IQM Quantum Computers is using its first results as a listed company to make a simple case: demand is arriving faster than the profits. By 3 August, the Finnish quantum-computing group said its total order book had climbed to more than EUR 102.1 million, with EUR 33.0 million in new contracts added since the end of June. At the same time, the shares have been under pressure in trading, underscoring how far the market still has to bridge the gap between promise and execution.
The company, which began trading on the Nasdaq on 2 July through a merger with special-purpose acquisition vehicle Real Asset Acquisition Corp under the ticker IQMX, said the transaction brought in gross proceeds of around US$233.5 million, including a US$145.5 million PIPE investment. On 2 July, it also had cash of EUR 309.4 million, including the listing proceeds, and said that liquidity should carry it through to the second quarter of 2028.
For the first half ended 30 June, IQM reported revenue of EUR 8.9 million and an operating loss of EUR 60.5 million. The company has now confirmed full-year 2026 guidance for revenue of EUR 42 million to EUR 47 million and new order intake of EUR 65 million to EUR 75 million. With more than EUR 102.1 million already in the order book, the top end of that range now looks within reach if recent momentum continues.
The latest growth in contracts has been helped by a series of commercial and strategic moves. Among them is an agreement with Finland’s CSC-IT Center for Science to integrate a quantum computer called LUMI-IQ into the LUMI AI Factory, with installation scheduled for 2027. IQM also highlighted a cooperation with NVIDIA, under which NVIDIA-Ising AI models are to be used for automated tuning of quantum systems and qubit calibration.
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The company has been busy building out its ecosystem beyond those newer deals. In June, Hewlett Packard Enterprise named IQM as a partner for a hybrid classical-quantum computing platform that links IQM’s superconducting processors with HPE-Cray supercomputing infrastructure. That same month, IQM and Deutsche Bahn released results from a research collaboration on hybrid timetable optimisation using real operating data. The group also delivered its first company-built quantum computer to Oak Ridge National Laboratory in Tennessee, part of the US Department of Energy. In early July, IQM acquired selected assets and the core development team of Berlin-based Quantistry GmbH to fold its cloud-native simulation platform into IQM’s own full-stack offering.
The corporate structure around the business has also continued to evolve. Kreos Capital VII Aggregator SCSp exercised warrants from a December 2025 agreement in mid-July and received 577,237 new IQM shares, lifting the total number of shares and voting rights to 263,039,597. At the end of July, the company also reported subscriptions under its first employee share programme. Separately, on 27 July, the board comprised two independent and five non-independent directors, after Jeff Tuder was appointed as an additional non-executive member in early July.
In the market, the stock has been volatile since the listing. On Thursday, it was changing hands at EUR 8.07, up 2.06 percent after falling 12.33 percent over the previous seven trading days. The prior session had seen the shares close at EUR 7.91, down 5.04 percent and just above the 52-week low of EUR 7.88. The relative strength index pointed to an oversold reading, suggesting the recent sell-off was already technically advanced.
Rothschild & Co was the latest broker to weigh in. Analyst Mike Harrison initiated coverage of IQM Quantum Computers in late July with a Neutral rating and a US$12.88 price target. He pointed to the strong order book, but said a more meaningful rerating would depend on a broader breakthrough for the quantum industry — what he described as a “ChatGPT moment” for the sector.
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