IQM Quantum Computers began trading on Nasdaq on Thursday after completing a merger with Real Asset Acquisition Corp., valuing the Finnish quantum computing company at about $1.9 billion. Its shares fell 8.8% on their first trading day, remaining below the SPAC’s $10 issue price for much of the session.
IQM became the first European quantum computing company listed on a major U.S. stock exchange. Its American depositary shares trade on the Nasdaq Global Select Market under the ticker IQMX, while its warrants use the symbol IQMX WS.
The company acknowledged in its prospectus that large-scale commercial adoption of quantum computing may never occur. Quantum computers are already used for research, simulations and optimisation, but the industry has not established when the technology will consistently outperform classical systems across a wider range of commercial tasks.
IQM Sells Physical Systems and Cloud Access
IQM builds full-stack superconducting quantum computers that customers can install in their own data centres. It also sells access to quantum computing capacity through its cloud platform.
Customers include Finland’s VTT Technical Research Centre, Germany’s Leibniz Supercomputing Centre and the U.S. Department of Energy’s Oak Ridge National Laboratory. The company sold 23 quantum computers and delivered 18 of them by June, while audited revenue reached €31 million in 2025.
Its customer count increased from eight in 2024 to 22 in 2025, including two private-sector buyers. CEO and co-founder Jan Goetz said the company sells systems to supercomputing centres and data centres while offering computing time through the cloud.
IQM was founded in 2018 as a spinout from Aalto University and VTT. About two-thirds of its more than 400 employees remain in Espoo, Finland, while roughly 100 work in Munich and others support deployments across North America, Europe and Asia.
Listing Provides €198.7 Million in New Funding
IQM received approximately €198.7 million, or $233.5 million, in net proceeds from the merger and a related private investment. The financing included €127.7 million from institutional and accredited investors purchasing shares at $10 each, according to the company’s official transaction announcement.
The new funding follows a $300 million private round completed in September 2025. IQM said the public listing would support its international expansion and work toward fault-tolerant quantum computers.
IQM’s ordinary shares also began trading on Nasdaq Helsinki on July 3 under the same IQMX ticker. Finland’s state investment company Tesi remains among the company’s supporters, while IQM has received more than €200 million in European public funding.
Featured image credits: Magnific.com
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