IQM’s Nasdaq Debut: Europe’s First Public Quantum Computing Firm

IQM Quantum Computers, a Finnish quantum hardware firm, completed a SPAC merger with Real Asset Acquisition Corp. and began trading on Nasdaq Global Select Market under ticker IQMX on 2 July 2026. The deal valued the company at $1.9 billion and generated €198 million in net proceeds after costs.

Finnish Quantum Firm IQM Goes Public via SPAC Merger at $1.9B ValuationFinnish IQM Debuts on Nasdaq with $1.9 Billion ValuationIQM Joins Nasdaq as Public Quantum Computing CompanyIQM Shares Begin Trading After Nasdaq Debut

IQM sells quantum computers that customers own and operate, a “Production Quantum” model versus cloud providers. To date it has installed 23 systems at VTT (Finland), Leibniz Supercomputing Centre (Germany), CINECA (Italy), Oak Ridge National Laboratory (USA), and Toyo Corporation (Japan). The firm employs 400 staff across Finland, Munich, the US and Asia.

IQM Joins Nasdaq as Public Quantum Computing Company

IQM holds €337 million in cash. 2025 revenue ranges from $31 million to $35 million, with $67 million in bookings. The customer base grew from eight in 2024 to 22 in 2025, and installations now total 23 machines.

IQM Slips 3.4% After $234 Million Nasdaq SPAC Debut

CEO Jan Goetz said the sector is at an inflection point, with organisations worldwide moving from exploration to implementation, and that IQM enters the market from a position of strength with technology and a scaling strategy. He expressed pride in being the first European quantum firm listed in the United States and stressed long-term success over first-mover status.

IQM Quantum Computers has become the first European quantum computing company to list on a major U.S. exchange

The U.S. Department of Energy aims to field a fault-tolerant quantum computer by 2028, backed by a $2 billion executive order. Europe has pledged €200 million in public support, and Finland’s sovereign wealth fund Tesi backs IQM’s Helsinki listing. The Nasdaq debut positions Europe in the quantum race and gives IQM resources to expand its supply chain.

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Analysts linked the share-price performance—shares stayed below the IPO price for most of the day—to SPAC skepticism and uncertainty that large-scale commercial traction may never materialise. Venture-capital funding for quantum startups fell nearly 40 % in 2025, reflecting investor wariness about development cycles.

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

Sources differ on share-price movement—a 3.4 % decline, a 7.5 % early drop, and a 2 % early rise—on 2025 revenue ($31 million vs $35 million), and on the number of active customers (22) versus total installed systems (23). No source provides a concrete timeline for achieving quantum advantage.

IQM Slips 3.4% After $234 Million Nasdaq SPAC Debut

IQM will deepen its U.S. footprint with a Quantum Technology Center in Maryland and further DOE deployments. A Nasdaq Helsinki debut is slated for the following week, and the firm will use cash reserves to expand facilities, pursue acquisitions, and advance its quantum error-correction approach.

Silicon Republic

• “Quantum computing is reaching an inflection point.” — Jan Goetz, CEO, IQM

IQM Quantum Computers has become the first European quantum computing company to list on a major U.S. exchange

• “We can benefit directly from it,” — Jan Goetz, CEO, IQM

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• “It’s a big success raising very shortly after the Series B,” — Jan Goetz, CEO, IQM

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• “large-scale commercial traction of quantum computing technology may never occur.” — IQM prospectus

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