Quantum computing has long been one of the most promising frontiers in science and technology, offering the potential to solve problems that today’s most powerful supercomputers cannot touch. For decades, the narrative has been dominated by the United States and China, with their billion-dollar investments and heavyweight companies such as IBM, Google, and Alibaba. But a new player has emerged from Europe that is starting to shift the balance of power—IQM Quantum Computers.
Founded in 2018 in Finland, IQM has grown from a university spin-off into one of the world’s most promising quantum startups. By 2022, it had achieved unicorn status, a rare feat for a deep-tech company in Europe. Now, IQM is setting its sights beyond the continent, with plans to bring its superconducting quantum hardware to markets in Asia, North America, and the Middle East.
This expansion is not just about business—it’s about Europe staking a claim in a technology that could reshape industries, economies, and even geopolitics. In this article, we’ll explore IQM’s journey, its unique technology, its expansion strategy, and why its global ambitions could mark a turning point in the quantum computing race.
The Rise of IQM: Europe’s Quantum Unicorn
IQM was founded by a group of researchers from Aalto University and the VTT Technical Research Centre of Finland, two institutions with strong expertise in superconducting quantum circuits. From the very beginning, IQM’s mission was clear: to develop scalable, practical quantum computers that could be deployed in the real world, not just remain in research labs.
Within a few short years, IQM achieved milestones that most startups can only dream of:
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2019: Raised €11 million in seed funding and established its first labs in Espoo, Finland.
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2020: Secured €39 million in Series A funding, accelerating R&D and hiring.
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2021: Opened its own fabrication facility in Finland to produce superconducting qubits in-house.
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2022: Raised over €128 million in Series B funding, pushing its valuation above €1 billion and cementing its status as Europe’s leading quantum hardware startup.
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2023–2025: Expanded operations to Germany and Spain, announced collaborations with major research centers, and signaled ambitions to expand into Asia-Pacific and North America.
The company’s growth reflects not only its technical innovation but also Europe’s determination to become a serious player in quantum technology.
Why Quantum Computing Matters
To appreciate IQM’s global ambitions, it’s essential to understand why quantum computing is such a big deal. Traditional computers, no matter how powerful, are limited because they process information in binary—bits that are either 0 or 1. Quantum computers use qubits, which can exist in multiple states simultaneously thanks to superposition. They can also be entangled, meaning the state of one qubit is linked to another, enabling exponentially more complex computations.
This makes quantum computers ideally suited for problems such as:
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Drug Discovery & Healthcare
Simulating complex molecules and biological processes to accelerate the development of new medicines. -
Climate Science & Energy
Modeling weather systems, carbon capture, and renewable energy grids. -
Finance & Risk Modeling
Optimizing portfolios, fraud detection, and real-time risk analysis. -
Artificial Intelligence & Machine Learning
Training models more efficiently and uncovering patterns in massive datasets. -
Supply Chains & Logistics
Solving optimization problems for transportation, inventory, and global trade.
While we are still years away from large-scale commercial applications, the potential is so transformative that governments and corporations are racing to establish an early lead.
IQM’s Technology: A Different Approach
Most quantum companies face the same challenge: building a machine powerful enough to achieve quantum advantage—the point where quantum computers can outperform classical ones in meaningful tasks. IQM’s approach stands out in several ways:
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Superconducting Qubits
IQM focuses on superconducting qubits, the same technology used by IBM and Google. This platform has proven scalability and relatively mature development tools. -
Co-Design with Customers
Instead of developing generic processors, IQM collaborates with research institutions and governments to design application-specific quantum computers. This ensures real-world usability and accelerates adoption. -
Turnkey Quantum Systems
IQM delivers complete, ready-to-use quantum computers—not just chips. This appeals to universities and labs that need full-stack systems but lack deep engineering resources. -
Cryogenic Infrastructure
Operating at near absolute zero, qubits require highly advanced refrigeration systems. IQM has invested heavily in cryogenics to ensure stability and reliability. -
In-House Fabrication
IQM’s Espoo fabrication facility gives it independence from external supply chains, enabling faster iteration and better quality control.
This mix of co-design, full-system delivery, and European production makes IQM highly attractive to governments and institutions that want sovereign access to quantum technology.
Expansion Beyond Europe
Until recently, IQM’s customer base was primarily European, supported by EU-backed programs such as the Quantum Flagship. But the company has now set its sights globally.
