IQM Goes Public on Nasdaq in European Quantum First

Jan de Vries · 2026-07-03

Finland's IQM Quantum Computers has officially gone public, marking a huge milestone for European quantum tech. The company raised $146 million in PIPE financing as part of its dual listing on both the Nasdaq in the U.S. and the Helsinki Stock Exchange. This move signals a shift from research labs to real-world commercial markets. ### The Deal Behind the Listing The PIPE (private investment in public equity) round included major Finnish investors like Tesi, along with pension funds Ilmarinen, Elo, and Varma. According to IQM, the transaction leaves them with a pro forma cash position of about $387 million. In total, the company has raised $545 million in growth financing since its founding. ### Why This Matters for Quantum Computing "Quantum computing is reaching an inflection point," said Jan Goetz, CEO and co-founder. "Organizations are moving from exploration to implementation, investing in quantum infrastructure." IQM builds full-stack superconducting quantum computers and offers cloud platform access. They've already sold 23 quantum computers worldwide. ### Global Presence and Key Customers IQM was founded in 2018 as a spin-out from Aalto University. Today, it employs over 400 people across Europe, Asia, and North America. Its systems are operational at major institutions like: - CINECA in Italy - Leibniz Supercomputing Center in Germany - Oak Ridge National Laboratory in the U.S. The company also opened its first Quantum Technology Center in Maryland as part of its U.S. expansion. ### First Enterprise Sales in Asia and Europe In Japan, IQM secured what it calls the first enterprise quantum computer purchase in the country, with Toyo Corporation buying a system to accelerate industrial applications. Meanwhile, Poland-based Galaxy became the first private enterprise globally to purchase an IQM quantum computer, emphasizing technological sovereignty and in-house control. ### What's Next for IQM With a strong cash position and growing customer base, IQM is positioned to scale commercial adoption of quantum computing. The dual listing gives it access to deeper capital markets and visibility among U.S. investors. As Tesi CEO Pia Santavirta noted, "Finland is emerging as a European powerhouse in building research-driven growth companies." This IPO is a clear sign that quantum computing is moving from hype to reality. For startups and investors watching the space, IQM's journey offers a blueprint for how deep-tech companies can successfully navigate public markets.