Full Breakdown
Finland's IQM Quantum Computers Set for US Public Listing
2/23/2026, 9:30:35 PM
Strategic Move into Public Markets
Finland-based quantum computing startup IQM Quantum Computers has announced plans to go public through a merger with the special purpose acquisition company (SPAC) Real Asset Acquisition Corp (RAAC). This transaction, which values IQM at $1.8 billion, is expected to close in June 2026, pending shareholder approval and regulatory conditions. The merger could provide IQM with over $300 million in funding, enhancing its financial capacity to advance its quantum computing technology.
Background and Context
Founded in 2018 as a spinout from Finland's VTT Technical Research Centre and Aalto University, IQM has raised over $570 million to date, including a $320 million Series B funding round in September 2025. This funding was led by Ten Eleven Ventures and Finnish development finance firm Tesi. The company aims to build scalable quantum computers, competing with major players like Google and IBM, and has already sold 21 quantum systems to 13 customers, including prominent research institutions.
Financial Implications and Market Position
The planned public listing marks a significant milestone for IQM, positioning it as one of Europe's first publicly traded quantum computing firms. This move is seen as a critical test of investor confidence in the commercialization of quantum technology, especially as the sector faces scrutiny over profitability timelines. IQM's valuation reflects a belief that it can deliver revenue-generating quantum systems in the near future, despite the broader challenges in the quantum computing landscape.
Criticism and Opposition
While the listing is a positive development for IQM, it also highlights concerns regarding the erosion of European tech sovereignty, as many startups are moving operations to the US for better funding opportunities. Critics argue that this trend could undermine the region's technological independence. However, IQM has stated its commitment to remaining headquartered in Finland, even as it seeks to access deeper capital markets in the US.
Official Statements & Responses
Jan Goetz, IQM’s co-founder and CEO, emphasized the company's mission: “We built IQM from the beginning for one purpose — to put working quantum computers in the hands of the people who will use them to solve real problems. Quantum computing is a science project no more. It is an industry where customers own, operate, and build on advanced quantum computers.” Peter Ort, CEO of RAAC, noted, “This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.”
What's Next
As IQM prepares for its public listing, the company is also considering a dual listing on the Helsinki stock exchange. This strategy would allow it to maintain a presence in Finland while tapping into the larger US market. The successful completion of this merger could pave the way for other European quantum startups to explore public market options, potentially reshaping the funding landscape for quantum technology in Europe.
Verbatim Quotes
- “Quantum computing is a science project no more. It is an industry where customers own, operate, and build on advanced quantum computers. That’s what IQM makes possible.” — Jan Goetz, Co-founder and CEO of IQM
- “This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.” — Peter Ort, CEO of Real Asset Acquisition Corp
