European startup IQM aims to build a powerful quantum computer to rival the likes of Google and IBM.
IQM
Finland-based quantum computing startup IQM on Monday announced plans to become one of Europe’s first publicly traded companies in the field.
IQM has merged with a special acquisition purpose company (SPAC). Real Estate Acquisition Co., Ltd. As part of the listing in New York. The deal, which values IQM’s initial stock at $1.8 billion, is pending shareholder approval and other regulatory conditions, the company said in a statement Monday.
The company aims to complete the transaction around June of this year and go public shortly thereafter. The company is also considering dual listing on the Helsinki Stock Exchange.
Founded in 2018, IQM raised $320 million in a Series B funding round in September, valuing the company at $1 billion. The round was led by Ten eleven Ventures, a US investment firm specializing in cybersecurity, with additional investment from Finnish venture capital firm Tesi.
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 more than $300 million in capital in the form of private investments in public equity financing and cash held in RAAQ’s trust account, assuming there are no redemptions (if SPAC investors withdraw money from the deal before it goes public).
Commercial deployment
Quantum computing is expected to be able to perform calculations much faster, solve more complex problems, and process large amounts of data than traditional computers. Proponents of the technology say it could be used to accelerate breakthroughs in fields such as medicine, science and finance.
Although the technology has not yet been deployed in a commercial environment and there are still major technical hurdles to overcome before it becomes a reality, some analysts are especially bullish on the quantum space.
“Although progress has been slow and there are many challenges, we are beginning to see meaningful breakthroughs in the quantum space,” UBS analysts said in a January report.
“Quantum computing is no longer a science project,” said Jan Goetz, co-founder and CEO of IQM. “It’s an industry where customers own, operate, and build 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.
Some companies are looking to commercially deploy quantum computers by the end of 2010, and discussions have begun about how to integrate them with the data center sector.
IQM is one of many European companies in the field of quantum computing. UK-based Quantinuum raised $800 million in two rounds last year, while Spain’s Multiverse Computing raised a €189 million Series B last year.
China is leading in terms of public investment in this sector. The country has poured just under $18 billion into public investment in quantum technology, closely followed by the European Union, according to the European Center for International Political Economy (ECIPE) think tank.
