- SEALSQ signed a non-binding MOU to invest in and potentially acquire a majority stake in French silicon-quantum startup Quobly, with total funding up to about $200 million.
- Quobly targets a 100-physical-qubit silicon spin chip by 2027 via its Q100T program, leveraging STMicroelectronics and 300 mm FD-SOI CMOS fabs.
- The combination aims to pair Quobly’s scalable quantum hardware with SEALSQ’s post-quantum security stack (root-of-trust and cryptographic modules) for mission-critical and European sovereign use cases.
- Closing and impact remain uncertain because the deal is non-binding and depends on due diligence, regulatory approvals, and successful scale-up from prototypes to reliable systems.
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The proposed SEALSQ-Quobly transaction marks a potentially transformative move in the quantum computing and post-quantum security landscape. The key strategic dimensions merit deep consideration:
1. Industrial scaling of quantum hardware. Quobly’s focus on leveraging silicon spin qubits on 300 mm FD-SOI semiconductor fabs—compatible with CMOS infrastructure—allows it to use mature fabrication tools and supply chains. The partnership with STMicroelectronics is central to its plan to deliver the Q100T processor (≈100 physical qubits) by 2027 and to show scalability toward millions of qubits by 2031. SEALSQ’s proposed investment accelerates this roadmap.
2. Embedding security into the quantum stack. SEALSQ brings expertise in post-quantum cryptography (PQC), secure elements, TPM/root-of-trust architectures, and hardware security modules. By acquiring or aligning with Quobly, SEALSQ would gain upstream control over quantum processor design, enabling “secure-by-design” architectures. This is particularly valuable to customers in defense, intelligence, finance, and critical infrastructure who must assume that quantum will break many current cryptographic systems.
3. Sovereignty, supply-chain risk, and geopolitical implications. This initiative responds to rising demand for domestic or allied sovereign capability in quantum tech, particularly in Europe, to avoid dependence on non-Western suppliers. It also reduces risk from supply chain disruption or technological lock-in. Quobly’s grounding in French research institutions (CEA-Leti, CNRS) and STMicroelectronics further cements European industrial capability.
4. Financial, operational, and technical risks. While US$200 million is substantial, the MOU is non-binding; success depends on finishing negotiations, satisfying regulatory hurdles, and ensuring SEALSQ has the capital flexibility post-investment. Quobly must make progress in its Q100T program and validate key metrics like qubit fidelity, coherence, thermal management, interconnects, yield, and cost. SEALSQ likewise must integrate these capabilities with its security tech without major disruptions.
5. Competitive positioning and timing. The quantum computing space is crowded with alternative technologies (superconducting, ion trap, photonic) and similarly aggressive hardware roadmaps (IBM, Google, etc.). The hardware-security convergence sought by SEALSQ and Quobly may create differentiation if technical performance aligns with customers’ security and sovereign requirements. Timing is critical: delivering by 2027 will demand efficient execution across hardware, controls, and system architecture.
Open questions to watch:
- How will Quobly perform on key technical metrics (qubit fidelity, error correction, thermal control, interconnects) in the Q100T program?
- What will be the exact terms of the acquisition (valuation, minority-then-majority stake, licensing of IP, governance)?
- How will SEALSQ fund the deal: from its Quantum Fund, existing cash, or external financing?
- What regulatory or national security reviews will apply, especially for European defense, dual-use, or export control considerations?
- How will this impact competitors: will we see accelerating consolidation or similar moves by other semiconductor/security or quantum players?
Supporting Notes
- SEALSQ entered into a non-binding MOU to conduct exclusive negotiations to make an initial minority investment and potentially acquire a majority stake in Quobly, for a total investment of approximately US$200 million.
- The transaction builds on a prior collaboration announced on November 21, 2025, which focused on co-developing secure semiconductor architectures and scalable quantum systems.
- Quobly’s Q100T program aims to industrialize a silicon quantum chip with 100 physical qubits by 2027, with €21 million funding (including a €15 million grant from Bpifrance and €6 million equity) supporting it.
- Quobly has a strategic manufacturing partnership with STMicroelectronics, leveraging FD-SOI semiconductor processes (including 28 nm node adaptation and 300 mm fabs) to scale quantum processors.
- SEALSQ contributes post-quantum security technologies including Root-of-Trust, hardware secure elements, TPMs, and secure communication stacks, targeting mission-critical sectors such as defense, finance, pharmaceuticals, and critical infrastructure.
- Quobly originates from over 15 years of research with French institutions CEA-Leti and CNRS, with a portfolio of over 40 patent families, underscoring strong IP foundations.
- Quobly aims to break the one-million-qubit barrier by 2031, positioning 2027 as the year for first generation commercial products based on its collaboration with STMicroelectronics.
- The deal remains subject to due diligence, regulatory approvals, and other closing conditions; it is non-binding.