IQM Quantum Computers is preparing to list its shares in the United States at an initial valuation of approximately $1.8 billion, marking a significant milestone for Europe’s fast-growing quantum sector. The planned transaction, expected to close around June, signals that quantum computing — long treated as a research frontier — is increasingly entering mainstream capital markets. For investors, the listing represents both a bet on transformative computing power and a high-risk wager on commercialization timelines.

Quantum Momentum Meets Market Capital

Quantum computing has drawn substantial funding from global technology leaders including Microsoft, Alphabet, IBM, and Cisco, as well as direct backing from governments concerned about cybersecurity and defense applications. The technology’s promise lies in its ability to perform complex calculations exponentially faster than classical systems, with potential implications ranging from pharmaceutical modeling to cryptography.

Interest intensified last October when reports surfaced that U.S. policymakers were considering taking equity stakes in quantum companies in exchange for federal support. Shares of publicly traded quantum firms rallied sharply on the prospect of state-backed acceleration. IQM’s management, however, has emphasized that its listing is not tied to U.S. federal funding initiatives.

Instead, CEO Jan Goetz frames the move as a strategic effort to secure additional growth capital, raise international visibility, and deepen commercial relationships. IQM already counts Finnish and German state investment funds and the European Innovation Council among its backers — positioning it at the intersection of private capital and sovereign strategic priorities.

Security Imperatives Drive Government Interest

Governments view quantum computing through a dual-use lens. Beyond industrial optimization, sufficiently powerful quantum machines could potentially undermine existing encryption systems. The ability to break current cryptographic protocols would fundamentally reshape cybersecurity architecture worldwide.

That risk-reward dynamic explains why public-sector institutions have shown sustained interest in the field. As global geopolitical competition intensifies, quantum supremacy is increasingly viewed as a national security objective rather than solely a commercial innovation.

IQM’s valuation ambition of $1.8 billion reflects both technological promise and scarcity value. The quantum sector remains small relative to broader semiconductor or AI markets, limiting public equity exposure options. A successful listing could position IQM as one of the few accessible European quantum plays for global investors.

SPAC Structure and European Ambitions

The U.S. listing will be facilitated through a special purpose acquisition company (SPAC), a structure that saw renewed momentum last year after a prolonged slowdown. While SPACs offer faster market access compared to traditional IPOs, they have faced scrutiny regarding valuation sustainability and post-merger performance.

Real Asset Acquisition is expected to hold roughly 10% of IQM following the transaction. The company intends to retain its headquarters in Finland and has also expressed plans to pursue a secondary listing in Helsinki, potentially becoming the first publicly traded European quantum computing firm.

For investors, the opportunity is emblematic of frontier technology investing: substantial upside if commercialization accelerates, but extended development timelines and execution risk remain significant variables. Quantum hardware scalability, error correction improvements, and real-world application deployment will ultimately determine whether valuations are justified.

Looking ahead, the listing will test public market appetite for pre-profit, deep-tech hardware platforms amid elevated interest rates and selective risk tolerance. If capital continues flowing into quantum infrastructure, it may mark the beginning of a broader institutionalization phase for the sector. If not, volatility could define the early trading months.