MilestoneSep 23, 2026, 15:17 UTC

Bluefors joins Finland's unicorn club with a €1B valuation and €217M in revenue

What's the deal? Bluefors, the Helsinki-based maker of ultra-low temperature refrigeration systems for quantum computing, has topped a €1 billion valuation, becoming Finland's newest unicorn. The valuation, revealed in the company's latest financial statements, is based on the price investors paid for shares in a directed offering.

The numbers: Unlike many unicorns, Bluefors is already profitable. It posted nearly €217 million in revenue last year and more than €38 million in operating profit.

What does it do? Founded in 2008 by Rob Blaauwgeers and Pieter Vorselman, Bluefors builds cryogenic measurement systems, cryocoolers, and dilution refrigerators used in quantum computing and fundamental physics research. It employs more than 700 people globally and delivers under the Bluefors and Cryomech brands, with DevCo Partners a co-owner since 2021.

Why now? The milestone lands as demand for quantum computing infrastructure grows, and as Finland's broader growth sector turns a corner. Bluefors joins other Finnish unicorns including ICEYE and IQM.

The wider trend: A Helsingin Sanomat Visio analysis of 35 of Finland's largest independent venture-backed growth companies found their combined revenue rose 33% to around €3.6 billion in 2025. Their combined operating result swung from a €116 million loss in 2024 to a €183 million profit.

The context: Standouts include ICEYE, which grew revenue 169% to €278 million and turned an €80 million profit, and Oura, which reached €840 million in revenue before moving its headquarters to the US. Still, only nine of the 35 companies have crossed €100 million in annual revenue, keeping Finland's scaleup elite small.

The signal: Bluefors shows that Finland's growth cohort is shifting from loss-making bets to profitable companies reaching global scale. In a sector where valuations often outrun fundamentals, a unicorn built on real revenue and profit stands out.