Finland’s IQM to become one of Europe’s first listed quantum companies
European startup IQM aims to build powerful quantum computers that could rival the likes of Google and IBM.
IQM
Finland-based quantum computing startup IQM announced plans on Monday to become one of Europe’s first publicly traded companies in the sector.
IQM will merge with a special purpose acquisition company (SPAC), Real Asset Acquisition Company As part of the listing in New York. The deal, which gives IQM an initial equity valuation of $1.8 billion, is awaiting shareholder approval and other regulatory conditions are met, the firm said Monday.
The company expects the transaction to be completed around June this year, with the listing to take place shortly thereafter. It is also considering a dual listing on the Helsinki stock exchange.
Founded in 2018, IQM raised $320 million in its Series B financing round in September, valuing the company at $1 billion. The round was led by US cybersecurity-focused investment company Ten Eleven Ventures, while Finnish venture capital company Tesi also invested.
IQM builds full-stack, open-architecture quantum systems that can be deployed on-premises or accessed via the cloud.
The merger could provide the company with over $300 million in financing in the form of private investment in public equity financing and cash held in RAAQ’s escrow account, assuming there is no payback (in case investors in the SPAC pull their money out of the transaction before listing).
commercial distribution
Quantum computing promises to run calculations much faster than classical computers, solve more complex problems, and process larger amounts of data. Proponents of the technology say it could be used to facilitate breakthroughs in fields such as medicine, science and finance.
While the technology is not yet used in commercial environments and there are still significant technical hurdles to overcome before it becomes viable, some analysts see the quantum sector in particular on the rise.
“Although progress has been slow and there are many challenges, we are starting to see meaningful breakthroughs in the quantum field,” UBS analysts wrote. he wrote in a report in January.
“Quantum computing is no longer a science project,” said IQM co-founder and CEO Jan Goetz. “It is an industry where customers own, operate and build on advanced quantum computers.”
To date, IQM has sold 21 quantum systems to 13 customers, the company said. It generated at least $35 million in unaudited revenue in 2025.
While some businesses expect quantum computers to be commercially available by the end of the decade, discussions have begun about how they will integrate with the data center industry.
IQM is one of many European players in the quantum computing space. UK-based Quantinuum raised $800 million in two rounds last year; Spain’s Multiverse Computing raised 189 million euros in its Series B last year.
China is a leader in terms of public investment in the sector. The country has made $18 billion in public investment in quantum technology, with the EU following closely behind, according to the European Center for International Political Economy (ECIPE), a think tank.
