IQM, a Finland-based full-stack quantum computing company and spinout from Aalto University, has gone public through a SPAC merger on Nasdaq at an estimated valuation of around $1.9 billion.

Despite the milestone, its stock did not perform strongly on debut and traded below its IPO price, reflecting skepticism among investors toward SPAC-listed companies and early-stage quantum technologies.

A notable factor influencing sentiment was the company’s own disclosure in its prospectus, which stated that large-scale commercial adoption of quantum computing may never occur.The company develops both quantum hardware and cloud-based quantum computing services.

Its customers currently include institutions such as the VTT Technical Research Centre of Finland and Germany’s Leibniz Supercomputing Centre, which use its systems primarily for simulation and optimization tasks.

IQM has reported growth from 8 customers in 2024 to 22 in 2025, including new private-sector clients, but executives acknowledge that broader demand depends on achieving “quantum advantage,” a future milestone where quantum computers outperform classical systems across a wide range of applications.

CEO Jan Goetz emphasized that no one can yet predict when or if this breakthrough will occur, although governments and investors continue to support the sector.The U.S.Department of Energy has announced plans to develop a fault-tolerant quantum computer by 2028, and similar initiatives exist in Europe.IQM has expanded internationally, including establishing a quantum technology center in Maryland and deploying systems at U.S.national laboratories.Alongside its U.S.listing under the IQMX ticker, the company is also preparing for a Nasdaq Helsinki debut, maintaining strong ties to Finland, where most of its workforce remains based.The SPAC transaction is expected to generate approximately €198 million in net proceeds, adding to a prior $300 million fundraising round.

While optimism about quantum computing persists, IQM’s public debut highlights the sector’s long-term uncertainty and the still-developing nature of its commercial market.