> ## Content Index > Fetch the complete content index at: https://datadeep.tech/llms.txt > Use this file to discover other available public pages before exploring further. # IQM Quantum Computers: Revenue, Roadmap, and Risk in Europe's First Nasdaq Quantum Listing - URL: https://datadeep.tech/iqm-quantum-computers-iqmx/ - Published: 2026-09-06T20:59:07.000Z - Updated: 2026-09-08T20:31:11.000Z - Description: EUR 31.3M in 2025 revenue, EUR 102.1M backlog, and a 2030 fault-tolerance target. Benchmarked against IonQ and Rigetti. - Author: John D - Tags: Quantum, Computing, Policy, Cybersecurity, Superconductor, Science ### IQM Quantum Computers Oyj: History, Position, and Prospects ## TL;DR - IQM Quantum Computers Oyj is a Finnish full-stack superconducting quantum hardware maker that, on 2 July 2026, became the first European quantum company to list on a major US exchange (Nasdaq ADSs under IQMX; Nasdaq Helsinki ordinary shares under the same code from 3 July 2026), entering public markets with audited 2025 revenue of EUR 31.3 million, reported cash of EUR 309.4 million as of 2 July 2026, and backlog that reached EUR 102.1 million by 3 August 2026 \[1\]\[2\]\[4\]\[6\]\[8\]. - IQM's differentiator is a delivered on-premises hardware business selling customer-owned systems into publicly funded European HPC centers, but that business is small, project-lumpy, policy-concentrated, and recognized over 1.5-to-2-year installation cycles; its device fidelities (median 99.5 percent two-qubit on the 20-qubit Garnet processor) are credible and independently referenced yet trail the best trapped-ion figures, and its fault-tolerance roadmap rests on error-correction results that remain numerical rather than hardware-demonstrated at logical scale \[4\]\[6\]\[7\]\[9\]\[11\]\[12\]\[13\]. - The de-SPAC left IQM well capitalized versus its burn (runway guided into Q2 2028), but it carries standard recent-de-SPAC hazards: an undisclosed redemption outcome, a 12.5-million-share warrant overhang at USD 11.50, one-year lock-ups, ESOP dilution, and business-combination projections that must never be carried as performance \[1\]\[5\]\[6\]\[7\]. 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DataDeep.Tech Company briefing IQM Quantum Computers Oyj Nasdaq: IQMX and Nasdaq Helsinki: IQMX Revenue, roadmap and risk in Europe's first Nasdaq quantum listing. Listed 2 July 2026 (ADSs) and 3 July 2026 (Helsinki) | Founded 2018, Espoo, Finland | Information cutoff: September 2026 How to read this sheet Every figure is coded by how well it is evidenced. Audited, filed or independently measured Company guidance or modelled projection Roadmap target or unresolved disclosure 1 At a glance Audited 2025 accounts, one interim period, and a balance sheet rebuilt by the July 2026 listing. EUR 31.3m FY2025 revenue 91% growth on EUR 16.4m in 2024\. Audited. EUR 102.1m Order backlog At 3 Aug 2026, from EUR 67.3m at end-2025. EUR 309.4m Cash at 2 July 2026 Term debt repaid. Runway guided into Q2 2028. EUR 42-47m FY2026 revenue guidance Company guidance, Q4 weighted. Not yet earned. 99.5% Median 2-qubit fidelity 20-qubit Garnet system, published benchmark. 26 / 17 Systems sold / delivered Self-reported; counts differ across disclosures. USD 1.8bn Pre-money equity value Business combination with Real Asset Acquisition Corp. 400+ Employees Espoo headquarters, major operations in Munich. 2 From university spin-out to dual listing Eight years, more than USD 600m of private capital, and a de-SPAC rather than an IPO. 2018 Founded as an Aalto University and VTT spin-out, Espoo 2020 Series A1 EUR 39m 2022 Series A2 EUR 128m, World Fund; EUR 35m EIB venture loan Sep 2025 Series B over USD 300m, Ten Eleven Ventures with Tesi 22 Feb 2026 Combination agreed with Real Asset Acquisition Corp. Jun 2026 SEC registration effective; RAAQ holders approve 2 Jul 2026 ADSs trade on Nasdaq as IQMX 3 Jul 2026 Shares admitted to Nasdaq Helsinki 3 What the revenue actually is This is a scientific-instrument business: customers buy and own the machine. Revenue by source, FY2025 cloud and co-development, EUR 0.6m 98% of FY2025 revenue was physical machines On-premises system sales EUR 30.6m Cloud access EUR 0.3m Co-development EUR 0.3m Components as reported; rounding to EUR 31.3m total. Recognition follows installation and acceptance milestones over 1.5 to 2 years, which is why quarters are lumpy rather than smooth. Revenue trajectory, EUR millions 0 10 20 30 40 50 16.4 FY2024 31.3 FY2025 42 to 47 FY2026 guidance +91% H1 2026 revenue EUR 8.9m, up 47% FY2025 loss EUR 54.4m H1 2026 operating loss EUR 60.5m H1 2026 operating loss includes EUR 9.9m of listing and transaction costs. 4 Architecture, and the machines it produces Two shipped processor topologies, and a third designed as the substrate for error correction. Crystal Shipping Square lattice, nearest-neighbour coupling of up to four qubits through tunable couplers. Native to surface-code error correction. Carries Spark, Garnet, Emerald and the Radiance line. Star Shipping A central computational resonator links many qubits at once, cutting SWAP overhead. Favours variational and optimisation circuits and the simulation of bosonic systems. Constellation Design stage Hexagonal Star-like modules tiled for scale, giving each qubit a connectivity of twelve. Designed as the substrate for IQM's quantum LDPC codes. Not yet a delivered product. Delivered and contracted systems, by qubit count 5q Spark 20q Garnet 54q Emerald / Radiance 150q Radiance / Halocene 300q VTT system Delivered. 