IQM lists on Nasdaq at $1.9B, becoming Europe's first public quantum player
What's the deal? IQM Quantum Computers began trading on the Nasdaq Global Select Market on July 2, 2026, under the ticker "IQMX," completing its business combination with Real Asset Acquisition CorpDealroom has a profile for this one. Try Dealroom →. The listing makes the Espoo, Finland-based company the first European quantum computing firm on a major US exchange.
The terms: The SPAC merger valued IQM at roughly $1.9 billion. The transaction generated about €198 million (roughly $226 million) in net proceeds after costs and left IQM with a pro forma cash position of €337 million.
What's the endgame? IQM builds full-stack superconducting quantum computers that customers own and operate, rather than access via the cloud. It has sold 23 systems worldwide — more than any other manufacturer — to enterprises, universities, supercomputing centres, and national laboratories.
The numbers: IQM grew from eight customers in 2024 to 22 in 2025. The company had raised roughly $300 million in a Series B last September, shortly before the listing.
Why now? The debut taps growing investor appetite for commercial quantum hardware and adds a rare non-US pure-play to a public market dominated by IonQ and Rigetti. IQM also plans a parallel secondary listing on Nasdaq Helsinki.
What could go wrong? Shares spent most of the debut day below the IPO price — a lukewarm welcome. IQM's own prospectus warns that "large-scale commercial traction of quantum computing technology may never occur," and public markets will now test its scale-up and fault-tolerant research roadmap.
The signal: A European hardware champion securing a Nasdaq slot marks a milestone for the region's deep-tech ecosystem — and signals that quantum firms increasingly view public markets as the route to fund the long, costly path to fault-tolerant computing.
Read more: iqm.tech, TechCrunch
