Europe’s quantum computing sector is entering a new phase of maturity, with institutional capital increasingly flowing toward hardware companies that can demonstrate both commercial traction and a credible path to scale. Finnish quantum computing leader IQM Quantum Computers has secured €50 million in growth financing from funds managed by BlackRock, further bolstering its position as the continent’s most-funded quantum hardware company ahead of a planned US public listing.
Strategic investors back European quantum leadership
The financing comes from funds and accounts managed by BlackRock, the world’s largest asset manager, marking a significant direct investment in quantum computing hardware beyond its existing passive exposure through quantum-focused ETFs. For IQM, the deal strengthens its balance sheet at a critical juncture: the company announced in February 2026 a planned merger with Real Asset Acquisition Corp (RAAQ) that would see it listed on a major US exchange at a pre-money valuation of approximately $1.8 billion.
Jan Goetz, CEO and co-founder of IQM, described the timing as pivotal. “The financing package comes at a pivotal time for IQM, as we build momentum for our next phase of growth. This financing further strengthens our capital structure, increasing the resources available to enable us to execute on our technology vision and expand into new markets,” he stated.
The proceeds will be directed toward accelerating IQM’s technology roadmap, advancing research and development in quantum error correction and qubit quality, expanding into new geographic markets, and preparing for its forthcoming public listing. The growth financing facility is structured to lower IQM’s overall cost of capital whilst diversifying its funding base ahead of the IPO, expected to close around June 2026.
From Finnish lab to global quantum contender
Founded in 2018 as a spinout from Aalto University and VTT Technical Research Centre of Finland, IQM has grown into Europe’s leading quantum hardware company. The Espoo-headquartered firm develops full-stack superconducting quantum computers, delivering on-premises systems and cloud-based quantum computing access to research institutions, high-performance computing centres, and industrial partners worldwide.
IQM’s commercial traction is notable. The company has delivered 15 quantum computers to 13 customers across multiple countries — the largest publicly disclosed deployment figure among quantum computing companies globally. Its customer base includes Germany’s Leibniz Supercomputing Centre (LRZ), where IQM has integrated quantum systems with classical high-performance computing infrastructure, and VTT in Finland, where a joint project aims to deliver a 300-qubit system by late 2027.
The company reported approximately $35 million in revenue for 2025, with bookings and visibility exceeding $100 million. Its product range spans from 5-qubit educational systems to advanced 150-qubit platforms, with single-qubit and two-qubit gate fidelities consistently above 99.9 per cent.
Europe’s quantum moment
IQM’s fundraising underscores a broader shift in the European quantum computing landscape. European quantum funding reached an estimated €1.5 billion in 2025, up approximately 170 per cent year-on-year, though the continent still captures only around 5 per cent of global private quantum investment compared to more than 50 per cent flowing to the United States.
Government support has been instrumental. The European Union’s Horizon Europe programme has allocated over €1.9 billion to quantum research, whilst individual member states have committed substantial national programmes — Germany alone earmarked €2 billion for quantum R&D. Finland’s €70 million government grant for the VTT-IQM 300-qubit project exemplifies the public-private collaboration driving European competitiveness in the sector.
Comparable European raises in recent months include Alice & Bob’s €100 million Series B in Paris, Multiverse Computing’s €189 million Series B in Spain, and UK-based Quantinuum’s $800 million across two rounds. IQM’s cumulative fundraising of over €600 million places it firmly among the continent’s most-funded quantum ventures.
Should the RAAQ merger proceed as planned, IQM would become the first European quantum computing company to list on a major US exchange — a milestone that could catalyse further institutional interest in the sector and validate Europe’s growing quantum ecosystem on the global stage.
Company: IQM Quantum Computers
HQ: Espoo, Finland
Founded: 2018
Round: Growth financing
Amount: €50 million (~$57.6M)
Lead Investor: BlackRock
Total Funding: Over €600 million
Use of Funds: Technology roadmap acceleration, R&D, market expansion, IPO preparation