Finnish quantum unicorn IQM set to go public

Source: TechCrunch

Finnish unicorn IQM announced plans to go public via a special purpose acquisition company (SPAC), valuing the company at approximately $1.8 billion. The move will add IQM to the growing cohort of quantum‑computing firms listed on U.S. stock markets.

Company background

Founded in 2018 as a spin‑out from Finland’s Aalto University and VTT Technical Research, IQM commercialises both on‑premises full‑stack quantum computers and a cloud platform that provides remote access to its systems. Its client base includes academic and industrial labs worldwide.

Quantum market trends

Public quantum‑computing companies have seen their stocks surge in recent months, driven by signals from governments and Big Tech that a “quantum advantage” over classical supercomputers may soon be within reach. This optimism has led investors to double down, betting on future applications in life sciences, new materials, and other sectors.

Despite the hype, many of these firms have gone public via SPACs—a faster route than a traditional IPO that peaked in 2021 and left some investors with losses. Nevertheless, quantum SPACs are back in fashion; earlier this month, neutral‑atom quantum company Infleqtion jumped in its debut on the NYSE, and Canadian firm Xanadu Quantum Technologies plans a SPAC‑driven Nasdaq listing by the end of March.

IPO details

IQM is considering a dual listing on both a U.S. exchange (Nasdaq or NYSE) and a Nordic exchange. In the U.S., the SPAC vehicle is the Nasdaq‑listed Real Asset Acquisition Corp. As a foreign issuer, IQM would list American Depositary Shares, subject to regulatory approval.

Going public will extend IQM’s runway to support its commercial plans. The company reported $35 million in 2025 revenue and over $100 million in bookings. Upon completion of the transaction, its cash position is expected to exceed $450 million. Market‑cap movements will depend on investor appetite for quantum stocks at the time of trading.

Funding

According to Crunchbase, IQM has raised roughly $569.1 million to date. Its most recent round was a $320 million Series B led by U.S. investment firm Ten Eleven Ventures, with participation from Finnish investor Tesi, Schwarz Group, Winbond Electronics Corporation, EIC, Bayern Kapital, and World Fund.