IQM, Europe’s first public quantum company, admits the future of the tech is uncertain

IQM’s SPAC merger at a $1.9 billion valuation failed to generate a post-IPO price surge, with shares trading below the IPO price as the company openly warned in its prospectus that “large-scale commercial traction of quantum computing may never occur.” Despite this caveat—shared by all quantum firms—the company has secured 22 customers, including research institutions like Finland’s VTT and Germany’s Leibniz Supercomputing Centre, and expanded into the U.S. with a Maryland quantum tech center. CEO Jan Goetz emphasized growth from eight to 22 customers in a year, including two private-sector clients, but acknowledged that “quantum advantage” remains elusive, with no clear timeline for when quantum systems will outperform classical computers in broad applications.

The quantum computing race is intensifying globally, with IQM competing against U.S. and European rivals like Pasqal, which also plans a SPAC. The U.S. Department of Energy’s 2028 deadline to deploy a fault-tolerant quantum computer, accelerated by President Trump’s executive orders, has positioned IQM to benefit from federal research partnerships, such as its Oak Ridge National Laboratory deployment. However, unlike many European tech firms expanding into the U.S., IQM is maintaining its R&D hub in Finland, supported by €200 million in public funding and state-backed investor Tesi. This dual listing—Nasdaq Helsinki and Nasdaq—reflects a strategy to balance U.S. capital markets with European subsidies, a critical edge in a sector reliant on government grants and long-term R&D.

Investors should monitor IQM’s ability to scale commercial demand beyond academia and government labs, as private-sector adoption remains sparse. The company’s financials also highlight risks: despite raising $300 million in September 2024 and $226 million from the SPAC, it has yet to achieve profitability. The