In a groundbreaking move for European deep tech, IQM Quantum Computers began trading on the Nasdaq Global Select Market on July 2, 2026, under the ticker IQMX. This milestone was achieved through a SPAC merger with Real Asset Acquisition Corp, a Princeton-based special purpose acquisition company. Unlike many European tech firms that relocate to the US for capital, IQM has remained firmly rooted in Finland, setting a new precedent for the industry.
The company’s listing values IQM at a pre-money valuation of approximately $1.8 billion and provides a pro forma cash position of €337 million. Notably, IQM reported €31 million in revenue for 2026, a remarkable achievement in a sector where many competitors report losses and minimal sales. This financial strength has positioned IQM as a leader in the quantum computing hardware market.
IQM’s Strategic Approach to Going Public
IQM’s decision to stay in Finland while accessing the US market is a strategic move that challenges the traditional narrative. For years, European tech companies have believed they needed to reincorporate in Delaware or move to Silicon Valley to attract major US capital. IQM’s dual listing on Nasdaq Helsinki, approved by Finland’s Financial Supervisory Authority on July 1, allows the company to maintain its regulatory and investor environment while reaching a broader US audience.
The ownership structure further supports this strategy. Current IQM shareholders retained their shares, and major shareholders agreed to standard lock-up terms at closing. Finnish institutional investors, including the state-owned venture capital fund Tesi and pension insurers Varma and Elo remain invested, ensuring Finnish capital continues to play a significant role in the company’s future.
The Financial Advantages of Staying in Finland
IQM stands out in the quantum hardware sector due to its revenue-generating capabilities. With an order backlog exceeding €67 million and 23 quantum computers sold, IQM has a solid business foundation. This financial stability gave IQM more leverage in its SPAC merger, allowing it to set favorable terms and keep its headquarters in Finland.
In contrast, competitors like Quantinuum backed by Honeywell, filed for a traditional Nasdaq IPO in May with a target valuation of up to $20 billion. Despite this higher valuation, Quantinuum reported a $136.6 million net loss last quarter on $5.2 million in revenue. Other US-based quantum computing firms, such as IonQ and Rigetti Computing are also unprofitable. The SPAC merger provided IQM with €406 million in cash, including a PIPE round partly backed by another Finnish pension insurer, Ilmarinen.
The Future of Quantum Computing and IQM’s Role
IQM’s listing marks a significant inflection point in the quantum computing industry. As organizations worldwide transition from exploration to implementation, investing in quantum infrastructure becomes crucial. IQM enters the public markets with a strong position, boasting leading technology, a growing global customer base, and a clear strategy for scaling commercial adoption.
Jan Goetz, CEO of IQM, emphasized the company’s strength and vision, stating, “Quantum computing is reaching an inflexion point. Around the world, organizations are moving from exploration to implementation, investing in quantum infrastructure and building the capabilities that will define the next generation of computing. IQM enters the public markets from a position of strength, with leading technology, a growing global customer base, and a clear strategy for scaling the commercial adoption of quantum computing.”
Sierk Poetting, chairman of IQM’s board, described the move as “not a change of direction but rather an acceleration.” Tom Henriksson, general partner at OpenOcean and an early investor in IQM, highlighted the significance of this listing for European deep tech companies, noting that it proves European firms can access serious US capital without relocating their core R&D or ambition.
The quantum sector is poised for more public listings in the coming year, with many companies facing the same choice as IQM: pursue US capital on US terms or maintain their original structure. IQM’s dual listing and shareholder lock-ups demonstrate that both goals can be achieved. However, the real test will be whether Nasdaq investors continue to support a Finnish-headquartered, Finnish-owned company as much as those that relocate.
