Top 10 Biggest Tech Companies in Finland by Market Cap

That reflex is half right. Nokia is a category of its own in Helsinki — at roughly €72 billion it is worth more than the next four Finnish tech companies combined, and it has spent 2026 being violently re-rated by investors who suddenly decided it was an AI infrastructure stock. But the reflex is also badly wrong about everything below Nokia, because the rest of Finland’s listed technology sector is not software. It’s machines. Elevators, ship engines, rock crushers, cranes, paper mills.

This is the thing most rankings of this keyword get wrong: they either pad the list with banks and refineries, or they pretend Finland has a software tier that trades at meaningful size. It doesn’t. Finland’s most valuable technology companies outside Nokia are engineering firms — and Finland’s most exciting technology companies aren’t on any exchange at all.

Here is the list, how it was built, and what it actually tells you.

The Top 10 at a Glance

Combined market cap of the top 10: roughly €158 billion — of which Nokia alone is 46%.

How This List Was Built

Three rules, stated up front, because the definition does all the work here.

1. Finnish-headquartered only. This is the trap that catches most published lists. Nasdaq Helsinki hosts several large foreign companies as secondary listings — Ericsson trades in Helsinki at roughly €36 billion, which would place it third on a naive screen. It’s Swedish. Telia (~€18B) is Swedish. SSAB is Swedish. Tallink is Estonian. All excluded.
2. One entry per company. Orion, Kesko, Stora Enso, Metsä Board, Raisio and Ålandsbanken all trade in two share classes, and most data providers list each class as a separate row carrying the full company market cap. Screen carelessly and you double-count. None of the companies in our top 10 are affected, but the trap is real.
3. “Technology” means the engineered product is the product. Included: networks, software, IT services, electronics, instrumentation, and technology-intensive industrial systems. Excluded, deliberately:

• Nordea (€54.7B) and Sampo (€23.6B) — a bank and an insurer. Heavy IT spend doesn’t make you a tech company.
• Neste (€22.4B) — genuinely proprietary renewable-fuels technology, but it is classified and traded as a refiner, and its earnings track refining margins.
• Fortum (€18.7B) — a utility.
• Amer Sports (€17.5B) — sporting goods.
• Sanoma, Alma Media — mostly digital now, but media businesses at heart.

Reasonable people will draw the line differently, particularly around Hiab and Kalmar at the bottom of the list. If you’d rather see a stricter software-and-ICT ranking, there’s one further down.

The Top 10 Finnish Tech Companies, Ranked

1. Nokia — €72.2B

Nokia stopped being a slow-moving 5G equipment story in 2026. The stock is up around 73% year-to-date and roughly 130% year-over-year, driven by a repositioning toward AI data-centre infrastructure.

The chain of events is unusually clean. Nokia bought Infinera for $2.3 billion, giving it serious optical networking capability. Justin Hotard — ex-HPE, ex-Intel, with a high-performance computing background — took over as CEO. In October 2025, Nvidia put $1 billion into Nokia to develop AI-RAN. Then Q1 2026 landed: optical network sales up 20% to €821 million, around €1 billion in AI and cloud orders in a single quarter, and a raise of full-year Network Infrastructure growth guidance from 6–8% to 12–14%.

The caveat matters. At a P/E in the mid-80s, Nokia is no longer a value stock, and some analysts now flag it as overvalued relative to fair-value estimates. The operational turn is real; the price already assumes a lot of it continues.

2. KONE — €26.0B

KONE is in the middle of the biggest corporate move in Finland this decade. In April 2026 it agreed to acquire Germany’s TK Elevator for €29.4 billion including debt — a deal larger than KONE’s own market cap — and shareholders approved it at an extraordinary general meeting on 3 June 2026. The structure: €5 billion cash, up to 270 million new class B shares, and roughly €9 billion of assumed net debt.

If it closes, KONE overtakes Otis as the world’s largest elevator company. That “if” is doing work: management has guided to 12–18 months for completion and CFO Ilkka Hara has said openly that remedy divestments in some geographies are part of the plan. The elevator market is already highly concentrated, and antitrust scrutiny will be intense.

CEO Philippe Delorme would lead the combined group. Antti Herlin stays as chairman, with the Herlin family retaining over 50% of voting rights — the deal was never in doubt at the EGM, since 74% of voting power was pre-committed. 2025 sales were €11.2 billion.

