Finland’s IQM leads Europe’s quantum push with US listing plan

Finland’s IQM is positioning itself at the centre of Europe’s quantum technology ambitions as it prepares to enter public markets in the US.

According to a CNBC report, the company said on Monday it plans to merge with Real Asset Acquisition Corp, a special purpose acquisition company, in a deal that would value IQM at $1.8 billion.

If completed, the move would make IQM one of Europe’s first publicly listed quantum computing companies.

SPAC route and capital

The merger with Real Asset Acquisition Corp could bring in more than $300 million in funding.

The proceeds would come from private investment in public equity financing and cash held in the SPAC’s trust account, assuming investors do not redeem their shares before closing.

IQM is also considering a dual listing on the Helsinki stock exchange.

That step would allow the company to retain a presence in Finland while accessing deeper capital markets in the US.

The planned listing follows a Series B funding round in September, when IQM raised $320 million at a valuation of $1 billion.

The round was led by Ten Eleven Ventures, a US cybersecurity-focused investment firm, with participation from Finnish development finance firm Tesi.

Founded in 2018, IQM develops full-stack, open architecture quantum systems.

These systems can be deployed on-site or accessed via the cloud, offering flexibility for research institutions and enterprises.

From research to industry

Quantum computing is designed to perform calculations far faster than classical computers.

It aims to tackle complex problems and process large data sets that traditional systems struggle to handle.

Supporters of the technology point to potential applications in medicine, scientific research and finance.

Commercial deployment at scale has not yet been achieved. Significant technical hurdles remain before quantum systems can become widely viable.

Even so, some analysts argue that the sector is entering a more mature phase.

CNBC quoted IQM’s cofounder and chief executive Jan Goetz who said that the technology is moving beyond pure research, with customers now owning and operating advanced quantum computers.

IQM has sold 21 quantum systems to 13 customers so far. The company reported at least $35 million in unaudited revenue in 2025.

European competition and global funding

IQM operates alongside other European quantum players. UK-based Quantinuum raised approximately $600 million in a single Series B in August 2025.

Spain’s Multiverse Computing secured 189 million euros in a Series B round.

As businesses look towards possible commercial deployment by the end of the decade, attention is shifting to how quantum systems will integrate with data centres and existing digital infrastructure.

IQM’s planned US listing reflects growing investor interest in companies seeking to bridge the gap between laboratory breakthroughs and industrial-scale computing, placing Finland at the forefront of Europe’s quantum expansion.