1. Asia-Pacific
Countries like Japan, South Korea, and Singapore are investing heavily in quantum research. IQM sees these nations as natural partners given their strong universities, government funding, and openness to international collaboration.
2. North America
Breaking into the U.S. market will be challenging given the dominance of IBM, Google, and startups like Rigetti. But IQM’s co-design model and focus on turnkey systems could help it carve out a niche.
3. Middle East
Nations such as the UAE and Saudi Arabia are investing billions into emerging technologies as part of their economic diversification plans. IQM is well positioned to provide sovereign quantum infrastructure for these regions.
4. Strategic Partnerships
Rather than competing head-on with global giants, IQM aims to collaborate with governments, universities, and corporates in new regions, offering tailored systems that align with local needs.
Why Global Expansion Matters
IQM’s move beyond Europe has broader significance:
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Diversification of the Quantum Landscape
Until now, the quantum industry has been dominated by U.S. and Chinese firms. IQM offers a third option, balancing global power in this strategic technology. -
Digital Sovereignty
Governments worldwide are increasingly concerned about relying on foreign technology. IQM provides an alternative that is not tied to U.S. or Chinese geopolitics. -
Investor Confidence
A European unicorn successfully scaling beyond its home continent signals that deep-tech startups can go global, attracting more venture capital to the region. -
Ecosystem Growth
As IQM expands, it fosters collaborations, builds talent pools, and accelerates global adoption of quantum technology.
Competition in the Quantum Space
IQM faces tough competition:
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IBM – The leader in superconducting qubits, with a roadmap to 1,000+ qubits.
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Google Quantum AI – Achieved “quantum supremacy” in 2019 with a 53-qubit processor.
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Rigetti Computing – Focused on quantum cloud services.
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PsiQuantum – Working on photonic quantum computers, claiming a path to millions of qubits.
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Chinese Players (Alibaba, Baidu, CAS) – Backed by heavy state funding and aggressive research.
Despite this, IQM’s unique European identity, co-design approach, and turnkey systems allow it to stand out in a crowded field.
Financial Backing and Growth
IQM has raised more than €200 million to date, with backing from:
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European Innovation Council Fund
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MIG Fonds
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World Fund
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Tencent
This strong financial foundation has enabled IQM to scale quickly, establish multiple European offices, and plan its global expansion. Its unicorn valuation reflects investor confidence in its long-term vision.
Challenges and Risks
Global expansion comes with challenges:
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Technical Scalability
Quantum computers still struggle with error correction and stability. Scaling to thousands of qubits is a massive engineering challenge. -
Commercial Viability
Practical quantum advantage is still years away. Monetization will remain limited in the short term. -
Regulatory Barriers
Export controls, especially around sensitive technologies, may restrict access to certain markets. -
Talent Shortage
The world faces a shortage of quantum engineers and physicists. Expanding globally will stretch IQM’s human capital. -
Competitive Pressure
U.S. and Chinese companies have far greater funding and resources, making it difficult for IQM to compete head-to-head.
Broader Impact on the Quantum Ecosystem
IQM’s success could influence the global quantum landscape in several ways:
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Encourage More European Startups – Showing that unicorns can go global inspires others.
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Boost Government Support – Policymakers may double down on funding quantum initiatives.
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Drive International Collaboration – IQM could act as a bridge between Europe and other regions.
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Talent Development – Expanding globally will foster new training programs and attract talent.
The Road Ahead
Looking forward, IQM’s roadmap includes:
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Scaling qubits while reducing error rates.
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Expanding its fabrication facilities for higher-volume production.
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Strengthening partnerships in Asia-Pacific and North America.
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Developing application-specific quantum processors for industries like energy, pharma, and logistics.
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Moving closer to demonstrating quantum advantage in practical use cases.
If successful, IQM could redefine what it means to be a European deep-tech company—proving that it’s possible to compete on the world stage in one of the most advanced fields of science.
IQM’s journey from a Finnish university lab to a European unicorn is already a remarkable success story. But its next chapter—expanding beyond Europe—will determine whether it can stand shoulder-to-shoulder with the global giants of quantum computing.
By combining technical excellence with a unique co-design model, a focus on turnkey systems, and strong European identity, IQM is well positioned to become a global leader. Its expansion signals not just the rise of one company but the coming of age of Europe’s quantum industry.
The quantum race is no longer bipolar (U.S. vs. China). With IQM’s leap from Europe to the world, a new contender has entered the stage—one that could help shape the future of computation, industry, and global innovation.
