Going public is supposed to be a celebration. For IQM Quantum Computers, the champagne was barely poured before the stock started sliding.
The Finnish quantum computing company began trading American Depositary Shares on the Nasdaq under the ticker IQMX on July 2, 2026, after completing its merger with Real Asset Acquisition Corp. (RAAQ), a blank-check firm. Shares declined on their debut day, a lukewarm welcome for a company that carries a pre-money equity valuation of roughly $1.8 billion.
What just happened, and why it matters
IQM reported audited revenue of €31 million (approximately $36 million) in its last fiscal year and has sold and deployed hardware: 18 quantum computers are currently running inside leading supercomputing centers, with total units sold ranging between 18 and 23 systems.
The company also comes to market with an order backlog exceeding €67 million. Ahead of the merger, IQM secured PIPE commitments totaling more than $146 million. The post-merger cash available to the company is expected to exceed $450 million.
