Finnish quantum firm IQM to list in New York at 1.8bn dollars marks a turning point not only for the Espoo-based company but for Finland’s deep tech ambitions more broadly. After years of measured growth, laboratory milestones, and state backed collaboration, IQM is preparing to enter US public markets through a merger with a special purpose acquisition company.
The transaction will see IQM combine with Real Asset Acquisition Corp, a listed SPAC, effectively giving the Finnish firm a direct path to the New York Stock Exchange. The deal values IQM at approximately 1.8 billion dollars, equivalent to roughly 1.5 to 1.6 billion euros based on current figures released alongside the announcement.
The merger remains subject to shareholder and regulatory approval. If completed, IQM will become one of the few European quantum hardware companies with a US public listing.
Why the SPAC route matters
SPACs raise capital from investors with the intention of acquiring a private company, which then becomes publicly traded through the merger. The structure can offer faster access to capital markets compared to a traditional IPO, though it also comes with heightened scrutiny from US regulators and investors.
For IQM, the appeal is clear. The combined company is expected to hold more than 460 million dollars in cash following the transaction. That capital is earmarked for product development, scaling manufacturing capacity, and accelerating international commercial expansion. Quantum hardware is capital intensive. Superconducting systems require advanced fabrication, cryogenic infrastructure, and specialist engineering talent. Public market funding changes the scale of what is feasible.
The company has also indicated that it is considering a dual listing on the Helsinki Stock Exchange, a move that would preserve a formal link to domestic investors while expanding its US footprint.
Financial profile and growth trajectory
IQM employs more than 300 people and maintains its headquarters in Espoo, a city that has steadily become Finland’s high tech anchor. The company develops and builds superconducting quantum computers for research institutions and industrial customers.
According to figures released by IQM, revenue reached at least 35 million dollars last year. The numbers remain unaudited. At year end, the company reported an order backlog or revenue visibility of approximately 100 million dollars, suggesting forward demand that exceeds a single fiscal cycle.
Last autumn, IQM raised 320 million dollars in growth financing at a valuation of one billion dollars. The current 1.8 billion dollar valuation therefore represents a substantial step up in market expectations. Investors appear to be pricing in not just current revenue, but the long term positioning of IQM within the global quantum computing race.
Finland’s quantum anchor
IQM has played a defining role in Finland’s national quantum strategy. In 2021, the company and Technical Research Centre of Finland VTT completed the country’s first quantum computer. That milestone was more than symbolic. It demonstrated domestic capability across hardware design, fabrication, and system integration.
In March 2025, VTT and IQM launched Europe’s first 50 qubit superconducting quantum computer at the Micronova facility in Espoo. The system positioned Finland within a small group of countries capable of building mid scale quantum processors in house.
Finnish quantum firm IQM to list in New York at 1.8bn dollars reflects a broader shift. European quantum companies have historically relied on public grants, strategic partnerships, and private venture capital. Access to US public markets introduces a different funding dynamic and a different level of investor pressure.
With fresh capital, IQM aims to expand its international customer base and increase production capacity. The commercial quantum computing market remains early stage. Most deployments are in research institutions, national labs, and experimental industrial use cases. Yet the strategic stakes are high. Governments view quantum computing as foundational infrastructure, with implications for cryptography, materials science, and advanced simulation.
For Finland, IQM’s listing signals confidence that its homegrown technology can compete on a global stage. For US investors, it offers exposure to a European hardware specialist at a time when quantum computing is shifting from theoretical promise to early commercial deployment.
The real test will follow the listing. Public markets reward delivery, not potential. IQM now moves from a venture backed growth phase into an era defined by quarterly reporting, cost discipline, and relentless comparison with global peers. That transition often proves more demanding than the science itself.