3. Wärtsilä — €21.0B

Wärtsilä is the quiet beneficiary of the same AI buildout driving Nokia. Data centres need power faster than grid interconnection queues can supply it, and Wärtsilä sells modular engine power plants — 6–23 MW blocks scaling past 500 MW — that can be deployed off-grid on a developer’s timeline rather than the utility’s. It booked its fourth US data-centre power order in Q2 2026, a 412 MW project in Ohio, alongside a 429 MW order in Q1.

Less encouragingly, Wärtsilä is spinning its energy storage business into a joint venture and divesting a 50% stake, taking a €40–50 million hit to its 2026 operating result. Management’s reasoning is blunt: there were fewer synergies between engines and batteries than assumed, and the two are never contracted together anyway. CEO Håkan Agnevall is trading a growth story for focus.

4. Metso — €13.2B

Crushers, screens, grinding mills and slurry pumps for mining and quarrying — plus the automation and digital monitoring layer on top. Sami Takaluoma took over as president and CEO on 1 November 2024 and has since reorganised around Aggregates, Minerals, and Services and Consumables, discontinuing the Metals business area.

Metso’s investment case rests on aftermarket services smoothing out the commodity cycle: equipment sales swing violently, spare parts and service contracts don’t. It’s the same argument Sandvik and Caterpillar make, and it’s a good one.

5. Konecranes — €6.5B

Industrial cranes, lift trucks and port equipment, with a large service business and an IoT layer that monitors equipment in the field. Konecranes sits directly in the path of two structural trends — port automation and reshoring-driven factory investment — which is roughly why it trades at 1.6x revenue while Valmet, with more revenue, trades at 0.8x.

6. Elisa — €6.4B

Finland’s largest mobile operator, and the one company in this ranking that looks like a normal telco. What makes it interesting is the software arm: Elisa has been productising its own network automation and industrial IoT tooling and selling it internationally to other operators and manufacturers. At €2.3 billion of revenue supporting a €6.4 billion valuation, the market is paying for the operator’s cash flows and treating the software as an option.

7. Valmet — €4.1B

Pulp, paper and energy technology, plus a substantial automation business built out through the 2022 acquisition of Neles. Valmet is the cheapest large name on this list on a price-to-sales basis — €5.3 billion of revenue for a €4.1 billion market cap — which tells you exactly how the market feels about capital expenditure cycles in the paper industry right now. The automation segment is the part investors actually want.

8. Hiab — €3.7B

The most interesting corporate history in Helsinki. Hiab is Cargotec: after Kalmar was demerged in June 2024 and MacGregor was sold to Triton for €480 million in July 2025, the remaining company renamed itself after its only surviving business in March 2025. It now makes truck-mounted cranes, tail lifts and forestry cranes — the most borderline “tech” inclusion here, and reasonably challenged.

9. Kalmar — €2.8B

The other half of the Cargotec split, listed since 1 July 2024. Container handling equipment and, more importantly, the automation systems that run terminals. Kalmar has a stronger claim to the technology label than its former parent: automated container terminals are genuinely hard software-and-robotics problems, not just machinery.

10. Tieto — €2.4B

Rebranded from Tietoevry on 30 March 2026, dropping the EVRY suffix seven years after the Norwegian merger that created it. Under CEO Endre Rangnes, the company sold its Tech Services unit to private equity firm Agilitas (now trading as Vivicta) and reorganised around four vertical software businesses: Banktech, Caretech, Indtech and Tech Consulting. Around 14,000 employees, roughly €2 billion of annual revenue.

This is the highest-ranked company on the list that is unambiguously a software business — and it’s tenth.

Just Outside the Top 10

• Vaisala — €2.0B. Weather, environmental and industrial measurement instruments. Arguably the most quietly excellent company in Finland; its instruments are on Mars.
• Bittium — €1.2B. Tactical communications and defence electronics. €120 million of revenue supporting a €1.2 billion valuation — a 10x multiple that is entirely a bet on European defence spending.
• Scanfil — €863M. Contract electronics manufacturing.
• Kempower — €727M. DC fast charging for EVs. Down heavily from its 2022–23 peak.
• Qt Group — €708M. Cross-platform UI development framework. The purest software company in Finland by any definition.

