IQM, Finnish Quantum Unicorn, Prepares for Public Launch
IQM, a Finnish unicorn, has announced its intention to go public through a special purpose acquisition company (SPAC). This move values the company at approximately $1.8 billion, marking a significant step in the rapidly evolving quantum computing sector.
Background of IQM
Founded in 2018, IQM emerged from Aalto University and VTT Technical Research. The company specializes in delivering on-premises full-stack quantum computers and a cloud platform for global clients, including academic and industrial laboratories.
Quantum Computing Market Trends
The surge in interest during recent months has been driven by government initiatives and major tech firms recognizing the potential “quantum advantage” over traditional supercomputers. Investors are increasingly optimistic that this technology will lead to practical applications in various fields, including:
- Life sciences
- New materials
- Advanced computing solutions
Financial Position and Future Plans
The public listing is expected to enhance IQM’s financial capabilities, potentially increasing its cash reserves to over $450 million. The company recorded $35 million in revenue for 2025, alongside more than $100 million in bookings.
Despite a general uncertainty regarding the sustainability of the recent quantum frenzy, IQM remains confident in its growth trajectory. The firm’s market cap may fluctuate based on investor interest in quantum stocks at the time of its debut.
SPAC Trends in Quantum Companies
While several quantum firms have opted for SPAC routes to go public, this approach had seen mixed results. The popularity of SPACs peaked in 2021, leading to significant losses for some investors. However, there has been a renewed interest in quantum SPACs. Notable recent debuts include:
- Infleqtion: Launched on the New York Stock Exchange via SPAC earlier this month.
- Xanadu Quantum Technologies: Expected to go public on Nasdaq by the end of March.
IQM’s Public Listing Strategy
IQM may list on both U.S. and Nordic exchanges. It plans to utilize the Nasdaq-listed Real Asset Acquisition Corp. for the SPAC deal. However, as a foreign entity, IQM intends to offer American Depositary Shares, pending regulatory approval.
Investment and Funding History
To date, IQM has successfully raised approximately $569.1 million. Its latest funding round garnered $320 million in Series B financing, led by U.S. investment firm Ten Eleven Ventures, with additional investments from various firms including:
- Tesi (Finland)
- Schwarz Group
- Winbond Electronics Corporation
- EIC
- Bayern Kapital
- World Fund
As IQM prepares for its public launch, the quantum computing landscape is on the verge of significant transformation, attracting attention from investors and industry leaders alike.
