IQM Quantum Computers, the Finland-based superconducting quantum computing firm, has officially begun trading on the Nasdaq Global Select Market under the ticker IQMX.
The listing follows a completed business combination with Real Asset Acquisition Corp., making IQM the first European quantum computing company to trade on a major U.S. exchange.
IQM received approximately 198.7 million euros, or $233.5 million, in net proceeds from the business combination and a concurrent PIPE investment.
The company enters public markets with 337 million euros in pro forma cash, 23 quantum computers sold worldwide, and a software expansion through its Quantistry asset acquisition.
IQM debuted at a valuation of roughly $1.9 billion, though shares spent most of the opening day below the offering price, reflecting persistent investor caution around the sector’s commercial timeline.
That tepid reception came despite IQM’s own prospectus warning that “large-scale commercial traction of quantum computing technology may never occur,” a candid admission that did little to boost early sentiment.
CEO and Co-Founder Jan Goetz said quantum computing is “reaching an inflection point” as organizations shift from early testing toward genuine real-world implementation across industries.
IQM’s systems are already deployed at major institutions including CINECA in Italy, the Leibniz Supercomputing Center in Germany, and the Department of Energy’s Oak Ridge National Laboratory in the United States.
The company is also expanding its U.S. footprint with a new Quantum Technology Center in Maryland, and recently secured Japan’s first enterprise quantum computer purchase through a deal with Toyo Corporation.
Alongside the Nasdaq listing, IQM acquired selected assets of Quantistry GmbH, a Berlin-based developer of cloud-native simulation software serving automotive, aerospace, chemicals, materials science, and pharmaceutical industries.
The Quantistry deal adds software applications, algorithms, intellectual property, and technical talent, giving IQM a direct bridge between quantum hardware and practical industrial use cases.
IQM’s customer base has grown from 8 in 2024 to 22 in 2025, with two recent additions drawn from the private sector, signaling early but measurable commercial momentum.
Founded in 2018 as an Aalto University spinout, IQM still keeps two-thirds of its 420 staff in Espoo, near Helsinki, and maintains a significant presence in Munich as well.
The company has built strategic partnerships with industry heavyweights including NVIDIA and Amazon Web Services, whose leaders appeared alongside IQM executives at its Capital Markets Day event.
IQM’s public listing arrives at a politically favorable moment, with President Trump having signed executive orders aimed at accelerating the United States’ quantum computing timeline.
In response to those directives, the U.S. Department of Energy has committed to deploying “the world’s first fault-tolerant, scientifically relevant quantum computer” by 2028, raising the competitive stakes globally.
IQM’s listing now places Europe more directly in a public-market quantum race previously dominated by U.S.-listed firms such as IonQ, Rigetti, and D-Wave, all of which went public through earlier SPAC transactions.
French rival Pasqal is also reportedly lining up its own public listing, suggesting Europe’s quantum ambitions are accelerating well beyond a single company’s debut.
For now, IQM has planted a significant flag by demonstrating that a European deep-tech company can access U.S. capital markets at scale while keeping its operational roots firmly in Helsinki.
