Finnish quantum computing company IQM has started trading on the Nasdaq Global Select Market, becoming the first European quantum computing company to list on a major US stock exchange as it seeks funding to expand its technology and global operations.
Trading in IQM’s American Depositary Shares began on Thursday under the ticker symbol IQMX following the completion of the company’s merger with the special purpose acquisition company Real Asset Acquisition Corp. (RAAQ).
The listing values IQM at about $1.9 billion, or roughly €1.7 billion.
IQM will also begin trading on the Helsinki Stock Exchange on Friday, making it only the second Finnish company after Nokia to hold a dual listing in Finland and the United States.
The shares opened at $12.76 before falling by about 7.5% in early trading. They later recovered and moved into positive territory as trading continued, according to market data.
The Nasdaq debut follows a growing trend among quantum computing companies choosing SPAC mergers instead of traditional initial public offerings. The structure allows companies developing emerging technologies to reach public markets while raising growth capital.
IQM said the transaction leaves the company with a pro forma cash position of €337 million, providing funding to continue research, product development and international expansion.
Chief executive and co-founder Jan Goetz said the listing marks a new stage for the company.
“Quantum computing is reaching an inflection point,” Goetz said in a company statement. “IQM enters the public markets from a position of strength, with leading technology, a growing global customer base, and a clear strategy for scaling the commercial adoption of quantum computing.”
Founded in 2018, IQM develops superconducting quantum computers and supplies complete systems that include processors, control electronics, software and system integration.
The company says it has sold 23 quantum computers worldwide, with 18 already delivered to customers. That figure places IQM among the industry’s leading suppliers of installed quantum systems.
Its customers include universities, national laboratories, research institutes and supercomputing centres. Installations have been completed at facilities including Italy’s CINECA, Germany’s Leibniz Supercomputing Centre and Oak Ridge National Laboratory in the United States.
IQM has also expanded its international presence with a quantum technology centre in Maryland and recently announced its first enterprise quantum computer sale in Japan.
Quantum computing remains an emerging industry where most revenue comes from research organisations and government-backed institutions rather than large commercial customers.
Existing shareholders will retain about 81% of the company following the transaction. Finnish state investment company Tesi remains IQM’s largest shareholder, while pension funds Varma and Elo are also among its investors. Ilmarinen joined the shareholder base through a new investment linked to the listing.
Despite the company’s rapid growth, IQM generated revenue of €31.3 million last year, placing its market valuation well above current sales. Even so, its valuation remains below some listed US competitors. IonQ has a market capitalisation approaching $20 billion, while Rigetti Computing is valued at more than $6 billion.
The quantum computing industry continues to attract significant public and private investment as governments and technology companies seek advances in fields including artificial intelligence, cybersecurity, materials science, climate modelling and drug discovery.
Most companies in the sector remain loss-making as they continue investing in hardware development before broader commercial adoption.
HT