IQM, Europe’s first public quantum company, admits the future of the tech is uncertain

IQM debuted on Nasdaq via a SPAC merger at a roughly $1.9 billion valuation, but its shares traded below the listing price for much of the day. The company has grown from eight customers in 2024 to 22 in 2025, while warning that broad commercial traction for quantum computing may never materialize.

The muted debut highlights investor caution around quantum companies whose near-term revenues depend on research centers, cloud access, and niche optimization workloads. The sector’s upside still hinges on achieving quantum advantage, a milestone that could unlock major applications but remains technically uncertain and difficult to time.