Finnish Quantum Firm IQM Goes Public via SPAC Merger at $1.9B Valuation

The Finnish full-stack quantum computing company IQM took the step into the public capital markets on Thursday. Through a merger with the Special Purpose Acquisition Company (SPAC) Real Asset Acquisition Corp. (RAAQ), the company is now traded under the ticker symbol “IQMX” on the Nasdaq Global Select Market. With a valuation of approximately $1.9 billion, IQM is the first European quantum company to be listed on a major US exchange.

Financial Position and Market Reaction

The IPO marks an important financial milestone for IQM. After deducting costs, the company is generating new liquidity amounting to approximately 198 million euros (about $226 million). This gives IQM a strong pro-forma liquidity position of 337 million euros in total, providing the company with room for global expansion.

However, the initial trading phase on the Nasdaq was lukewarm. Unlike many other tech IPOs, there was no immediate surge in share price; the stock price traded below the IPO price for most of the first trading day. Market observers attribute this partly to current skepticism toward SPAC mergers among retail investors, and partly to the inherent uncertainty surrounding quantum technology.

Growth and Business Model

Despite the lukewarm market reaction, the operating business shows signs of growth. IQM has already sold 23 quantum computers to research centers, universities, and companies worldwide, including the Leibniz Supercomputing Centre in Germany, VTT in Finland, and the Oak Ridge National Laboratory in the USA. The company was able to increase its number of customers from eight in 2024 to 22 in 2025.

IQM’s business model is based on the delivery of “full-stack” systems using superconducting technology. A central aspect is the “Production Quantum” model, in which customers can own and operate the hardware directly on-premises.

Technological Uncertainty as a Factor

IQM’s long-term valuation depends significantly on achieving the so-called “quantum advantage”—the point at which quantum computers permanently outperform classical high-performance computers at complex tasks (such as in biotechnology or financial mathematics).

In its prospectus, IQM acknowledged a fundamental uncertainty: large-scale commercial use of quantum technology may never occur on the scale that has been hoped for. This honest assessment reflects the situation of the entire industry, where the exact timing of a breakthrough is not yet foreseeable.

Global Strategy with a European Core

Although IQM is massively expanding its presence in North America with the opening of a technology center in Maryland and installations in the USA, the company remains closely connected to Europe. A large portion of its more than 400 employees continues to work in Finland and Munich. In parallel with the US listing, the company also plans a debut on Nasdaq Helsinki to secure support from European players, such as the Finnish sovereign wealth fund Tesi.

With the newly acquired funds, IQM now aims to consolidate its position in a global competition that is gaining momentum, increasingly driven by government support programs, such as those from the US Department of Energy (DOE).