The Software and ICT Tier

If you reject industrial technology entirely and count only ICT, electronics, software and instrumentation, the ranking looks like this — and it collapses fast after the first name:

Nokia is 84% of that list. Positions 6 through 10 are worth less, combined, than a mid-sized US software company. This is the real structural story of Finnish listed tech.

The Giants That Aren’t on This List

Market cap only measures public companies, and in Finland that omission is enormous.

ICEYE raised €450 million in a Series F led by General Atlantic on 9 June 2026 at a valuation above €10 billion — quadrupling from €2.4 billion just six months earlier. Nokia itself joined the round, alongside the Qatar Investment Authority, TCV, and Finnish state funds Solidium and Tesi. The synthetic-aperture-radar satellite company crossed €250 million in revenue and €100 million in EBITDA in 2025, with a contracted backlog over €1.5 billion, and has now sold sovereign satellite systems to seven European governments. If ICEYE were listed, it would rank fifth on this list — ahead of Konecranes, Elisa and everything below.

Supercell generated €2.65 billion in revenue and €932 million in operating income in 2025 with around 890 employees. Tencent has held a majority stake since 2016, when the deal valued it at roughly $10.2 billion — still the largest divestment in Finnish corporate history.

Oura raised $875 million in 2025 and topped it with a further $907.7 million round — the largest healthtech raise in European history. IQM raised over $300 million for quantum computing. NestAI took $115 million for defence autonomy. Wolt went to DoorDash; Rovio went to Sega.

The macro picture backs this up: Finnish startups raised somewhere between €1.5 billion and $2.2 billion in 2025 depending on which tracker you believe, and in February 2026 the NATO Innovation Fund and Dealroom ranked Finland fourth in Europe for defence, security and resilience investment — behind only the UK, Germany and France, with Helsinki placing fourth as a city, ahead of Paris and Berlin.

What This Ranking Actually Tells You

Three things.

Finland’s listed tech sector is an industrial sector. Seven of the top ten make physical machines. This isn’t a failure of the country — Finland’s engineering base is world-class and always has been — but anyone screening for “Finnish tech exposure” and expecting software will be surprised by what they own.

The concentration risk is extreme. Nokia is 46% of the top ten and 84% of the pure ICT tier. There is no second Nokia.

The growth has moved private. ICEYE at €10 billion, Supercell at €2.65 billion of revenue, Oura’s record raises, Finland’s fourth-place ranking in European defence tech — none of it shows up in a market cap screen. The exchange is a lagging indicator of where Finnish technology actually is.

Frequently Asked Questions

What is the biggest tech company in Finland? Nokia, at roughly €72 billion. It’s larger than the next four Finnish tech companies combined.

Is Nokia still a big company in 2026? Yes, and it grew substantially in 2026. Its market cap roughly doubled year-over-year on the strength of its pivot into AI data-centre networking, helped by the Infinera acquisition and Nvidia’s $1 billion investment.

Is KONE a tech company? It’s a judgment call. KONE builds elevators and escalators, but increasingly sells connected services and predictive maintenance on its installed base. This list includes it; a stricter definition wouldn’t.

Why isn’t Neste on this list? Neste has genuinely proprietary renewable-fuels technology, but it’s classified and traded as a refiner. Its earnings follow refining margins, not technology cycles.

Is Supercell the biggest Finnish tech company? No — but it’s the most profitable relative to its size. It has no market cap because Tencent has held a majority stake since 2016.

Which Finnish tech stock is a good investment? This article is a ranking, not advice. Market caps here are a snapshot and the two largest names both carry unusual risk — Nokia trades at a demanding multiple, and KONE’s TK Elevator deal faces 12–18 months of antitrust review with divestments already flagged as likely. Do your own research or speak to a licensed adviser.

Sources and Limitations

Market capitalisations are drawn from Nasdaq Helsinki listings data as of mid-July 2026, in euros. Corporate developments are sourced from company releases (KONE, Wärtsilä, Tieto, ICEYE, Metso), Nasdaq stock exchange filings, and reporting from Reuters, Bloomberg and CNBC.

Two honest caveats. First, market cap providers disagree — snapshots taken days apart can differ by 10% or more on a volatile name like Nokia, and providers treat dual share classes inconsistently. Second, “technology company” has no standard definition; the classification rules are stated above so you can rebuild the list on your own terms. Figures were accurate at the time of writing and change every trading day.

About The Author

Seema M

See author's posts