Finnish developer IQM Quantum Computers has gone public on Nasdaq through a merger with SPAC RAAQ, achieving a valuation of approximately $1.9 billion. The company is the first European quantum firm to list in the U.S., but on its first day, shares traded mostly below the offering price.
IQM specializes in developing quantum computers and providing cloud access to them. The deal is expected to bring the company around €198 million after expenses ($226 million). In its prospectus, IQM cautioned that large-scale commercial returns from quantum computing may not materialize.