Finnish quantum computing company IQM has announced its intention to go public through a special purpose acquisition company, or SPAC. This transaction values the company at approximately $1.8 billion. With this move, IQM will join a growing number of quantum computing firms listed on U.S. stock exchanges.
IQM was founded in 2018 as a spinout from Finland’s Aalto University and the VTT Technical Research Centre. The company commercializes on-premises, full-stack quantum computers and also provides a cloud platform for accessing its systems. Its client base includes academic and industrial laboratories worldwide.
Publicly traded quantum companies have seen their stock prices surge in recent months. This enthusiasm is fueled by signals from governments and major technology firms that a practical “quantum advantage” over traditional supercomputers may soon be achievable. Believers in the technology are doubling down, convinced the field will soon yield lucrative real-world applications in areas like life sciences and new materials.
Going public will provide IQM with an extended financial runway to support its commercial ambitions. The company reported $35 million in revenue for 2025 and has over $100 million in bookings. Upon closing the SPAC transaction, IQM’s cash position is expected to exceed $450 million. However, its market capitalization could trend upward or downward depending on investor appetite for quantum stocks when it begins trading.
With widespread industrial applications still potentially years away, questions remain about whether the current quantum frenzy will last. These questions are amplified because most quantum companies have gone public via SPACs. This route is faster than a traditional IPO but peaked in 2021 and left many investors with losses.
Despite this history, quantum SPACs are back in fashion. Earlier this month, neutral-atom quantum company Infleqtion saw its stock jump in its debut on the New York Stock Exchange via a SPAC. Canadian firm Xanadu Quantum Technologies also plans to go public via a SPAC on the Nasdaq by the end of March. IQM is now following in their footsteps but is considering listings on both a U.S. and a Nordic exchange. In the U.S., it may list on either the Nasdaq or the NYSE. The blank check company involved is Nasdaq-listed Real Asset Acquisition Corp. As a foreign company, IQM will list American Depositary Shares, pending exchange approval.
According to fundraising data, IQM has raised approximately $569.1 million to date. Its most recent funding round was a $320 million Series B investment led by U.S. firm Ten Eleven Ventures. Other participants included Finnish investment firm Tesi, Schwarz Group, Winbond Electronics Corporation, the European Innovation Council, Bayern Kapital, and World Fund.