Quantum Computing Firm IQM Raises $320M in Funding Round Led by Ten Eleven Ventures and Tesi.

IQM, a Finnish quantum computing startup, has raised $320 million in funding to support its growth. The investment was led by Ten Eleven Ventures and Finnish venture capital firm Tesi. The company's co-CEO and co-founder, Jan Goetz, stated that IQM has 350 employees globally and has built out finance and sales operations, as well as a factory in Espoo where it builds its machines. The funding underscores the growing interest in the quantum computing space, with shares of publicly-listed firms like IonQ and D-Wave Quantum seeing huge rallies in the past year.

Finland-based quantum computing startup IQM Quantum Computers has secured $320 million in a funding round led by U.S. venture capital firm Ten Eleven Ventures and Finnish venture capital firm Tesi. The investment underscores the growing interest in the quantum computing space, with shares of publicly-listed firms like IonQ and D-Wave Quantum seeing significant rallies in the past year [1][2].

IQM, which was founded in 2018 by a team of scientists, has 350 employees globally and has built out finance and sales operations, as well as a factory in Espoo where it builds its machines. The company's co-CEO and co-founder, Jan Goetz, stated that the funding will be used to ramp up investments in technology and commercial growth [2].

The investment highlights the increased buzz around quantum computing, with many European startups aiming to build powerful quantum computers to rival the likes of Google and IBM. IQM is among Europe's leading quantum companies, which also include Pasqal, Quantinuum, Alice & Bob, and QuiX Quantum [1].

While the U.S. leads in global quantum computer deal value since 2020, IQM ranks first in system shipments at 15% of deals, according to Quantum Insider. IQM's customers include Oak Ridge National Laboratory and the Leibniz Supercomputing Centre in Germany [1].

IQM is part of the Euro-Q-Exa program, which aims to integrate quantum and high-performance computing. The European Commission adopted a Quantum Strategy in July 2025 to position Europe as a global leader in quantum computing by 2030 [1].

Quantum computing stocks have been volatile in 2025, with D-Wave Quantum leading the market with a gain of nearly 89% year to date. Shares in IonQ have risen 2.9%, Rigetti stock has risen 1.7%, and Quantum Computing has pulled back 9% [1].

IQM specializes in building on-premises, full-stack quantum computers based on superconducting qubits. The company aims to achieve fault-tolerant quantum computing by 2030 [1]. IQM has sold 15 quantum computers to date, with its flagship machine Radiance and a more affordable quantum computer called Spark sold to universities [2].

Going forward, IQM plans to move beyond just hardware and develop a software platform aimed at making quantum computing accessible to developers who aren't experts in the field. The company also aims to scale up commercial and sales operations in the U.S. and Asia [2].

While an initial public offering may be an option for IQM further down the line, Goetz insisted the company has no IPO plans for the moment, adding there are still "attractive routes" in the private markets for raising capital. The ultimate goal is to build a sustainable, profitable business and shape the future of compute over a long time [2].

References:
[1] https://www.investors.com/news/technology/iqm-europe-quantum-computing-stocks/
[2] https://www.cnbc.com/2025/09/03/quantum-computing-startup-iqm-raises-320-million.html