around $30.0mn, supporting R&D across all layers of quantum hardware and software. Over the past 18 months, three Israeli firms have each raised VC rounds of over $100.0mn – Quantum Machines, Classiq Technologies, and Quantum Art.
Finland unveiled a National Quantum Technology Strategy 2025–2035 last year, seeking to make quantum tech ‘a new engine of growth’ for the nation. By 2035, the initiative aims to create 10,000 jobs in the industry (up from 450 in 2025), increase turnover to €3.0bn (up from €130.0mn), and attract €400.0mn of private investment (up from €50.0mn). Investments in the country include quantum hardware company Vexlum’s seed round, which raised €10.0mn.
The UK has reaffirmed quantum as a priority in 2026, with plans to commit £500.0mn over the next four years to accelerate quantum computing R&D and domestic capabilities, alongside broader support of around $2.0bn to strengthen its position as a global leader in the sector. Earlier this month, Oxford Quantum Circuits raised £260.0mn in Europe’s largest ever private quantum funding round.
Will Bennett-Lynch is Reporter, Preqin News.
Second Look is edited by Libby Fennessy, Production Editor of Preqin First Close.
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The opinions and facts included in the above do not constitute investment advice. Professional advice should be sought before making any investment or other decisions. Preqin accepts no liability for any decisions taken in relation to the above.