How did IQM leap from basic research to a company worth over €1 billion?  

Founded in Espoo in 2018, the company has quickly grown into a forerunner in quantum technology, valued at over EUR 1 billion. It was listed on the Helsinki and New York (Nasdaq) stock exchanges in the summer.  

But how did the startup company with its roots in basic academic research grow into a global, international leader in critical technology? And how did the company ensure that its million-dollar production investments remained in Finland? 

The foundations of IQM, which manufactures quantum computers and chips for quantum computing, were laid decades ago in the low temperature laboratory of the Helsinki University of Technology, where Finnish researchers honed their knowledge of low-temperature physics. In 2001, the focus began to shift to quantum computing when a visiting professor from Japan arrived in Finland. 

"Basic physics research, inventions, and top expertise related to quantum computing have been developed in Finland for a long time," IQM's Chief Global Affairs Officer and co-founder, Juha Vartiainen, explains the company's roots. 

In 2018, academic expertise met the bold entrepreneurial culture created by the Finnish startup boom. A spin-off from Aalto University and VTT, IQM received private capital at an early stage and Business Finland's first EUR 0.5 million grant.  

From the outset, combined with private equity investments, the boldly frontloaded public support – Business Finland's funding elements, Finnvera's guarantees for export credits and Tesi's participation in funding rounds – created a solid foundation for growth. It has allowed IQM to develop unique quantum technology and internationalize in an industry that was long considered highly speculative.  

Business Finland has supported the growth of IQM in different phases of its eight-year history with a total of around EUR 20 million. IQM has also actively utilized Business Finland's internationalization services and networks that have helped open doors for the company. 

At the end of 2024, IQM was facing a major strategic choice. The company planned a large investment of more than EUR 40 million in a new quantum computer manufacturing and testing line and an expansion to chip production either in Finland or in another European country. 

However, together with the Ministry of Economic Affairs and Employment, Business Finland, Tesi and Finnvera, which provide the Team Finland network’s company funding, decided to work proactively and quickly to create the conditions required for IQM to continue developing the project in Finland. 

These actors put together a joint declaration of intent for IQM in less than a month, which highlighted the strategic importance of the project for Finland and the company's key role in the development of the sector.  

"This exceptional process was a new and bold opening in Finnish industrial policy and a great demonstration of the power of cooperation," says a leading expert Sini Kahilaniemi from Business Finland, who was central to the preparation of the declaration of intent. 

"The agile operation, speed and clarity of Finnish decision-making made it possible for us to move forward with the project in Finland. Being able to start the construction work quickly as was required by the investment was important to us,” stresses Vartiainen. 

This helped sway the investment decision in favor of Finland. Expansion of the Mankkaa factory in Espoo was launched. In the fall of 2025, IQM announced the investment as part of its gigantic funding round with a value of more than EUR 300 million. The construction of the factory extension is now complete, and new equipment is continuously being installed on the premises to ensure full production. 

Image: IQM

IQM, nearing the end of industrial scaling, means more than a one-off success story. It is a cornerstone in its industry, around which a thriving quantum technology hub and several new growth companies have emerged. 

One of the most notable stepping stones in IQM's journey was the innovative public procurement made by the Finnish state and VTT. Within that framework, IQM delivered its first three quantum computers to the country between 2021 and 2025. On the international market, this served as strong commercial validation of the functionality of IQM's quantum computers. 

"The joint development project was the first of its kind and in many ways a huge success. It produced three ready and functional quantum computers for Finland. The model has served as an example for many other countries,” says Vartiainen. 

Today, quantum technology is seen globally as a critical and strategic technology with strong security and trade policy dimensions. The combination of quantum computing and supercomputers is currently also creating a new wave of development in artificial intelligence, the financial world, drug development, and logistics. Making breakthroughs at this level requires world-class talent. IQM has succeeded in attracting numerous international doctoral-level experts to Finland. 

"The discussion on immigration of top experts is centered too much on Finland. For them, Finland presents no greater draw than any other country. Top experts want to work in an ambitious team. Work permit formalities and other matters in Finland are starting to be in sufficiently good order. They do not slow down the hiring of specialists," says Vartiainen. 

The story of IQM shows that a top deep tech company can remain Finnish, build its own factory infrastructure here, and bounce from its home soil to the global market – as long as the public and private sectors work together at the right time. 

"Business Finland's task as a public innovation funder is to enable ambitious initiatives and share the risks related to developing something new with the companies. Our goal is to create new expertise, business, and strong ecosystems in Finland. As a breakthrough by one company attracts other companies, experts, and investments, the impact of public funding extends far beyond a single company. IQM and Finland's quantum ecosystem are an excellent example of this," says Lassi Noponen, Director General and CEO at Business Finland. 

Business Finland's support for export delegations and the establishment of international relations has been valuable to IQM. In changing global circumstances, building trust in partner countries is of utmost importance. 

"Finland has taken the right steps in industrial renewal and focus on its areas of strength. It is now producing results. I recently attended a Tesi event, where we were joined by Oura and Iceye. The value of our three growth companies has increased by 13 billion euros in one year. There is optimism, and this atmosphere of optimism should be nurtured even more. In Finland, the required conditions are there and the prerequisites for growth exist. Now we just have to do the work," Vartiainen concludes optimistically. 

And IQM really is hard at work. Order books already total over 100 million euros. The company currently has staff at 13 different locations. In addition to Europe, the United States, Japan, South Korea, and Taiwan are important growth markets.