IQM and the EIC Accelerator: Europe's Quantum Computer on Nasdaq

IQM, founded in 2018 by physicists from Aalto University and the VTT research centre near Helsinki, builds full-stack superconducting quantum computers that customers buy and run on their own premises. In the EIC Accelerator's November 2023 cut-off it won an equity-only award for BIGQEC, "building industrial-grade quantum computers with error correction and mitigation capabilities". Because the award was equity only, there is no grant project in CORDIS. The EIC Fund also took part in IQM's $320 million Series B in September 2025, led by Ten Eleven Ventures, according to IQM.

On 2 July 2026 IQM listed on the Nasdaq Global Select Market under the ticker IQMX, after merging with the special purpose acquisition company Real Asset Acquisition Corp, and on Nasdaq Helsinki a day later, according to The Quantum Insider. It became the first European quantum computing company listed on a major US exchange, with a pro forma cash position of €337 million. The EIC Fund holds 12,501,307 shares, 6.6% of the voting power, making it the third-largest shareholder, according to IQM's prospectus filed with the US Securities and Exchange Commission. IQM's American depositary shares closed at $10.37 on 29 September 2026, below the $13.03 close of their first trading week, according to Yahoo Finance data.

Where IQM Stands Now

In its first results as a public company, IQM reported revenue of €8.9 million and an operating loss of €60.5 million for the first half of 2026, an order backlog of €102.1 million by 3 August, and a revenue target of €42 million to €47 million for the full year, according to its half-year report. It has sold 26 systems and delivered 17, including its first US machine to Oak Ridge National Laboratory in June 2026, and was selected to integrate a quantum computer into Finland's LUMI AI Factory. It says it is investing more than €40 million to double its cleanroom capacity to up to 30 systems a year, and that its cash of €309.4 million lasts into the second quarter of 2028.

The Technology: Superconducting Qubits, Made in Europe

IQM fabricates its own superconducting quantum chips in its own fab and builds the whole system around them, from cryogenics to software. The EIC award targeted error correction, the techniques that combine many noisy physical qubits into reliable logical ones. In 2026 IQM introduced new error-correction codes for its chip layout, and the LUMI AI Factory chose its "staged path" to what it calls Europe's first superconducting quantum computer with logical qubits. A fault-tolerant machine is still on IQM's roadmap, not in its product range.

What the EIC Award Promised, and What the Record Shows

BIGQEC was IQM's second EIC Accelerator award. In the March 2020 cut-off of the Horizon 2020 EIC Accelerator pilot, IQM was selected with blended finance for Prometheus, "building the first 1,000-qubit quantum computer to restore Europe's lead in the second quantum revolution", according to the European Commission's list of selected companies, and it announced a €2.5 million grant and up to €15 million of equity, according to The Quantum Insider. The grant project ran from August 2020 to October 2022 with an EU contribution of €2,497,250 towards a total cost of €3,567,500; its final report lists prototype 5-qubit and 20-qubit quantum computers and a roadmap towards 1,000 qubits, not a 1,000-qubit machine, according to CORDIS. VTT and IQM completed Finland's first quantum computer, with 5 qubits, in 2021 and a 20-qubit machine in October 2023, according to VTT, and the EIC Fund took part in IQM's €128 million Series A2 round in July 2022, according to Goodwin, without a published amount.

BIGQEC promised industrial-grade quantum computers with error correction. IQM says it has sold more quantum computers than any other manufacturer, and the EIC Fund is now its third-largest shareholder. Error correction at industrial scale has not yet been delivered.

1. Industrial-grade systemsDelivered26 sold.
2. Error-correction capabilityIn progressNew codes, 2026.
3. Follow-on capitalDeliveredSeries B and listing.
4. ProfitabilityNot yet€54M loss, 2025.

The Money

IQM's revenue rose from €16.4 million in 2024 to €31.3 million in 2025, while it lost €54.1 million and €54.4 million. In the first half of 2026 its net loss reached €74.9 million, including €14.2 million of finance costs, according to the SEC prospectus. It also has a €35 million convertible loan from the European Investment Bank, signed in 2022. The size of the EIC's original equity investment has not been published.

What Cannot Be Checked

Why Europe Should Care

The EIC's stake gives the EU a direct interest in a European quantum hardware maker that builds its own chips and systems. IQM chose a US exchange for its listing, alongside Helsinki, to raise the capital for its next stage.

The Verdict

IQM and the EIC have not been asked for comment for this article. It is based entirely on public records and published statements, linked throughout.