Nippon Sanso Holdings (4091.T): Quantum Computer Exposure

Where it fits in a quantum computer

Its Japanese unit Nippon Sanso Corporation (Taiyo Nippon Sanso until 2026) has sold the e-Dilution cryogen-free dilution refrigerator since 2003 and developed the separated e-Dilution plus in 2021 (below 80 mK, 10 µW at 100 mK). In Aug 2025 NEDO selected it with IHI and AIST to develop a 10,000-physical-qubit-class cooling system for superconducting quantum computers over FY2025–2027, with Nippon Sanso building the dilution stage. It also supplies helium in Japan and raised helium prices by an average of 30% or more from July 2026.

What the evidence establishes

Quantum-computing evidence

Disclosed: Nippon Sanso’s releases describe its e-Dilution refrigerators, its NEDO cooling project for superconducting quantum computers and its July 2026 helium price revision.

An explicit quantum-computing product, design-in, supply role, program or partnership, such as a part sold for quantum computers or a named quantum-computer customer. For a maker, it means the company’s own quantum computers or processors. This does not establish revenue, market share, volumes or future sourcing.

Component role	Dilution refrigerators and helium in Japan
Evidence	Disclosed: Nippon Sanso’s releases describe its e-Dilution refrigerators, its NEDO cooling project for superconducting quantum computers and its July 2026 helium price revision.
How we know	Disclosed The company’s own filing, release, annual report, product page or investor record describes the quantum-computing role. Where customers are unnamed, the listing says so.
Primary source	Nippon Sanso Holdings — supporting disclosure Company or official disclosure; vendor claims are attributed to their source.
Checked	2026-09-28. This is the research review date, not the source publication or quote time.

Keep in perspective

Its dilution refrigerators have mainly served superconducting-device research, no quantum-computer customer is named, and the NEDO work is a development program. Cryogenic equipment and helium are not broken out of its industrial-gas sales.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. A quantum-computing product, design-in or partnership does not by itself establish material quantum revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Mixing chamber & still

The dilution unit. In the mixing chamber, helium-3 crossing from a concentrated into a dilute phase absorbs heat; the still above evaporates it off, and heat exchangers of sintered silver precool the returning stream.

Scope of the company links: The dilution unit is built by the refrigerator maker. ULVAC’s dilution refrigerator cools the University of Osaka’s all-Japanese superconducting quantum computer (running since July 28, 2025), and ULVAC is developing a 10 mK-class model to IBM’s specifications for launch in 2026; QuantumCTek’s ez-Q Fridge F500–F1500 are designed for 100- to 1,000-qubit superconducting machines; FormFactor sells the HPD Flatiron benchtop dilution refrigerator (30 mK); Nippon Sanso has sold e-Dilution refrigerators since 2003 and is developing a larger dilution stage under NEDO; Air Liquide acquired 80% of French maker Cryoconcept in 2020 (current range not verified); and Rigetti’s 10-K says Quanta Computer may develop dilution refrigerators for it under a 2025 collaboration. Private makers include Bluefors, Quantum Design Oxford (the former Oxford Instruments NanoScience), Maybell, Leiden Cryogenics, Zero Point Cryogenics and ICEoxford. Quanta is not mapped here: the collaboration allows statements of work, and Rigetti discloses no delivered refrigerator.

Temperature stages

Gold-plated copper plates at about 50 kelvin, 4 kelvin, 0.8 kelvin (the still), 0.1 kelvin (the cold plate) and 10 millikelvin (the mixing chamber), held apart by thin supports that conduct little heat.

Scope of the company links: The copper stages come with each dilution refrigerator, so the listed refrigerator makers (ULVAC, QuantumCTek, FormFactor, Nippon Sanso) are mapped; stage sizes are published only for some systems, such as the 590 mm sample space of QuantumCTek’s F1100 and the 530 mm plate of private Quantum Design Oxford’s ProteoxLX. Mitsubishi Materials is mapped upstream because it says its high-purity copper (residual resistivity ratio above 3,000) is used in cryogenic-refrigerator components. No source names the copper or gold-plating supplier of any quantum cryostat, and Aurubis (Cu-OFE copper with no cryogenic use cited) is not mapped.

Vacuum can & shields

The outer vacuum can that seals the insert, and the radiation shields nested inside it, each bolted to its own stage, that stop warmer surfaces from shining heat onto colder ones.

Scope of the company links: The outer vacuum can and radiation shields are part of each maker’s cryostat, and no listed company documents cans or shields as a separate product for quantum cryostats, so only the listed dilution-refrigerator makers are mapped. Bluefors (private) sells additional radiation shields and magnetic shielding as options; the magnetic shields around the chip belong to the processor sector.

Helium-4 gas

Industrial helium-4, the working gas of the compressor and cold head and most of the dilution mixture. It is recovered from natural gas and delivered in high-pressure cylinders.

Scope of the company links: Helium-4 is the cryocooler’s working gas and most of the dilution mixture; a dry system does not boil off liquid helium but still needs pure gas to charge and top up. Mapped upstream: ExxonMobil (LaBarge, 20% of world supply per its 2022 page), Linde, Air Products and Air Liquide (global suppliers), Iwatani (about 50% of Japan’s market) and Nippon Sanso (which raised Japanese helium prices by 30% or more from July 2026). None names a quantum-computer customer for helium-4, and Chart Industries, now part of Baker Hughes, is not mapped.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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