IQM had a successful capital raise. But its stock fell on day one. The company went public through a special-purpose acquisition company (SPAC) - a blank-check firm that raises money from investors to buy a private company and take it public.
A SPAC merger is a fast way to list on the stock market. IQM merged with a blank-check company and additionally secured a PIPE (private investment in public equity). The initial offering price for both the SPAC and the PIPE was $10 per share.
The day before IQM started trading, the SPAC's shares closed at $13.42. That was a 24% jump from the prior close. But on IQM's first day as a public company, the stock fell 3.4% to $12.97.
At $12.97, the stock is still about 30% above the $10 IPO and PIPE price. JPMorgan Chase & Co. acted as financial adviser to IQM.
The company's revenue in 2025 was €31 million, or about $35 million.
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Its bookings - contracts for future work - stood at €67 million at the end of 2025. The CEO, Jan Goetz, said, "We can really produce, sell and deliver quantum computers at scale."
Goetz called the capital raise a success. "From a capital raise, it was a success," he said. The company plans to use the $234 million to expand its facilities and make acquisitions. IQM will also start trading on the Helsinki stock exchange on July 3, 2026.
IQM uses superconducting circuits to build its quantum computers. That is the same technology used by big players like International Business Machines Corp. (IBM) and Alphabet Inc. (Google). Other quantum companies have also gone public via SPAC this year. Two other quantum computing companies, Xanadu Quantum Technologies and Quantinuum, also went public via SPAC mergers earlier in 2026.
The U.S. government is backing quantum computing. The Trump administration pledged $2 billion this year to support development.
The company's solid order book of €67 million and its ability to deliver 18 systems provide tangible evidence of commercial traction.
The quantum computing industry is still in its early commercial stages, with few companies generating meaningful revenue. The SPAC route has become a popular path to public markets for quantum startups seeking capital for expansion, with Xanadu and Quantinuum also listing this year.
IQM will begin trading on the Helsinki exchange on July 3, 2026. The company has $234 million to spend on expansion and acquisitions. Its stock is still about 30% above the initial $10 offering price.
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