IQM Quantum Computers, a Finnish-headquartered developer of superconducting quantum systems, has secured a record-breaking $320 million (€275 million) in its Series B funding round, marking the largest raise in the quantum sector to date outside of the United States.
The round brings the company’s total capital raised to $600 million and underscores the accelerating pace of investment as quantum technology edges closer to commercial deployment.
The latest financing was led by Ten Eleven Ventures, a U.S.-based cybersecurity investment firm, marking IQM’s first American investor. Ten Eleven was joined by an expanded commitment from Tesi, the Finnish state-owned venture capital and private equity company that has backed IQM since its inception. Additional participants included both new and returning investors such as Elo Mutual Pension Insurance, Varma Mutual Pension Insurance, the Schwarz Group, Winbond Electronics Corporation, and sovereign wealth funds EIC and Bayern Kapital.
IQM plans to use the fresh capital to expand its international footprint, particularly in the United States, while continuing to reinforce its leadership in Europe. The company will channel funds into scaling its assembly lines, data center infrastructure, and chip fabrication capabilities in Finland, supporting its ambition to achieve fault-tolerant quantum computing. A central milestone is the development of systems that can scale from thousands to millions of qubits, paired with robust error reduction and correction technologies.
Dr. Jan Goetz, Co-Founder and Co-CEO of IQM, described the round as pivotal for the company’s next growth phase. “This funding round will fuel our company growth, with an accelerated tech roadmap towards error corrected systems from thousand to million qubits. We also focus on strong business expansion in the U.S. and other global markets based on our attractive on-premises offerings for quantum computers and the recently announced upgrade of our cloud offering,” said Mr. Goetz. He highlighted Ten Eleven’s participation as a critical step for IQM’s entry into the U.S., citing the investor’s experience in scaling companies to market leadership as a major factor in the partnership.
IQM’s Next Stage of Growth Journey
Ten Eleven’s Co-Founder and Managing General Partner Alex Doll emphasized the alignment between cybersecurity and quantum computing as a driver for the firm’s decision to lead the round. “Cybersecurity and quantum share an evolving relationship characterized by common stakeholder communities. This overlap will enable us to provide high-value counsel, capital, and connections to the IQM team,” Doll noted. As part of the investment, Doll will join IQM’s board of directors.
Tesi also signaled confidence in IQM’s trajectory, with Juha Lehtola, Director of Venture and Growth Investments, pointing to the company’s progress in technology, production, and customer delivery. “We are happy that Tesi’s revised investment strategy allowed us to significantly increase our investment to support IQM’s next stage of growth journey,” said Juha Lehtola.
IQM’s roadmap includes strengthening its global commercial presence while deepening investments in fabrication and R&D. By advancing capabilities in chip production, the company aims to position itself at the forefront of quantum error correction and scalable system design, crucial steps toward achieving practical quantum computing.
The raise also underscores the growing maturity of the European quantum ecosystem, with IQM emerging as a flagship example of how regional firms are seeking to balance global expansion with homegrown innovation. As interest from U.S. investors like Ten Eleven increases, IQM is positioned to bridge European expertise with North American market opportunities.
Goldman Sachs International acted as the sole placement agent for the transaction, reflecting the high-profile nature of the round and the level of investor interest in quantum’s near-term commercial potential.
With this raise, IQM consolidates its role as a global leader in full-stack quantum computing, navigating the transition from research-led development toward scalable, commercially viable systems. The size and diversity of the investor syndicate point to rising confidence that quantum technology, once largely experimental, is now moving firmly into the realm of enterprise-ready infrastructure.
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