Finnish unicorn IQM announced its intention to go public via a special purpose acquisition company (SPAC), valuing the firm at around $1.8 billion. This move aims to position IQM alongside a rising number of quantum computing companies listed on U.S. stock exchanges.
Founded in 2018 as a spinout from Finland’s Aalto University and VTT Technical Research, IQM offers on-premises full-stack quantum computers and cloud access to its systems for both academic and industrial labs globally.
Quantum companies have recently seen a surge in stock prices, driven by government and Big Tech signals indicating the potential of achieving a “quantum advantage” over standard supercomputers. Investors continue to back the field with expectations of lucrative applications in life sciences, new materials, and more.
Going public will bolster IQM’s commercial plans, having reported $35 million in 2025 revenue and over $100 million in bookings. Post-transaction, its cash position will surpass $450 million, though market cap fluctuations are expected based on investor interest in quantum stocks.
As industrial applications remain years away, skepticism persists regarding the sustainability of the quantum boom, particularly as many companies opt for SPACs—a faster alternative to traditional IPOs that lost favor after peaking in 2021.
Despite past challenges, quantum SPACs are regaining traction. Earlier this month, Infleqtion saw success with its SPAC debut on the NYSE, and Xanadu Quantum Technologies is set to make a similar move on Nasdaq by March’s close.
Following this trend, IQM plans to enter public markets, potentially on both a U.S. and Nordic exchange. In the U.S., it could choose Nasdaq or NYSE, facilitated by a Nasdaq-listed SPAC, Real Asset Acquisition Corp. As a foreign entity, IQM will list American Depositary Shares, contingent on approval.
According to Crunchbase, IQM has secured approximately $569.1 million in funding. Its most recent Series B round raised $320 million, led by Ten Eleven Ventures, with Finnish entity Tesi, Schwarz Group, Winbond Electronics Corporation, EIC, Bayern Kapital, and World Fund participating.