IQM Quantum Computing Announces Plans to Go Public

The quantum computing landscape is witnessing a significant shift as IQM Quantum Computing, a prominent Finnish company, has revealed its intention to pursue a public listing. The firm plans to go public through a merger with a special purpose acquisition company, a deal that would establish an approximate valuation of $1.8 billion. This strategic move positions IQM to become the latest quantum-focused entity on U.S. exchanges, joining a sector that has recently captured intense investor interest.

Originating as a 2018 spinout from Aalto University and the VTT Technical Research Centre of Finland, IQM has developed a dual commercial approach. The company builds and sells complete, on-premises quantum computer systems while also providing cloud-based access to its technology. Its client base spans global academic institutions and industrial research laboratories, reflecting a broad demand for quantum exploration tools.

Market enthusiasm for publicly traded quantum companies has grown substantially in recent months. This surge is largely driven by increasing governmental and corporate investment, alongside optimistic projections that quantum systems will soon demonstrate a clear, practical advantage over even the most powerful classical supercomputers. Proponents are investing with the expectation that the technology will soon unlock transformative and profitable applications in critical areas like pharmaceutical development, advanced material science, and complex financial modeling.

For IQM, accessing public capital markets is expected to provide the substantial financial foundation required to execute its long-term commercial strategy. The company has reported $35 million in revenue for 2025 alongside a robust booking pipeline exceeding $100 million. Upon the successful completion of its public market debut, IQM anticipates its cash reserves will grow to over $450 million, fueling further research and commercial expansion. However, the company’s future market capitalization will inevitably fluctuate, tied directly to the evolving sentiment of investors toward the high-potential, high-risk quantum sector.

A central uncertainty looms over this entire trend: whether the current investor fervor can be sustained. Practical industrial applications remain several years away, creating a gap between present hype and future revenue. This concern is amplified by the preferred path to the public markets for these companies. The SPAC route offers a faster alternative to a traditional initial public offering but carries a mixed reputation. After peaking in popularity in 2021, many SPAC mergers later led to significant losses for investors, casting a shadow over the mechanism.

Nevertheless, the quantum industry appears to be reviving the SPAC approach. Just this month, quantum company Infleqtion saw its shares rise following its NYSE debut via a SPAC merger. Similarly, Canada’s Xanadu Quantum Technologies has announced plans for a Nasdaq listing through a SPAC before the end of March. IQM is now charting a comparable course, with a unique twist, it is considering a dual listing on both a U.S. exchange and a Nordic market. In the United States, the listing would involve American Depositary Shares on either the Nasdaq or the NYSE, pending regulatory approval. The specific SPAC partner in this transaction is Real Asset Acquisition Corp., a vehicle already listed on Nasdaq.

To date, IQM has secured considerable private investment, with total funding reaching approximately $569.1 million according to Crunchbase. Its most recent capital infusion was a substantial $320 million Series B round. This financing was led by the U.S.-based investment firm Ten Eleven Ventures and included participation from a consortium of international backers such as Finland’s Tesi, the Schwarz Group, Winbond Electronics Corporation, the European Innovation Council, Bayern Kapital, and World Fund.

(Source: TechCrunch)