IQM, the Finnish full-stack quantum computing company, became the first European quantum firm to list on a U.S. stock exchange Thursday, debuting on the Nasdaq via a SPAC merger at a valuation of roughly $1.9 billion. But the reception was tepid: shares spent most of the day below the offering price, a sign that investors remain cautious about a technology whose commercial timeline remains deeply uncertain.
The muted debut was fueled in part by IQM’s own prospectus, which acknowledged that “large-scale commercial traction of quantum computing technology may never occur.” While that disclaimer is standard across the quantum industry, its inclusion in a public filing underscores the gap between investor enthusiasm for quantum stocks and the hard technical and commercial realities the sector still faces.
What IQM actually sells
Unlike many quantum startups that focus solely on software or cloud access, IQM builds and sells physical quantum computers. Its customers include VTT Technical Research Centre of Finland and the Leibniz Supercomputing Centre in Germany, as well as a growing number of private-sector clients. The company also sells computing time through its cloud platform.
“We sell computers into advanced supercomputing centers and data centers, and we sell computing time through the cloud,” CEO and cofounder Jan Goetz told TechCrunch. IQM’s customer base has grown from 8 in 2024 to 22 in 2025, with two recent additions from the private sector — a milestone the company considers worth celebrating, even if the absolute numbers remain small.
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The quantum advantage question
Demand for quantum computing is unlikely to scale meaningfully until the industry achieves “quantum advantage” — the point at which quantum chips reliably outperform classical computers for a broad range of complex, time-intensive tasks. That milestone would unlock use cases from drug discovery to financial modeling, while potentially upending current encryption standards. But no company, including IQM, can say when that will happen.
Despite the uncertainty, investors have continued to pour money into quantum companies, both public and private. The Trump administration’s recent executive orders aimed at accelerating the U.S. quantum timeline have added further momentum. 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. That timeline mirrors similar pledges from France, Germany, and the United Kingdom, but Trump’s orders carry particular weight for IQM, which recently established a quantum tech center in Maryland and deployed a computer at Oak Ridge National Laboratory, part of the DOE.
“We can benefit directly from it,” Goetz said of the U.S. policy push.
A dual listing and a European identity
IQM listed under the ticker IQMX on the Nasdaq in the U.S., where most of its quantum peers are traded. But the company is also due to debut Friday on Nasdaq Helsinki, where it expects continued support from Finnish sovereign wealth fund Tesi. IQM’s story remains deeply tied to Finland. The company was founded in 2018 as a spinout from Aalto University in Espoo, a tech and quantum hub near Helsinki where two-thirds of its 420-person staff still work. Another 100 employees are based in Munich, with the remainder spread across locations supporting the company’s global deployment roadmap.
In its prospectus, IQM noted that this European-American duality appealed to RAAQ, the blank-check company that facilitated the SPAC merger. “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,” the RAAQ board wrote, adding that IQM also demonstrated its ability to operate outside of Europe.
Goetz expressed pride at being the first European quantum company to list in the U.S., though French competitor Pasqal announced plans to go public via a SPAC soon after. “It always feels good to be first and to be a pioneer, but ultimately it’s about long-term success,” Goetz said.
The listing will generate approximately €198 million ($226 million) in new liquidity for IQM, coming just months after the company raised $300 million in a Series B round last September. “It’s a big success raising very shortly after the Series B,” Goetz said, adding that the primary goal of going public was to position IQM more prominently in a race still full of unknowns.
Frequently Asked Questions
What is IQM and what does it do?
IQM is a full-stack quantum computing company based in Finland that builds physical quantum computers and offers cloud-based quantum computing services to research centers and private-sector customers.
Why did IQM’s stock not pop on its first day of trading?
IQM shares traded below the IPO price on its debut, partly because SPAC mergers have recently received a lukewarm reception from retail investors, and partly because the company’s own prospectus acknowledged that large-scale commercial success for quantum computing is not guaranteed.
What is ‘quantum advantage’ and why does it matter?
Quantum advantage is the point at which quantum computers outperform classical computers for a wide range of complex tasks. Achieving it is considered critical for unlocking broad commercial applications in fields like biotech and fintech.
How many customers does IQM have?
IQM has grown from 8 customers in 2024 to 22 in 2025, including two recent private-sector clients, though most of its customers are still from the public research sector.
