SpaceX's approach to quantum computing could lead to monetary gains, claims the CEO of IQM.
In an exciting development for the quantum computing industry, IQM, a Finnish quantum startup, has started generating revenue by selling its quantum computers to state-funded research institutions, even in their nascent stages [1]. This strategy mirrors SpaceX's approach, where early rocket sales to public sector clients provided crucial revenue and partnership opportunities, even as SpaceX was still iterating and improving its technology.
IQM's success is evident in the number of quantum computers it has sold globally, which stands at 13, and its impressive bookings pipeline exceeding €90 million [1]. This approach not only brings in revenue much earlier than the traditional deep tech route—where profitability is often projected a decade out—but also builds strategic partnerships that help fund and guide future product development.
Jan Goetz, co-founder and co-CEO of IQM, revealed this at a conference in Amsterdam. He highlighted that IQM began earning revenue earlier than expected, with its first contract signed in 2020 and the first system sold soon after [1].
One of the industry's front-runners, IQM has raised a total of $210mn (€181mn) in funding [1]. The company is developing its capability to create quantum-enhanced machine learning through a collaboration with Siemens.
Goetz notes that while artificial intelligence will have technical challenges in pushing a lot of data through quantum computers for the foreseeable future, limiting their capacity for AI applications, quantum computers are good at creating true randomness [1]. He explains that quantum computers can be used to generate synthetic data for training AI models more efficiently.
However, he warns that without serious capital in place, Europe may not be able to compete with countries like the US or China in quantum computing [1]. He expects these companies to expand their investments rapidly.
Goetz believes the next major shift in the quantum computing landscape will come from the infrastructure layer, specifically companies that build and operate data centers [1]. Despite its previous successes, IQM is still facing challenges in the level of investment being relatively small.
This process of error correction in quantum computing is likened to democratic voting, where a group of qubits can correct errors and give the correct answer. The errors get flipped back in this process.
With its innovative early revenue strategy and strategic partnerships, IQM is positioning itself as a leading company in the quantum hardware sector in Europe.
- IQM's leverage in data-and-cloud-computing and technology sectors is apparent as they collaborate with Siemens to develop quantum-enhanced machine learning.
- The co-founder and co-CEO of IQM, Jan Goetz, emphasizes the potential of artificial-intelligence applications, despite initial limitations in pushing large amounts of data through quantum computers.
- According to Goetz, quantum computers can contribute significantly to the field of AI by generating synthetic data for training models more efficiently, marking an important role for the infrastructure layer in the quantum computing landscape.
