IQM Goes Public Amid Quantum Uncertainty
IQM, Europe’s first public quantum company, went public via a SPAC merger on Thursday at a valuation of approximately $1.9 billion. However, the share price received a lukewarm welcome. The company’s own prospectus included the admission that “large-scale commercial traction of quantum computing technology may never occur,” a warning that applies to the entire quantum industry.
The Reality of Quantum Commercialization
Current Customers and Growth
Despite the uncertainty, IQM continues to acquire customers. The full-stack quantum company from Finland sells physical quantum computers as well as cloud services. Its customers include VTT Technical Research Centre of Finland and Leibniz Supercomputing Centre in Germany. CEO and cofounder Jan Goetz stated, “We sell computers into advanced supercomputing centers and data centers, and we sell computing time through the cloud.” IQM grew from 8 customers in 2024 to 22 in 2025, with two recent clients from the private sector.
The Promise of Commercial Quantum Advantage
Demand is not expected to scale until the industry reaches “commercial quantum advantage”—the point at which quantum chips outperform classical computers for a larger range of complex and lengthy tasks. This could unlock use cases from biotech to fintech and potentially upend encryption. However, no one, not even quantum computing companies, can predict when that milestone will be reached.
Government Support and Global Ambitions
U.S. and European Initiatives
Despite the unknowns, investors continue to pour money into quantum companies, encouraged by executive orders from President Donald Trump to accelerate the quantum timeline. In response, the U.S. Department of Energy (DOE) has committed to deploying “the world’s first fault-tolerant, scientifically relevant quantum computer” by 2028. Similar announcements have come from France, Germany, and the U.K. IQM has already established a quantum tech center in Maryland and deployed a computer at Fermilab, which is part of the DOE. Goetz noted, “We can benefit directly from it.”
IQM’s Dual Listing Strategy
Unlike other European unicorns, IQM is not moving its center of gravity to the United States. While it trades under the IQMX ticker in the U.S., it is also due to list on a European exchange, where it expects continued support from investors like Tesi, Finland’s sovereign wealth fund. In its prospectus, IQM noted that this duality appealed to RAAQ, the blank check company that facilitated the merger. According to the RAAQ board, “As evidenced by over €200 million in public support for IQM, European sovereign states and companies have supported IQM’s emergence as a prominent quantum computing company in Europe.”
Finland Roots and Future Outlook
Origins and Workforce
IQM was founded in 2018 as a spinout from Aalto University in Espoo, a tech and quantum hub near Helsinki. Two-thirds of its 420-person team still works in Espoo, while another hundred are based in Munich, with the remainder split across other global locations to support its deployment roadmap.
Financials and Competition
The SPAC operation generated approximately €198 million after costs (about $226 million). The company had already raised additional funding in September 2025. Goetz expressed pride in making IQM the first European quantum company to list in the U.S., coming just ahead of French competitor Pasqal, which also announced plans to go public in America. “It always feels good to be first and to be a pioneer, but ultimately it’s about long-term success,” Goetz said.