A New Era in Quantum Computing

IQM, a Finnish full-stack quantum company, has made history by becoming the first European quantum company to list in the US, albeit with a lukewarm welcome from investors. The company's share prices spent most of the day below the IPO price, which may be attributed to the uncertainty surrounding the future of quantum computing technology.

The company's prospectus warns that "large-scale commercial traction of quantum computing technology may never occur," a statement that applies to the entire quantum industry. However, this hasn't stopped IQM from acquiring customers, including VTT Technical Research Centre of Finland and Leibniz Supercomputing Centre in Germany, which use the company's technology for tasks like simulations and optimizations.

Growing Demand and Expansion

IQM has grown from 8 customers in 2024 to 22 in 2025, with two recent customers from the private sector. The company sells physical computers, as well as a cloud service, and has established a quantum tech center in Maryland. IQM's CEO and cofounder, Jan Goetz, expressed pride in becoming the first European quantum company to list in the US, stating that "it always feels good to be first and to be a pioneer, but ultimately it's about long-term success."

• IQM's listing on the Nasdaq is expected to generate new liquidity for the company, approximately €198 million after costs.
• The company has already raised $300 million in its Series B funding last September.
• IQM's main goal is to position itself more prominently in a race still full of unknowns, with the company's operation reflecting its ability to operate outside of Europe.

"We can benefit directly" from President Trump's recent executive orders to accelerate the timeline for quantum, said Goetz, referring to the US Department of Energy's commitment to deploying the world's first fault-tolerant, scientifically relevant quantum computer by 2028.

A Dual Presence in Europe and the US

IQM's story is closely tied to Finland, where the company was founded in 2018 as a spinout from Aalto University in Espoo. However, the company has also established a significant presence in the US, with a quantum tech center in Maryland and a computer deployed at Oak Ridge National Laboratory. IQM is due to debut on Nasdaq Helsinki, where it expects continued support from Finnish investors, including Tesi, Finland's sovereign wealth fund.

• IQM's dual presence in Europe and the US reflects the company's global ambitions and its ability to operate in different markets.
• The company's listing on the Nasdaq is a significant milestone in the European quantum industry, marking a new era in the development of quantum computing technology.