IQM, the first public quantum company in Europe, acknowledges uncertainty in the future of technology

IQM, the Finnish company specializing in full-stack quantum computing, became the first European company in the sector to list on Nasdaq. It did so through a merger with a SPAC and reached a valuation of around $1.9 billion. However, market reception was lukewarm and shares remained below the initial public offering price for much of the day.

This moderate performance is partly explained by a warning included in its prospectus: large-scale commercial traction for quantum technology may never materialize. Although this observation applies to the entire sector, it generated caution among investors in a context where SPAC mergers no longer generate the same enthusiasm as before.

Despite doubts about the future, IQM continues to move forward with concrete clients using its systems for simulations and optimizations. The company sells physical quantum computers and also offers computing time through the cloud. Among its users are research centers like VTT in Finland and the Leibniz Supercomputing Centre in Germany.

Client Growth and Path to Quantum Advantage

The number of IQM clients grew from eight in 2024 to 22 in 2025, including two recently added from the private sector. Its CEO and co-founder, Jan Goetz, highlighted that they sell hardware to supercomputing centers and advanced data centers. “We sell computers to advanced supercomputing centers and data centers, and we sell computing time through the cloud,” he explained in an interview with TechCrunch.

This growth represents a reason for internal celebration, but it also underscores that demand will not scale until the so-called “quantum advantage” is achieved. That point would mark the moment when quantum chips consistently outperform classical ones in complex and prolonged tasks, opening applications in biotechnology, finance, and other fields, and even challenging current encryption systems.

No one, not even those who manufacture these machines, can pinpoint when that leap will occur. Still, investors continue to bet on both public and private quantum companies. In this context, the recent executive orders from President Trump to accelerate quantum development in the United States add to the anticipation. The Department of Energy has committed to deploying the first fault-tolerant and scientifically relevant quantum computer by 2028.

IQM already has a presence in U.S. territory: it established a quantum technology center in Maryland and deployed a system at the Oak Ridge National Laboratory, part of the DOE. Goetz noted that they can directly benefit from these initiatives. However, unlike other European unicorns, the company maintains its center of gravity in the old continent.