Finnish unicorn IQM has today revealed its intention to become publicly traded through a special purpose acquisition company (SPAC), assessing the company’s worth at around $1.8 billion. This initiative will permit IQM to join the expanding group of quantum computing firms on U.S. financial markets. 

Established in 2018 as a spinoff from Aalto University and VTT Technical Research in Finland, IQM specializes in both onsite full-stack quantum computers and a cloud solution for accessing its systems, catering to clients from academic and corporate laboratories globally.

Publicly listed quantum firms have experienced a significant increase in their share prices in recent months, driven by indications from governments and major tech companies that the “quantum advantage” over traditional supercomputers might soon be attainable. This has encouraged proponents to reaffirm their belief that the sector will soon yield profitable real-world applications in life sciences, new materials, and beyond.

Becoming public will afford IQM a longer timeframe to advance its commercial strategies. The company reported $35 million in revenue for 2025 and over $100 million in contractual agreements. Following this transaction, its cash reserves will surpass $450 million. However, the company’s market cap may fluctuate based on the evolving interest of investors in quantum equities when trading commences.

With practical industrial uses still several years away, uncertainties linger regarding the sustainability of the current excitement in the quantum sector. These concerns are amplified as the majority of these enterprises have opted for public offerings via SPACs — a quicker method compared to standard IPOs that peaked in 2021, leaving many investors with losses.

Notwithstanding this unpleasant residue, quantum SPACs have regained appeal. Earlier this month, neutral-atom quantum company Infleqtion made a splash on its debut on the New York Stock Exchange (NYSE) through a SPAC, while Canadian firm Xanadu Quantum Technologies is set to go public via a SPAC on the Nasdaq by the end of March. 

Now, IQM is set to follow their lead but is contemplating entering the public markets on both a U.S. and Nordic exchange. In the United States, it may become public on either the Nasdaq or the NYSE — the blank check company involved is Nasdaq-listed Real Asset Acquisition Corp., but as a foreign entity, it will issue American Depositary Shares, with the listing awaiting approval.

As per Crunchbase, IQM has secured approximately $569.1 million to date. Its most recent funding phase was a $320 million Series B led by U.S. investment group Ten Eleven Ventures, with contributions from Finnish investment company Tesi, Schwarz Group, Winbond Electronics Corporation, EIC, Bayern Kapital, and World Fund.