IQM Quantum Computers announced plans to invest over €40 million (approximately $46 million) to expand its production facility in Finland. The company is regarded as a key player in Europe's bid to compete in the global quantum computing market.

The investment is expected to double the production line capacity and increase the annual output of quantum computers.

Pasi Kivinen, Vice President of Operations at IQM Quantum Computers, stated in a release: "This will become one of the world's most advanced quantum computer production facilities, integrating both assembly lines and chip manufacturing."

Quantum computers operate at speeds far exceeding traditional computers, and the technology is considered critical for cybersecurity.

In July, Henna Virkkunen, EU Commissioner for Digital and Innovation, emphasized the EU's goal to attract more private funding for the region's quantum technology sector.