IQM NASDAQ:IQMX shares slipped in their first day of Nasdaq trading after the Finnish quantum computer maker completed its public listing in New York through a merger with a special-purpose acquisition company. The stock fell 3.4% to $12.97 in its debut, following a 24% jump to $13.42 on Wednesday, while IQM raised $234 million through the SPAC merger and PIPE financing.
The listing comes as investor interest in quantum computing continues to build, even though the technology remains experimental and still developing. Quantum computing could eventually outperform classical computers in several areas, with possible implications for finance, drug development and cybersecurity. The sector has also received stronger public support, including $2 billion pledged by the Trump administration this year to develop the field. IQM Chief Executive Jan Goetz said the company can produce, sell and deliver quantum computers at scale, describing the business as more than a science project.
IQM, founded in 2018 out of a university in Espoo, Finland, develops machines that use superconducting circuits to perform quantum computations, an approach also used by larger players such as Alphabet's Google and International Business Machines. Goetz said IQM has delivered 18 machines to customers, generated 31 million, or $35 million, in revenue in 2025, and ended the year with 67 million in bookings for future contracts. The company plans to use proceeds from the listing to expand its facilities and pursue acquisitions, while JPMorgan Chase served as financial adviser and IQM is also set to list in Helsinki, with trading scheduled to begin Friday.