Finnish quantum unicorn IQM set to go public

Finnish quantum computing unicorn IQM said today it intends to go public through a special-purpose acquisition company (SPAC) transaction that would value the business at roughly $1.8 billion. If completed, the listing would place IQM among the expanding group of quantum-computing firms whose shares trade on U.S. stock exchanges.

IQM was founded in 2018 as a spinout tied to Finland’s Aalto University and VTT Technical Research Centre. The company sells on-premises, full-stack quantum computers and also operates a cloud platform that lets customers access IQM systems remotely. Its customer base includes academic and industrial research labs across multiple regions, reflecting the company’s focus on commercialising quantum hardware alongside the software and services needed to use it.

The announcement arrives as publicly traded quantum companies have seen their stocks climb sharply in recent months. That surge has been reinforced by signals from governments and major technology firms suggesting that “quantum advantage”, meaningful performance gains over conventional supercomputers for certain problems, may be approaching. The momentum has encouraged believers in the space to commit even more capital, arguing that quantum computing could soon unlock profitable real-world applications across life sciences, new materials, and other advanced fields.

For IQM, a public listing would provide a longer runway to execute its commercial strategy and scale operations. The company reported $35 million in revenue for 2025 and said it has more than $100 million in bookings. Upon completion of the transaction, IQM expects its cash position to exceed $450 million. At the same time, the company’s eventual market capitalisation could rise or fall depending on where investor demand for quantum stocks stands at the start of trading.

Even with growing enthusiasm, industrial-scale quantum applications are still viewed as years away, which raises questions about whether the current wave of market excitement can persist. Those questions are especially pointed because many quantum firms have gone public via SPAC mergers — a faster path than a traditional IPO, but one that peaked in 2021 and left many investors with losses afterwards.

Despite that lingering scepticism, quantum SPAC listings have returned to the spotlight. Earlier this month, neutral-atom quantum company Infleqtion surged in its debut on the New York Stock Exchange (NYSE) after listing through a SPAC. Meanwhile, Canadian firm Xanadu Quantum Technologies has said it plans to go public through a SPAC on the Nasdaq by the end of March.

IQM is now moving in the same direction, though it is also weighing a dual presence across a U.S. exchange and a Nordic exchange. In the United States, the company could list on either the Nasdaq or the NYSE. The blank-check vehicle involved, Real Asset Acquisition Corp., is listed on the Nasdaq. As a foreign issuer, IQM would list American Depositary Shares, subject to the necessary approvals.

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