IQM, a Finnish full-stack quantum computing company, went public on Nasdaq via a SPAC merger at a $1.9 billion valuation, becoming the first European quantum company listed on a major U.S. exchange. Shares traded below the IPO price on debut day. The company's own prospectus acknowledges that large-scale commercial traction for quantum computing 'may never occur,' though IQM has grown from 8 to 22 customers between 2024 and 2025. IQM sells physical quantum computers to supercomputing centers and offers cloud-based computing time. The company raised approximately $226 million net from the listing, shortly after a $300 million Series B. IQM maintains strong European roots — two-thirds of its 420 staff are in Finland — while expanding into the U.S., including a deployment at Oak Ridge National Laboratory. French competitor Pasqal is also planning a SPAC listing.
