Finnish quantum unicorn IQM set to go public

Finnish unicorn IQM today announced plans to go public via a special purpose acquisition company (SPAC), valuing the company at approximately $1.8 billion. The move will see IQM join the growing cohort of quantum computing companies listed on U.S. stock markets. 

Founded in 2018 as a spinout from Finland’s Aalto University and VTT Technical Research, IQM commercializes both on-premises full-stack quantum computers and a cloud platform to access its systems, with clients including academic and industrial labs around the world.

Public quantum companies have seen their stocks surge in recent months, fueled by signals from governments and Big Tech that the “quantum advantage” over regular supercomputers may soon be within reach. This has led believers to double down, with the conviction that the field will soon have lucrative real-life applications in life sciences, new materials, and more.

Going public will provide IQM with an extended runway to support its commercial plans. The company reported $35 million in 2025 revenue and over $100 million in bookings. With the close of this transaction, its cash position will exceed $450 million. But the company could also see its market cap trend upwards or downwards, depending on how investor appetite for quantum stocks has evolved when it begins trading.

With industrial applications still years away, questions remain as to whether the current quantum frenzy will last. These questions arise to an even greater extent because most of these companies went public via SPACs — a route that is faster than a traditional IPO, but that peaked in 2021 and left many investors nursing losses in its wake.

Despite this sour aftertaste, quantum SPACs are back in fashion. Earlier this month, neutral-atom quantum company Infleqtion jumped in its debut on the New York Stock Exchange (NYSE) via a SPAC, with Canadian firm Xanadu Quantum Technologies planning to go public via a SPAC on the Nasdaq by the end of March. 

Now, IQM is following in their footsteps, but considers entering the public markets on both a U.S. and Nordic exchange. In the U.S., it may go public either on the Nasdaq or on the NYSE — the blank check company, in its case, is a Nasdaq-listed vehicle, Real Asset Acquisition Corp., but as a foreign company, it will list American Depositary Shares, and the listing is subject to approval.

According to Crunchbase, IQM has raised some $569.1 million to date. Its latest funding round 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, EIC, Bayern Kapital, and World Fund.