SEALSQ signs a non-binding MoU with Gujarat and Kaynes SemiCon for a 300M-unit/year post-quantum chip center in India
On 2026-01-21 SEALSQ (Nasdaq: LAES) signed a non-binding MoU with the Government of Gujarat and Kaynes SemiCon to establish India's first secure semiconductor design, test and personalization center for post-quantum cryptography, with planned annual capacity up to 300 million post-quantum-secure semiconductors at Kaynes' Sanand campus, via a planned JV tentatively named SEALKAYNESQ Ltd. The MoU is non-binding and subject to definitive agreements and approvals.
A state-government-backed MoU targeting 300M units/year of post-quantum-secure chips extends SEALSQ's onshore-personalization strategy into the large Indian market alongside the parallel Abu Dhabi (KUAENTUM) and France build-outs; the non-binding status and capacity-ramp risk hold it in the mid band.
Multiple sovereign personalization-center MoUs (UAE, India, France) position SEALSQ as a distributed PQC-chip-personalization play tied to national semiconductor-localization programs; conversion from MoU to operating JV and the capital intensity are the central risks.