By Mackenzie Tatananni

IQM Quantum Computers made history Thursday as the first European quantum computing company to list on a major U.S. stock exchange.

The company's American depositary receipts have begun trading on the Nasdaq Global Select Market under the ticker symbol "IQMX." The debut follows a shareholder vote approving IQM's merger with Real Asset Acquisition Corp., a blank-check firm.

"We have seen that our peers, which are already listed, have been doing quite well," CEO Jan Goetz said in an interview with Barron's ahead of the listing. "They have been raising lots of money on the public market through at-the-market offerings. So we thought it was something to consider from the fundraising perspective."

Beyond capital, the listing provides crucial visibility. Already a market leader in Europe, IQM has 23 on-premises system sales under its belt, putting it ahead of formidable industry peers like IBM.

Now the company is making a bold push into the U.S., leveraging a presence established prior to its listing. In April, IQM opened a quantum hub in Maryland, in line with a state-backed initiative that aims to catalyze over $1 billion in investments over five years.

In June, the company deployed a 20-qubit system at Oak Ridge National Laboratory, one of 17 labs overseen by the Energy Department. The agency will take an increasing role in promoting the adoption of quantum systems in the U.S. following the Trump administration's latest executive orders.

IQM has opted for a dual listing in Helsinki and New York, staying true to its Nordic roots while also exploring bigger markets. The company spun out of Finland's Aalto University and VTT Technical Research Centre in 2018, and has become somewhat of a flag-bearer for European deep-tech funding.

Major investors ahead of the business combination included sovereign wealth entities and pension funds like Ilmarinen, one of Finland's largest financial institutions, whose commitment boosted funding beyond a previously announced $134 million private investment in public equity round.

"We want to be more present in the U.S. going forward," Goetz told Barron's. "Of course, this means we need to be known, and there are strong names out there already. So we have to make sure we cut through the noise."

IQM is entering the public market as Washington's support for quantum technology grows. In May, the Commerce Department inked tentative funding agreements with nine quantum companies, in some cases exchanging capital for equity stakes.

"From a European perspective, it's not new per se, but of course in the U.S. it's a kind of new development," Goetz said, referring to the federal government's ownership in companies. "Overall, I think it shows the strategic importance of the technology."

This heightened focus is already driving policy action in Washington. Last month, President Donald Trump signed directives fast-tracking quantum development on two fronts: deploying a research-ready quantum computer in a national lab by 2028, and migrating government systems to post-quantum cryptography by 2031.

IQM's U.S.-listed shares fell 8.8% to $12.24 on Thursday as quantum stocks broadly slid. IonQ, D-Wave Quantum, and Rigetti Computing fell more than 4% each, following a slump in technology stocks. The Nasdaq was 1.3% lower.

Following its New York debut, the final step in securing IQM's global public footprint takes place on Friday, when the company begins trading on the Nasdaq Helsinki at the market open.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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