Quantum Computing Firm IQM Falls After Going Public Via SPAC

IQM shares slipped in their first day of trading after the Finnish quantum computer producer went public in New York via a merger with a black-check firm.

IQM shares fell 3.4% to $12.97 in its debut following a merger with a special-purpose acquisition company, which had jumped 24% to $13.42 on Wednesday. IQM raised $234 million in the deal through the SPAC merger and a private investment in public equity, or PIPE.

Quantum computing is an experimental technology that promises to eventually outperform classical computers in a number of areas, potentially upending fields including finance, drug development and cybersecurity. The sector has benefited from surge in public support, including $2 billion pledged by the Trump administration to develop the field this year.

Read More: IBM Shares Soar on US Funding for $2 Billion Quantum Push

“We can really produce, sell and deliver quantum computers at scale,” IQM Chief Executive Chief Jan Goetz said in an interview. “It’s more than a science project.”

The shares are up about 30% from the $10 initial public offering and PIPE price.

IQM is the latest quantum computing developer to go public via SPAC this year, following Canada’s Xanadu Quantum Technologies Ltd. and Quantinuum Inc. Shares of those two firms have risen since their debuts.

IQM formed in 2018 out of a university in Espoo, Finland. The company develops machines that use superconducting circuits to perform quantum computations. Larger companies, such as Alphabet Inc.’s Google and International Business Machines Corp., also use this approach, which requires large cooling systems that bring the temperature to below deep-space levels to reduce interference.

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Goetz said IQM has delivered 18 machines to customers to date. It earned €31 million ($35 million) in revenue in 2025 and ended the year with €67 million in bookings for future contracts, he added.

The company will use proceeds from the listing to expand IQM’s facilities and make acquisitions, according to Goetz. “From a capital raise, it was a success,” he said.

JPMorgan Chase & Co. served as the financial adviser to IQM, which trades on the Nasdaq with the ticker IQMX. It will also list in Helsinki, with trading set to begin on Friday.