IQM · IQM Quantum Computers Oyj
Quantum Computing — superconducting (full-stack, on-prem for HPC)
IQM·Quantum Computing — superconducting (full-stack, on-prem for HPC)Pre-IPO · Private
IQ

IQM Quantum Computers Oyj

ConvictionWeak

Hardware-led full-stack QC: sells/delivers on-premises superconducting quantum computers to HPC centers, national labs and (newly) enterprises, plus cloud QPU access (AWS Braket) and HPC-integration/software services; capital-intensive, pre-profitability, government/research-funded demand.

Revenue
~€31M / ~$36MFY2025, audited per F-4
Rev growth
not disclosedFY2024 revenue not broken out in available sources
Gross margin
not disclosed
Op margin
net loss €54.4MFY2025) — deeply loss-making
Capex intensity
highfab/lab buildout, on-prem system delivery, R&D toward fault tolerance) — not quantified in available sources
Valuation
~$1.8B pre-money equity valueRAAQ de-SPAC, vote approved 25-Jun-2026; prior ~$1B+ at Series B, Sep-2025
Valuation trail
$1.8B pre-money (~$1.9B implied equity)1.8× since Sep 2025
2 marks · Sep 2025–Feb 2026
private — no public price
~$1B+ (post-money)$1.8B pre-money (~$1.9B implied equity)
Priced round Secondary / SPAC mark

Only two valuations were credibly disclosed: the ~$1B+ Sep-2025 Series B (Bloomberg-reported, exact figure not officially confirmed) and the $1.8B pre-money RAAQ de-SPAC (announced Feb 2026, EGM vote scheduled Jun 25 2026 — close/listing not yet confirmed at asOf). Earlier rounds (€11M seed ~2019, €39M Series A1 2020, €128M Series A2 Jul 2022) disclosed raise size but NO post-money valuation — TechCrunch's "near $1B" on the 2022 round is a reporter estimate, not a disclosed figure, so omitted per honesty gate.

The read

Where our coverage leans

Coverage leans bullish

Sign in free to read the bull & bear take — Pro unlocks the full dossier.

Members only

Full financial intelligence for IQM Quantum Computers Oyj

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

  • Income statement & margin structure
  • SWOT, moats & dependency map
  • Supplier–customer ecosystem graph
  • Signals, trends & valuation range
See plans
Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
QAIFinance
ExploreBoardsFunds