For a long time, quantum lived in the "too early" folder: dense physics, uncertain timelines and pitch decks that read like grant proposals. As an engineer, the ambition was exciting; as a fund, it was hard to see where the product and the revenue would come from, or when.

That picture is changing. In 2024, deeptech (including AI) drew around €15bn in VC, close to a third of all European venture capital, with quantum and advanced hardware sitting alongside AI as core subsectors rather than curiosities. Globally, the quantum computing market is estimated at about $1.4bn of revenue in 2024, with forecasts pointing to roughly $4-4.2bn by 2030, and broader quantum-tech revenues (computing, communications, sensing) expected to rise from about $2.7bn in 2024 to nearly $9.4bn in 2030. On the public side, the EU has already invested over €8bn into quantum between 2018 and 2024 and put a dedicated Quantum Europe Strategy in place, treating the field as strategic infrastructure rather than a pure research topic.

On the private side, we've seen platforms like Alice & Bob (where we invested early) raise €100m+ Series B funding on top of earlier grants and rounds, with national programmes such as France 2030 and PROQCIMA explicitly backing their roadmap to fault-tolerant machines. Put simply: there is now a small set of platforms attracting serious capital on double-digit revenue multiples, and a long tail that will struggle to justify similar expectations. The physics risk has not disappeared, but the category is no longer built purely on hope.

Which European Quantum Computing Sectors Will Attract the Most Investment in 2026?

By 2026, three clusters are expected to attract most of the attention:

• Full-stack European quantum and photonics platforms that can credibly become national or regional champions, with long-term state and strategic capital behind them.
• Application companies in simulation, optimisation and materials that make money on hybrid (quantum + classical) infrastructure while fully scaled machines are still being built.
• Enabling technologies (control electronics, cooling, error-correction, verification) that become the picks-and-shovels every serious quantum stack needs.

What Separates Fundable Quantum Startups From the Rest?

From my perspective, the interesting founders in this space treat quantum like any other deeptech product category: they are obsessive about the science and equally serious about who their first 10 customers are, what they are paying for, and how to bridge from early pilots to repeatable revenue. Beautiful physics without a commercial path will increasingly belong in a different funding model than venture.

Frequently Asked Questions

Q: How large is the European quantum computing market in 2026?
A: The global quantum computing market was estimated at approximately $1.4bn in revenue in 2024, with forecasts projecting $4-4.2bn by 2030. Europe is a significant contributor, with the EU having invested over €8bn into quantum between 2018 and 2024, backed by a dedicated Quantum Europe Strategy.

Q: Is European quantum computing dominated by public funding or private investment?
A: Both play a role, but the balance is shifting. Public funding remains significant, with EU-level programs and national initiatives like France 2030 and PROQCIMA actively backing roadmaps to fault-tolerant machines. On the private side, platforms like Alice & Bob have raised €100m+ Series B rounds, signaling growing VC confidence in the sector.

Q: What types of quantum companies are best suited for venture capital vs. other funding models?
A: Quantum companies with a clear commercial path -- identifiable customers, defined pricing, and a roadmap from pilot to repeatable revenue -- are better suited for venture capital. Companies focused primarily on foundational physics research, without near-term revenue visibility, are better aligned with grant-based or public funding models.

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