IQM, a Finland-based quantum computing company, began trading on Nasdaq on Thursday through a SPAC merger, becoming the first European quantum company listed on a major U.S. exchange. The deal valued the company at about $1.9 billion and is expected to generate roughly €198 million, or $226 million, in new liquidity after costs. Its market debut was subdued, with shares spending much of the day below the listing price.
The muted reception came as IQM’s prospectus included a warning that large-scale commercial traction for quantum computing may never materialize. The company nevertheless says it is already selling both physical quantum computers and cloud-based computing time. Chief executive and co-founder Jan Goetz said IQM supplies advanced supercomputing centers and data centers, with customers including VTT Technical Research Centre of Finland and Germany’s Leibniz Supercomputing Centre. IQM’s customer count grew from eight in 2024 to 22 in 2025, including two recent private-sector customers.
Supporters of the sector argue that investor interest remains strong despite the uncertainty, pointing to continued funding for quantum companies and government efforts to accelerate development. Goetz said IQM could benefit directly from U.S. policy support after President Donald Trump issued executive orders aimed at speeding up quantum progress. The U.S. Department of Energy has said it plans to deploy what it described as the world’s first fault-tolerant, scientifically relevant quantum computer by 2028. IQM has also expanded its U.S. presence, establishing a quantum technology center in Maryland and deploying a computer at Oak Ridge National Laboratory.
At the same time, IQM and others in the industry acknowledge that large-scale demand is tied to the arrival of so-called quantum advantage, when quantum systems outperform classical computers across a broader set of complex tasks. Goetz said the company is focused on long-term success in what remains an uncertain competitive race. Founded in 2018 as a spinout from Aalto University in Espoo, IQM still has about two-thirds of its 420 employees in Finland, with around 100 based in Munich. Alongside its U.S. listing under the ticker IQMX, the company is also set to debut on Nasdaq Helsinki, where it expects continued backing from investors including Finland’s sovereign wealth fund Tesi.