Its executive director is physics professor Norbert Lütkenhaus and hosts researchers based in 7 departments across 3 faculties at the University of Waterloo.

In addition to theoretical and experimental research on quantum computing, IQC also hosts academic conferences and workshops, short courses for undergraduate and high school students, and scientific outreach events including open houses and tours for the public.

The building was designed by Toronto-based firm Kuwabara Payne McKenna Blumberg Architects (KPMB).

In addition, IQC also offers an interdisciplinary graduate program in Quantum Information which leads to MMath, MSc, MASc, and PhD degrees.

On 9 June 2008, Mike and Ophelia Lazaridis, together with Ontario Premier Dalton McGuinty, University of Waterloo President David Johnston, and other guests officially broke ground on the project which will consist of three areas: one to house IQC, one for the Waterloo Institute for Nanotechnology, and a clean fabrication and metrology suite to be shared between the two institutes.