Key facts
- IQM, a full-stack quantum company from Finland, became Europe's first public quantum firm via a SPAC merger.
- The company's prospectus stated that large-scale commercial traction for quantum computing may never occur.
- IQM sells physical quantum computers and cloud services to customers like VTT Technical Research Centre and Leibniz Supercomputing Centre.
- President Trump has issued executive orders to accelerate quantum technology timelines, with the U.S. Department of Energy aiming to deploy a fault-tolerant quantum computer by 2028.
- IQM has established a quantum tech center in Maryland and deployed a computer at Oak Ridge National Laboratory.
- The SPAC merger generated approximately $226 million in liquidity for IQM.
IQM, a Finnish quantum computing company, has publicly listed on the Nasdaq via a SPAC merger at a valuation of approximately $1.9 billion. However, the company's shares experienced a lukewarm reception, trading below the IPO price. This subdued market debut was partly attributed to IQM's own disclosure in its prospectus, which stated that "large-scale commercial traction of quantum computing technology may never occur." This cautionary note, while applicable to the entire quantum industry, highlights the inherent uncertainties in the field.
Despite the long-term commercial uncertainties, IQM and other quantum companies are currently serving customers who utilize the technology for tasks such as simulations and optimizations. IQM offers both physical quantum computers and cloud services. CEO and cofounder Jan Goetz noted that the company has grown its customer base from 8 in 2024 to 22 in 2025, with two recent customers from the private sector, indicating some current demand.
The broader push for quantum computing is being encouraged by government initiatives. President Trump's executive orders aim to accelerate quantum technology development, prompting the U.S. Department of Energy to commit to deploying the world's first fault-tolerant, scientifically relevant quantum computer by 2028. This aligns with similar efforts in France, Germany, and the U.K. IQM stands to benefit directly from these initiatives, having established a quantum tech center in Maryland and deployed a computer at Oak Ridge National Laboratory.
IQM is unique among European unicorns for maintaining its operational center in Europe while pursuing a U.S. listing. The company is also set to debut on Nasdaq Helsinki, anticipating continued support from entities like Tesi, Finland's sovereign wealth fund. Founded in 2018 as a spinout from Aalto University, IQM has a significant portion of its 420-person team based in Finland, with another hundred in Munich and the remainder distributed globally. The SPAC sponsor, RAAQ, noted IQM's ability to operate both within and outside Europe, supported by over €200 million in public backing from European sovereign states and companies.
Goetz expressed pride in IQM becoming the first European quantum company to list in the U.S., especially as French competitor Pasqal also plans a similar move. The SPAC operation is expected to generate approximately $226 million in liquidity for IQM, adding to the $300 million raised in September. This successful fundraising shortly after a Series B round underscores IQM's strategic positioning in a highly uncertain but rapidly developing technological race.