IQM’s Nasdaq Debut Marks Europe’s Quantum Leap

IQM started trading on Nasdaq on July 2, making history as the first European quantum computing company on a major US exchange. The Finnish firm entered public markets through a SPAC merger with Real Asset Acquisition Corp, valued at about $1.8 billion before money.

Founded in 2018 as a spinout from Aalto University, IQM now employs over 400 people, with two-thirds based in Espoo, Finland. The company operates major hubs in Helsinki and Munich and plans a Nasdaq Helsinki listing the day after its New York debut.

The SPAC deal brought IQM €406 million in cash, supplemented by about $146 million from a PIPE round. This leaves IQM with a strong pro forma cash position of €337 million as it accelerates growth. Total funding has hit €515 million by 2025, including a €50 million investment from BlackRock the previous autumn.

IQM reported €31 million in revenue for 2025, up from 8 customers in 2024 to 22 last year. The company has sold 23 quantum computers worldwide, with an order backlog exceeding €67 million. Customers include Toyo Corporation in Japan and research centers like CINECA in Italy, the Leibniz Supercomputing Center in Germany, and Oak Ridge National Laboratory in the US.

IQM’s technology centers on high-performance quantum processors, hardware-efficient control systems, and cutting-edge system engineering. It recently unveiled a novel quantum error correction method that cuts hardware needs for fault-tolerant computing. The company opened its first Quantum Technology Center in Maryland and installed quantum hardware at Oak Ridge.

Jan Goetz, CEO and co-founder, framed the Nasdaq debut as a milestone: “Quantum computing is reaching an inflection point. Organizations are moving from exploration to implementation.” He added, “It always feels good to be first and to be a pioneer, but ultimately it’s about long-term success.”

IQM’s ownership includes Finnish institutional capital such as Tesi, Varma, and Elo. Tom Henriksson called the Nasdaq listing “a landmark for European deep tech,” proving that European firms can access serious US capital without relocating core R&D.

IQM’s competitors—Quantinuum, IonQ, and Rigetti—are still unprofitable or report losses. IQM’s public debut signals confidence in its path and technology amid a brutal quantum hardware race. CEO Jan Goetz’s comment that “going public was not a change of direction but is rather an acceleration” sums up the company’s strategy.

The Nasdaq debut generated roughly €198 million after costs, about $226 million. IQM now stands as a rare European quantum hardware contender with deep pockets and global reach. The question is whether it can turn its cash and contracts into lasting dominance in a field packed with ambitious rivals.