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Here are the key details of IQM Quantum Computers' Nasdaq debut, the first listing of a European quantum computing company on a major U.S. exchange.

Listing & Structure

• Ticker: IQM began trading on the Nasdaq Global Select Market on July 2, 2026, under the ticker symbol IQMX (American Depositary Shares) .
• Merger structure: IQM went public via a SPAC merger with Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company . The business combination agreement was signed on February 22, 2026, and shareholders voted to approve it on June 25, 2026 .
• First European quantum company on a major U.S. exchange: IQM is the first European quantum computing company to list on a major U.S. stock exchange .

Net Proceeds Raised

• IQM raised approximately $234 million in gross proceeds from the SPAC deal .
• A pre-closing PIPE investment from BlackRock funds contributed about $57 million .
• Before shareholder redemptions, the transaction was expected to provide IQM with pro forma cash of up to $477 million .

First-Day Stock Performance

• On its first day of Nasdaq trading (July 2, 2026), IQM shares fell 3.4% to close at $12.97 .
• Earlier in the day, the stock had been up about 2% before reversing . On the prior Wednesday (the reference price day), shares had jumped 24% to $13.42 .
• On July 3, 2026, shares traded between $11.62 and $13.78, with a market cap of roughly $302 million and a P/E ratio of 54.29 .

Valuation

• Pre-money valuation: Approximately $1.8 billion at announcement .
• Implied post-transaction valuation: About $1.9 billion prior to any SPAC shareholder redemptions .
• The post-debut market cap (~$302M) is significantly lower than the pre-money SPAC valuation, reflecting redemptions and the stock's first-day decline.

Dual Listing in Helsinki

• Nasdaq Helsinki approved IQM's listing application on July 2, 2026, and trading in IQM's ordinary shares on the regulated market of Nasdaq Helsinki commenced on July 3, 2026 . This serves as the company's secondary home-market listing alongside its primary Nasdaq listing.

Existing Revenue & Hardware Sales

• Revenue: IQM generated approximately $35 million (€31 million) in revenue in 2025, nearly doubling year-over-year .
• Hardware sales: IQM has sold 23 quantum computers to date, making it the global leader in quantum system unit sales volume . As of debut day, CEO Goetz said the company had delivered 18 machines to customers .
• Bookings: The company ended 2025 with $67 million in bookings (confirmed future contracts), with Reuters earlier reporting bookings exceeding $100 million .

Planned Use of Capital

• IQM plans to use the raised capital to accelerate commercialization, scale its global operations across Europe, Asia, and North America, and invest in its full-stack superconducting quantum computing platform .
• The company's growth strategy includes expanding its on-premise quantum computer deployments, scaling its cloud services, and capturing leadership in the emerging quantum computing market .