IQM, a Finnish quantum computing company, has revealed its intention to go public through a special purpose acquisition company (SPAC), with an estimated valuation of around $1.8 billion. This strategic move positions IQM among the expanding list of quantum firms entering U.S. stock markets.
Established in 2018 as a spin-off from Aalto University and VTT Technical Research Centre, IQM specializes in both on-premises full-stack quantum computers and a cloud platform for accessing these systems. Its clientele includes various academic and industrial laboratories globally.
Recent trends indicate that public quantum companies have experienced a surge in stock prices, driven by governmental and major tech endorsements suggesting that achieving a "quantum advantage" over traditional supercomputers is imminent. This optimism has led to increased investments, with many believing that quantum technology will soon yield profitable applications across life sciences, new materials, and beyond.
The public listing will enhance IQM's financial capabilities to further its commercial ambitions. The company has reported revenues of $35 million for 2025 and has secured over $100 million in bookings. Upon completion of this transaction, IQM's cash reserves are expected to exceed $450 million. However, its market capitalization may fluctuate based on investor interest in quantum stocks at the time of trading.
Despite the promising outlook, the timeline for practical industrial applications remains uncertain, raising questions about the sustainability of the current enthusiasm surrounding quantum technology. Many companies in this sector have opted for SPAC routes, which, while quicker than traditional IPOs, have faced scrutiny following a peak in 2021 that left some investors with losses.
Nonetheless, interest in quantum SPACs is resurging. Recently, Infleqtion, a neutral-atom quantum company, made a successful debut on the New York Stock Exchange via a SPAC, while Xanadu Quantum Technologies is also planning a public offering through a SPAC on the Nasdaq by the end of March.
IQM aims to follow suit, considering listings on both U.S. and Nordic exchanges. In the U.S., it may choose between the Nasdaq or NYSE, with its SPAC partner being Real Asset Acquisition Corp., a Nasdaq-listed entity. As a foreign company, IQM will issue American Depositary Shares, pending approval for the listing.
To date, IQM has successfully raised approximately $569.1 million, with its most recent funding round being a $320 million Series B led by Ten Eleven Ventures, alongside contributions from several notable investors, including Tesi and the Schwarz Group.
