Finnish Quantum Pioneer IQM Eyes Public Markets in High-Stakes Gamble

In a bold move for European tech, Finland’s IQM Quantum Computers is laying the groundwork for an initial public offering. If successful, the 2018 spinout from Aalto University would become one of the first pure-play quantum hardware firms to list on a public exchange in Europe. The decision presents a direct challenge to investors: are they ready to back a company in a field where transformative profits remain years, if not decades, away?

IQM’s journey from academic project to a company valued over $1 billion has been fueled by European ambition. Unlike many startups, it hasn’t relied solely on venture capital. A steady stream of government contracts from Finland, Germany, and Spain, aimed at building ‘sovereign’ quantum capabilities, has provided a crucial financial runway. Its machines, like the 20-qubit system at Germany’s Leibniz Supercomputing Centre, are already at work in national labs.

The push to go public now is driven by sheer cost. Building quantum computers requires exotic infrastructure and rare scientific talent. As IQM aims to scale from dozens to hundreds of qubits, the bill soars. An IPO promises the capital needed for that marathon. It also follows a path blazed, with mixed results, by U.S. firms like IonQ and Rigetti, whose volatile stock performance serves as a cautionary tale.

The listing carries weight beyond IQM’s balance sheet. It tests Europe’s ability to cultivate and retain its own deep-tech champions. A successful offering on a European exchange could signal a shift, proving public markets there can support high-science ventures. For governments that have bet millions on IQM, it’s a moment of truth: can public investment be converted into a lasting, commercial enterprise?

Yet the risks are stark. The technology is still in its infancy, useful for research but not yet for widespread commerce. Market sentiment can turn, and a competitor’s sudden breakthrough could reset the entire race. As IQM’s executives prepare their pitch, they must convince the market to invest in a distant future—one Europe is desperate to claim as its own.