IQM Quantum Computers began trading on the Nasdaq Global Select Market on 2 July under the ticker “IQMX”, reaching the public markets through a merger with a special purpose acquisition company rather than a traditional initial public offering. The deal valued the Finnish quantum hardware firm at a pre‑money valuation of approximately $1.8 billion.
SPAC merger delivers $1.8bn valuation
Instead of pursuing a conventional IPO, IQM merged with Real Asset Acquisition Corp. (RAAQ), a blank‑check company incorporated in the Cayman Islands and headquartered in Princeton, New Jersey. RAAQ had raised $172.5 million in its own IPO in April 2025 and had targeted sectors including quantum computing, metals and mining, rare earths, real estate and infrastructure. The transaction was structured as a merger into an indirect wholly owned subsidiary, with IQM surviving as the parent public entity. RAAQ shareholders approved the business combination on 25 June.
The merger delivered €406 million in cash to IQM, including an upsized private investment in public equity (PIPE) round that injected approximately $233.5 million (€198.7 million) in net capital. The PIPE was partly backed by Ilmarinen, another Finnish pension insurer alongside Varma and Elo. After the listing, IQM holds a pro forma cash position of €337 million, which it intends to use to develop fault‑tolerant quantum computing. Current IQM shareholders retained their shares and did not take cash out; all major shareholders agreed to standard lock‑up terms at closing. Finland’s state‑owned venture capital fund Tesi, alongside pension insurers Varma and Elo, remain invested, ensuring Finnish institutional capital retains a stake in the company’s public future.
Jan Goetz, IQM’s chief executive, said quantum computing “is reaching an inflexion point. Around the world, organisations are moving from exploration to implementation, investing in quantum infrastructure and building the capabilities that will define the next generation of computing.” Sierk Poetting, chairman of IQM’s board, described going public as “not a change of direction but is rather an acceleration.”
Dual listing keeps IQM rooted in Finland
Alongside its Nasdaq debut, IQM is pursuing a dual listing on Nasdaq Helsinki, with trading expected to begin the day after its New York launch. Finland’s Financial Supervisory Authority approved IQM’s Finnish‑language prospectus on 1 July, making the Helsinki listing possible. The dual listing is intended to enhance liquidity and align share prices between the two exchanges.
IQM was founded in 2018 by Jan Goetz, Mikko Möttönen, Kuan Yen Tan and Juha Vartiainen, emerging from Aalto University and the VTT Technical Research Centre of Finland. The company remains headquartered in Espoo, Finland, with major operations in Munich and employs more than 400 people. Its strategy – offering full‑stack, open‑architecture superconducting quantum computers that customers can own and operate on‑site – challenges the long‑held belief among European technology companies that they must reincorporate in Delaware, move to Silicon Valley, or list only on a US exchange to access significant American capital. Tom Henriksson, general partner at OpenOcean and an early investor, called the listing “a landmark for European deep tech. It proves that with the right vision, European companies can stand tall on the world stage and access serious US public capital without relocating their core R&D or ambition.”
Revenue sets IQM apart in a loss‑making sector
What distinguishes IQM from most of its quantum‑computing rivals is that it already reports concrete revenue. The company posted €31 million in revenue for 2025, has an order backlog of more than €67 million, and has sold 23 quantum computers – a tally that IQM says is more than any other quantum manufacturer. It counted 22 customers in 2025, up from eight the previous year. Its systems are operational at CINECA in Italy, the Leibniz Supercomputing Centre in Germany, the US Department of Energy’s Oak Ridge National Laboratory, and IQM secured the first enterprise quantum computer purchase in Japan with Toyo Corporation.
This commercial traction gave IQM far more leverage than most companies that go public via a SPAC, allowing it to set the terms of the deal and keep its headquarters in Finland. By contrast, competitors that have pursued public listings remain deeply unprofitable. Quantinuum, backed by Honeywell, filed for a traditional Nasdaq IPO in May with a target valuation of up to $20 billion – more than ten times IQM’s valuation – yet reported a net loss of $136.6 million in its most recent quarter on revenue of just $5.2 million. US‑listed firms IonQ and Rigetti Computing are also still loss‑making. IQM’s own prospectus included a warning that “large‑scale commercial traction of quantum computing technology may never occur,” but its existing sales and order book provide a more solid foundation than most peers can offer.
IQM’s path to the public market was built on a long funding runway. Prior to the listing it had raised more than €600 million in total capital, including a €275 million Series B round in September 2025 led by Ten Eleven Ventures – IQM’s first US investor – and Tesi, which was then the largest quantum‑computing funding round in Europe. Other rounds included a €128 million Series A2 in 2022. Additional support came from public and governmental sources: a €70 million grant to VTT for a 300‑qubit quantum computer project for which IQM is the technology provider, and a €35 million loan from the European Investment Bank for quantum processor development. BlackRock also contributed €50 million before the listing.
Despite the strength of its commercial numbers, the market’s initial reaction was tepid. IQM’s shares traded below the IPO price for most of its debut day, described as a “lukewarm welcome.” The quantum sector is expected to see more public listings in the coming year, with many companies facing the same choice as IQM: pursue US capital on US terms or keep their original structure. IQM’s dual listing and shareholder lock‑ups show that both goals can be achieved, but the real test will be whether Nasdaq investors continue to support a Finnish‑headquartered, Finnish‑owned company as much as they do those that move.
