IQM’s Dual Listing Is One of the Largest Market Debuts in Helsinki in Recent Years

HELSINKI – Finnish quantum computing pioneer IQM has made history by becoming the first European quantum company to go public, launching a dual-listing strategy spanning two continents. Following its debut on the U.S. stock exchange via a SPAC (special-purpose acquisition company) merger, trading for IQM shares expanded also to the Helsinki Stock Exchange (Nasdaq Helsinki).

This dual listing represents one of the largest market debuts in Helsinki in recent years, with IQM’s initial valuation set at $1.9 billion (approximately €1.7 billion). Within the last decade of the Finnish stock exchange, only the 2018 listing of real estate firm Kojamo (€2.1 billion) and the 2023 demerger of Mandatum from Sampo (€1.8 billion) have exceeded this scale. Juha Vartiainen, IQM co-founder and Head of Global Affairs, emphasized that maintaining a local listing was vital to ensure that the wealth and economic value generated by this deep-tech breakthrough remain rooted in Finland.

Nordic Startup Media and Peter Green had recently the opportunity to make a company visit at the IQM headquarters.

Founded in 2018, IQM builds superconducting quantum computers — a sophisticated technology also being pursued by global tech giants like Google and IBM. For Vartiainen, who has spent seven grueling years building the company from its base in Otaniemi, Espoo, the listing is a monumental milestone. It arrives at a pivotal moment for the sector, as the consulting firm McKinsey recently estimated that the global quantum market could surge to $100 billion by 2035, with quantum computing making up the lion’s share of that valuation.

The market transition is already evident in IQM’s shifting customer profile, which is rapidly expanding from public research institutions into the commercial sector. To date, the company has sold 23 quantum computers, marked by landmark commercial sales earlier this spring. These include the sale of a 54-qubit system to Poland’s Galaxy Systemy Informatyczne in April, followed shortly by the sale of a 20-qubit system to the Japanese corporation Toyo.

This commercial expansion is directly reflected in the company’s rapidly growing financial figures. IQM reported a turnover of over €31 million last year and boasted a robust order backlog of €67 million at the end of 2025. Prior to going public, the firm had already secured roughly €600 million in private funding, bolstered significantly by a massive €275 million funding round closed last autumn.

Despite its private fundraising success, IQM reached a ceiling in the European venture capital ecosystem, prompting the move toward public markets. Raising exceptionally large funding rounds remains notoriously difficult in Europe, driving the company to tap into the deeper pool of technology-focused investors in the United States. Through its public debut, IQM successfully raised up to €337 million in fresh capital to fund its aggressive growth strategy.

Beyond securing liquidity, the public listing provides IQM with a powerful tool for future mergers and acquisitions through stock-swap mechanisms. IQM Chief Executive Officer Jan Goetz had previously signaled that a dual-listing approach would position the company favorably for a shifting corporate landscape. Vartiainen reiterated this sentiment, noting that the quantum sector is currently entering an intense period of consolidation where capital-rich players will dominate.

As the first European quantum player to cross the public threshold, IQM has established a crucial foothold in an increasingly aggressive global race. With other international competitors preparing to follow suit, the newly public company is determined to use its financial leverage to act as a market consolidator rather than a target. For the Finnish tech sector, the milestone represents a crowning achievement, proving that Nordic hardware innovation can compete at the highest levels of global finance.

Photos: Peter Green.