After missing the AI, semiconductor, social media, and smartphone booms, Europe is now asking whether quantum technology could provide the continent with a new commercial edge. A series of major developments in early 2026 suggests the answer may be a qualified yes — though the question of whether Europe can retain its talent and capital remains open.
Key Developments in Europe's Quantum Ecosystem
IQM, a Finland-based quantum computing start-up and a leading European player, announced a merger with a SPAC (Special Purpose Acquisition Company) that will take it public in the United States. The deal values IQM at $1.8 billion and provides funding for advancing its fault-tolerant quantum computing platform toward large-scale commercialisation.
Quantinuum — the company formed from the merger of Cambridge Quantum and Honeywell Quantum Solutions — has filed to go public. NVIDIA invested in a 2025 round that raised $600 million at a valuation of $10 billion. Quantinuum is majority owned by Honeywell and headquartered in the United States, but its roots are firmly in Cambridge, UK.
IonQ, a US-listed company, acquired UK-based Oxford Ionics for more than $1 billion in September 2025, further demonstrating US appetite for European quantum talent and technology.
The Jülich Supercomputing Centre in Germany has permanently incorporated the US-based D-Wave annealing quantum computer after three years of successful hosting, connecting it to JUPITER — Europe's first and only exascale supercomputer.
Public Investment and the Funding Landscape
State funding is increasing, with approximately $14 billion committed over the past five years across the EU. This has encouraged EU-based private investments in quantum technology. Of the roughly 500 quantum start-ups worldwide, a third are situated in Western Europe.
"Europe needs to establish itself as a leader in the quantum ecosystem space. The need to be self-sufficient in this technology is critical given global logistics, supply chain considerations, and security implications." — Dr. Kris Naudts, Firgun Ventures
The Talent Question
Europe has excellent universities and a rich talent pool in physics, engineering, and computer science. The critical question is whether it can retain this pool domestically, or whether it will continue to lose it to the United States. Europe's public markets for technology start-ups are unfortunately not as attractive as those in the US, and the lucrative gains from US-based acquisitions are likely a bigger factor in the current dynamic than public investment alone.
Firgun Ventures, a $250 million Cambridge-based fund specialising in early-growth-stage quantum technology investments, is attempting to address this gap directly — combining academic, operational, and financial expertise to nurture quantum start-ups from seed to Series A/B stage.