IQM, Europe’s first public quantum company, admits the future of the tech is uncertain
SMRTR summary
Finland's IQM became Europe's first public quantum computing company after listing on Nasdaq through a SPAC merger at a $1.9 billion valuation, but shares underperformed on opening day. The muted reception was partly driven by IQM's own admission that large-scale commercial quantum computing "may never occur." Despite this, IQM grew from 8 to 22 customers between 2024 and 2025 and raised approximately $226 million through the listing.
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