How IQM Turned Quantum Computing Into Revenue Early On

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.

Looking ahead, Goetz sees the next big shift coming not from the end users of quantum computers but from the infrastructure side—specifically, companies building and operating data centers. He expects these private players to ramp up their investments rapidly, which could finally enable broad commercial applications and foster the growth of the quantum computing industry.

IQM is also exploring the intersection of quantum computing and artificial intelligence. Although pushing large amounts of data through quantum computers will remain technically difficult for the near future—limiting their direct use in AI applications—there’s fascinating potential in using quantum machines to create training data. Through a collaboration with Siemens on quantum-enhanced machine learning, IQM focuses on how quantum computers’ ability to generate true randomness can synthesize more efficient training data for AI models.

As Goetz explains, “What quantum computers are really good at is creating true randomness.” This quality can be harnessed to produce synthetic data that helps train AI systems better. The quantum approach resembles democratic voting: bundling a group of qubits together where even if a few give errors, the majority corrects them, flipping errors back and ensuring the right answer prevails.

In summary, IQM’s innovative approach—mirroring SpaceX’s early funding tactics—has turned quantum computing from a distant dream into a present-day business reality. By selling early-stage machines to strategic partners, securing strong financial backing, and exploring cutting-edge collaborations in AI, IQM is paving the way for quantum technology to start making money now, not just in the future.

Conclusion

IQM is revolutionizing the quantum computing landscape by turning cutting-edge technology into tangible revenue—today, not tomorrow. By adopting SpaceX’s playbook of selling early-stage solutions and securing strategic partnerships, IQM has already delivered 13 quantum systems globally, amassing a €90 million bookings pipeline and raising $210 million in funding.

This success isn’t just about technology; it’s about bold action and forward-thinking innovation. IQM’s approach proves that quantum computing’s financial potential is within reach, paving the way for a future where businesses can harness its power to lead.

Quantum is here, and it’s time to act. Whether through advanced AI collaborations or infrastructure investments, the next wave of growth is now. Don’t miss your chance to be part of this transformative era.

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