This second State of FHE Report focuses on FHE’s biggest unlock: hardware acceleration. Building on 2025 expert predictions and market signals, hardware-focused fundraising and top industry leaders joining FHE hardware companies; it shows why performance gains are crucial for real-world adoption. The report maps progress at the bottom layer of the FHE stack, highlighting how purpose-built hardware is enabling higher-throughput deployments.
This first report offers a concise overview of the current state of the Fully Homomorphic Encryption (FHE) ecosystem, highlighting its expanding use cases, its role in reducing cybersecurity risks, and projections of a $20+ billion market by 2030. Drawing on hardware acceleration developments, market data, and expert insights, it captures the current state of FHE and outlines initiatives shaping the future of secure computing.
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