IQM
IQM Quantum Computers Oyj is a Finland-incorporated quantum computing company that designs and delivers superconducting (transmon) quantum processors and full-stack quantum computer systems, including on-premises installations and cloud access. Founded in 2018 as a spin-out from Aalto University and headquartered in Espoo, IQM combines in-house chip design, fabrication coordination, system assembly, and deployment services for research institutions and high-performance computing (HPC) environments. The company operates globally through offices across multiple locations and serves customers across Europe, North America, APAC, and the Middle East.
Fiscal year 2025 · change from previous year
Development 2024–2025
Business
Share of revenueSale and delivery of full-stack superconducting quantum computers installed at customer sites.
Installation, maintenance, training, and technical support tied to deployed systems.
Customer-funded development and integration work for specific use cases and environments.
Usage-based or subscription-style access to IQM quantum computers via cloud.
Customers
IQM sells quantum computer systems and related services to universities, national labs, and HPC/data-center operators that want on-premises quantum hardware integrated with classical compute (CPUs/GPUs). Customers also use IQM’s cloud platform to test algorithms and build “quantum readiness” capabilities without owning hardware. The customer base is geographically diverse across Europe, North America, APAC, and the Middle East, and revenue concentration can be meaningful because a small number of customers can represent a large share of annual sales.
Buy Spark/Radiance systems and services for quantum research, training, and experimentation.
Deploy Radiance systems alongside CPUs/GPUs to explore hybrid quantum-classical workflows.
Procure on-premises systems and co-development to advance national R&D objectives.
Use on-premises installations or cloud access to evaluate use cases and readiness.
Strategy
IQM’s strategy centers on scaling superconducting quantum systems from education/research units to larger HPC-integrated deployments, supported by a vertically integrated development and manufacturing approach. The company emphasizes improving hardware performance (e.g., gate fidelity) and advancing quantum error correction to reduce the physical-qubit overhead required for useful logical qubits. Commercially, it targets repeat purchases and upgrades as higher-capability systems become available, while expanding global deployments and cloud access to broaden user adoption.
Higher fidelity and more qubits support broader workloads and customer upgrades.
Reducing physical qubits per logical qubit can accelerate practical utility and competitiveness.
Repeat purchases and services attach rates can grow revenue per customer as systems improve.
Geography
IQM is headquartered in Espoo, Finland and delivers quantum computer systems globally, with customers across Europe, North America, APAC, and the Middle East. Its operating model includes on-site installation and ongoing services, which makes local field support and partner ecosystems important in key markets. Geographic diversity broadens the addressable customer base but also increases exposure to cross-border supply chains, export controls, and differing procurement cycles in public-sector and research markets.
Risks
IQM operates in a rapidly evolving quantum computing market where customer demand depends on perceived progress toward practical quantum advantage and confidence in superconducting roadmaps. The business can be exposed to customer concentration and long, milestone-based procurement cycles, particularly in research and public-sector environments. Execution risk is elevated due to complex hardware manufacturing, supply chain dependencies, and intense competition from large technology companies and alternative qubit modalities.
Customers may delay or reduce spending on testing, access, and readiness if benefits are unclear.
Competitors include Google, IBM, Microsoft, Rigetti and alternative modalities (ions, photonics, neutral atoms, cat qubits).
In each of 2025 and 2024, four customers individually contributed 10%+ of revenue, making results sensitive to a small set of contracts.
Exposure: Annual revenue volatility and backlog conversion
On-premises installations and maintenance require reliable hardware, integration, and ongoing support at customer sites.
Quantum hardware relies on specialized components and external partners for parts of the value chain and deployment ecosystem.
Accounting
Judgemental itemsMulti-element arrangements require allocation and timing judgments that affect period revenue.
Impact: Revenue timing, contract assets/liabilities, and comparability across periods
Valuation uses significant management estimates and market inputs; changes flow through earnings.
Impact: Non-cash gains/losses and balance sheet volatility
When the transaction counterparty is not a business under IFRS 3, the excess fair value is expensed as incurred.
Impact: Transaction-related expense recognition and equity accounting presentation
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Last updated: 02/07/2026