IQM, a comprehensive quantum firm based in Finland, debuted on the Nasdaq on Thursday through a SPAC merger, reaching a valuation of around $1.9 billion. However, the stock prices did not surge, remaining mostly under the IPO price — a tepid reception.

Nowadays, SPAC mergers frequently fail to grab the immediate interest of retail investors. However, this lackluster response was arguably spurred by IQM’s own statement in its prospectus that “there may never be large-scale commercial traction for quantum computing technology.”

In all fairness, this caution applies to all quantum enterprises. Nevertheless, it has not hindered the industry, including IQM, from securing clients who currently utilize the technology for tasks like simulations and optimizations. IQM, which provides actual physical computers along with a cloud service, counts clients such as VTT Technical Research Centre of Finland and Germany’s Leibniz Supercomputing Centre.

“We supply computers to advanced supercomputing centers and data centers, and also sell computing time through the cloud,” TechCrunch was informed by its CEO and co-founder Jan Goetz.

Having expanded from eight clients in 2024 to 22 in 2025 is certainly a reason to celebrate within IQM, particularly with two of the latest clients being from the private sector. This also implies that demand might not scale up until the “quantum advantage” — when quantum chips begin to exceed classical computers for a broader spectrum of complex and lengthy tasks, opening up applications across fields from biotech to fintech, all while potentially disrupting encryption.

Yet, no one, not even a business specializing in quantum computers, can predict when that will happen.

Despite this uncertainty, investors have continued to invest heavily in both public and private quantum firms, buoyed by President Trump’s recent executive orders to hasten the quantum timeline. In reaction, the U.S. Department of Energy (DOE) has pledged to launch “the world’s first fault-tolerant, scientifically relevant quantum computer” by 2028.

While this aligns with similar declarations from France, Germany, and the U.K., Trump’s orders hold particular significance for IQM, which has recently set up a quantum technology center in Maryland and installed a computer at Oak Ridge National Laboratory, part of the DOE. “We stand to gain directly from this,” Goetz remarked.

In contrast to other European unicorns, IQM isn’t relocating its core operations across the Atlantic. Alongside its IQMX ticker in the U.S., where many of its quantum counterparts are listed, it is set to launch tomorrow on Nasdaq Helsinki, expecting ongoing backing from supporters like Tesi, Finland’s sovereign wealth fund.

IQM’s narrative is inseparable from Finland. Established there in 2018 as a spinout from Aalto University in Espoo, a tech and quantum hub near Helsinki, two-thirds of its personnel still operate from there. However, another hundred of its 420-member team are located in Munich, with the rest dispersed across various sites to assist the company in its global expansion strategy.

In its prospectus, IQM highlighted that this dual presence appealed to RAAQ, the blank check company instrumental in IQM’s public entry via a SPAC. “With over €200 million in public backing for IQM, European sovereign states and corporations have endorsed IQM’s rise as a key player in quantum computing in Europe. IQM has also shown its capability to function outside of Europe,” stated the RAAQ board.

Despite its global aspirations, Goetz expressed his pride in IQM becoming the first European quantum company to list on the U.S. stock exchange — by the narrowest of margins, as French rival Pasqal also unveiled plans to go public via a SPAC. “It’s always gratifying to be first and to pioneer, but ultimately it circles back to long-term success,” Goetz conveyed.

The operation will create new liquidity for IQM — approximately €198 million post-expenses, or $226 million. Yet the company had already secured $300 million last September. “It’s a significant achievement raising funds so soon after the Series B,” Goetz stated. This also underscored IQM’s primary goal of establishing a stronger presence in a race still filled with uncertainties.