IQM debuts on Nasdaq at $1.9B, hedges on quantum's future TL;DR - IQM went public via a RAAQ SPAC merger on July 2, 2026 at a roughly $1.9 billion valuation, raising about €198 million ($226 million) after costs. - The prospectus warned that large-scale commercial traction of quantum computing technology may never occur, and shares traded below the IPO price for most of the debut. - The Finnish firm grew customers from 8 in 2024 to 22 in 2025 and deployed equipment at Oak Ridge National Laboratory under the DOE. The line worth reading twice from IQM's Nasdaq debut is not the valuation. It is a sentence its own lawyers put in the prospectus: large-scale commercial traction of quantum computing technology may never occur. That is the company selling the stock telling you, in writing, that the thing it makes may never become a real market. According to TechCrunch, the Finnish quantum firm went public via a merger with the blank check company RAAQ at roughly a $1.9 billion valuation on July 2, 2026, making it Europe's first publicly traded quantum computer maker. The market's reaction was measured. TechCrunch describes shares as failing to pop and spending most of the day below the IPO price, a lukewarm welcome for a listing that raised approximately €198 million (about $226 million) after costs and that lands only months after IQM closed a $300 million Series B last September. CEO and co-founder Jan Goetz framed it as validation regardless. "It always feels good to be first and to be a pioneer, but ultimately it's about long-term success," he told the outlet, adding that "it's a big success raising very shortly after the Series B." Under the hood the business is small but growing. IQM had 22 customers as of 2025, up from 8