---
title: "IQM, Europe’s first public quantum company, admits the future of the tech is uncertain"
url: https://daily.dev/posts/iqm-europe-s-first-public-quantum-company-admits-the-future-of-the-tech-is-uncertain-spc5flf6r
source_url: https://techcrunch.com/2026/07/02/iqm-europes-first-public-quantum-company-admits-the-future-of-the-tech-is-uncertain
type: article
source: "TechCrunch"
published: 2026-07-02T20:44:56.080Z
updated: 2026-07-02T20:45:23.124Z
tags: ["quantum-computing", "ipo"]
reading_time: 4
upvotes: 0
comments: 0
language: en
---

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# IQM, Europe’s first public quantum company, admits the future of the tech is uncertain

**[TechCrunch](https://daily.dev/sources/tc)** · 4 min read · 0 upvotes · 0 comments

## Summary

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.

## Full article

daily.dev links to this article rather than hosting it. Read it at the original source: <https://techcrunch.com/2026/07/02/iqm-europes-first-public-quantum-company-admits-the-future-of-the-tech-is-uncertain>

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---

Tags: [#quantum-computing](https://daily.dev/tags/quantum-computing), [#ipo](https://daily.dev/tags/ipo)

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