Finnish quantum unicorn IQM set to go public | TechCrunch

TechCrunch

by Anna Heim

February 23, 2026

AI-Generated Deep Dive Summary

Finnish quantum computing startup IQM has announced its plans to go public via a special purpose acquisition company (SPAC), valuing the company at approximately $1.8 billion. This move places IQM among a growing group of quantum computing firms listing on U.S. stock markets. Founded in 2018 as a spinout from Aalto University and VTT Technical Research, IQM specializes in commercializing full-stack quantum computers and cloud access platforms, serving academic and industrial clients globally. With $35 million in 2025 revenue and over $100 million in bookings, the company is poised to leverage its public listing for further growth. The quantum computing sector has seen significant investor interest, driven by expectations that "quantum advantage" could soon surpass traditional supercomputers in practical applications. While this excitement has boosted stock prices, it also raises questions about market sustainability, especially as most quantum companies have entered the public markets via SPACs—a route criticized for its risks and post-2021 volatility. Despite these concerns, quantum SPACs remain popular, with recent examples including Infleqtion's debut on the NYSE and Xanadu's planned Nasdaq listing. IQM's decision to list in both U.S. and Nordic exchanges highlights its global ambitions. The company is expected to trade through American Depositary Shares on either the Nasdaq or NYSE, pending regulatory approval. IQM has raised $569.1 million to date, including a recent $320 million Series B round led by Ten Eleven Ventures. This capital infusion will support IQM's expansion and commercialization efforts, positioning it as a key player in the race to unlock quantum computing's potential for industries like life sciences and materials science. The company’s journey reflects broader trends in the tech startup ecosystem, where emerging technologies are attracting significant investment despite ongoing uncertainties. As quantum computing transitions from theoretical research to practical applications, IQM's public listing will provide crucial insights into its commercial viability and market reception. Whether it achieves sustained growth or faces investor skepticism will depend on its ability to deliver on promises of quantum advantage in the coming years.

Verticals

techstartups

Originally published on TechCrunch on 2/23/2026