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When most people think about quantum computing, they imagine a futuristic technology far from turning a profit—something more than a decade away from real-world business success. But Finnish startup IQM is proving that idea wrong. At the TNW Conference, Jan Goetz, IQM’s co-founder and co-CEO, shared exactly how his company began making money much sooner than expected. Their approach draws inspiration from none other than SpaceX’s early funding playbook.
Instead of waiting for a perfect, fully developed quantum computer, IQM decided to sell their early-stage quantum machines to state-funded research institutions. This strategy is remarkably similar to how SpaceX started selling their early rockets to public sector customers even though those rockets sometimes failed shortly after launch. The goal with this method was to build important partnerships early, which in turn would help fund and accelerate future development.
Founded in 2018, IQM wasn’t just playing the long game—they locked in their first contract by 2020 and quickly followed up by delivering their first quantum system. To date, IQM has sold 13 quantum computers around the globe and boasts a robust bookings pipeline worth over €90 million. These achievements have positioned IQM as one of the leading players in quantum computing hardware worldwide. On top of this, IQM is Europe’s second best-funded quantum hardware company, having raised around $210 million (€181 million) in total.
Jan Goetz emphasized that the biggest barrier for quantum computing today isn’t the technology itself but the financial investment needed to truly scale and compete. While Europe has exceptional universities and exciting research projects, turning this foundation into world-class businesses remains a challenge. He pointed out that even though industry engagement is beginning, the investment levels are still relatively small compared to what’s needed to compete with tech giants in the US and China.
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