150-qubit acceptance is the near-term test; 300 qubits is contracted for 2027 as two 150-qubit processors. Where the machines are VTT, Finland 5q, 20q, 50q delivered; 150q 2026; 300q 2027 LRZ, Munich 20q Q-Exa, integrated with SuperMUC-NG CINECA, Italy 54q 'NOX', integrated with Leonardo CESGA, Spain First Spanish installation, with Telefonica CSC, Finland Halocene H4 150q, LUMI AI Factory, EUR 33m Oak Ridge, USA First United States delivery, June 2026 Galaxy, Poland 54q for Q4 2026, first private enterprise Publicly funded research or HPC centre Private enterprise: one of seven named deployments Also reported in South Korea, Taiwan and Japan. Aggregate installed-base counts have been given as 23, 21 and 26 systems in successive disclosures. 5 The evidence ladder The single most useful discipline in this sector: read every performance number for what produced it. Roadmap target 99.95% two-qubit fidelity at scale, logical error rate of 1e-9, fault tolerance by 2030, a path toward one million qubits. A development goal. No milestone here has been met. Numerical result Barbell qLDPC codes: up to 3 orders of magnitude lower logical error and up to 8x fewer physical qubits than the surface code. Directional tile codes: up to 1,000x logical error reduction at roughly 30 physical qubits per logical qubit. Simulated, in company-authored preprints. Not demonstrated on hardware. Measured, single test device CZ gate 99.93% averaged over 40 hours, single-qubit gates 99.98%, readout above 99.94%, on one two-qubit device. Best case, showcase device. Not fleet performance. Measured, deployed system 20-qubit Garnet: median two-qubit fidelity 99.5%, genuine 20-qubit GHZ entanglement. Independent third-party work: Garnet CZ 99.37% and Emerald CZ 99.45%; T1/T2 of 36.5/8.6 and 50.1/15.8 microseconds. The floor of what is actually established. LESS CERTAIN 6 Against the listed peers Different modalities, different business models, and reporting periods that do not line up. IQM Modality Superconducting transmon Model On-premises systems, customer owned Latest revenue EUR 31.3m Period FY2025 (audited) Cash EUR 309.4m Best 2-qubit fidelity 99.5% IonQ Modality Trapped ion Model Cloud access and system sales Latest revenue USD 80.1m Period Q2 2026, up 287% Cash USD 3.0bn Best 2-qubit fidelity above 99.99% Rigetti Modality Superconducting Model Cloud access and system sales Latest revenue USD 4.4m Period Q1 2026 Cash about USD 569m Best 2-qubit fidelity 99.1% D-Wave Modality Annealing and gate model Model Cloud and on-premises Latest revenue not compared here Period \- Cash \- Best 2-qubit fidelity not comparable Currencies and reporting periods differ and are not converted here. IQM's figure is a full audited year; IonQ's and Rigetti's are single quarters. Fidelity is not comparable across modalities without the accompanying gate speed and connectivity. Two-qubit gate error rate, log scale. Shorter is better. 1e-5 1e-4 1e-3 1e-2 IonQ, trapped ion 1e-4 IQM roadmap target 5e-4 IQM best test device 7e-4 IQM Garnet, deployed 5e-3 Rigetti Cepheus-1 9e-3 Error rate is one minus fidelity. A tenfold gap in error rate is a tenfold gap in circuit depth before failure. 7 How the listing was financed, and what it left behind A de-SPAC funds the company and creates an overhang at the same time. RAAQ trust at IPO USD 172.5m Redemptions not disclosed PIPE at USD 10.00 USD 145.5m Net proceeds EUR 198.7m Cash, 2 July 2026 EUR 309.4m PIPE of 14,548,000 shares at USD 10.00, including the Finnish pension insurer Ilmarinen. Net proceeds also stated as USD 233.5m. What sits over the stock What is still not disclosed Warrants up to 12,530,975 shares at USD 11.50, about 4.8% of shares outstanding Lock-up one year, with early release if the ADS holds USD 12.00 for 20 of 30 days Sponsor forfeits 1,375,000 founder shares and up to 3,725,000 warrants, retains about 4,240,000 ADSs Employee plans 183,619 shares registered on 29 July 2026 under ESOP 1 Shares outstanding 263,223,216 as at 29 July 2026; existing holders retained 81% to 88% The RAAQ redemption rate and residual trust cash The exact number of sponsor warrants forfeited The post-closing beneficial ownership of named holders Fleet-wide median fidelity across delivered systems A single audited reconciliation of the installed base 8 Risk matrix Ten material risks, positioned by likelihood and by the size of the damage if they land. High Medium Low Low Medium High Likelihood Impact 1 2 3 4 5 6 7 8 9 10 1 Fault tolerance slips; qLDPC gains do not survive contact with hardware 2 Yield at 150 qubits and above; Q4 acceptance slips 3 Revenue lumpiness and customer concentration 4 Policy-funded demand contracts with EU budgets 5 De-SPAC overhang: warrants, lock-up expiry, ESOP 6 Burn outpaces plan, forcing a dilutive raise 7 Export licensing restricts non-EU sales 8 Dual-listing compliance burden 9 Fidelity gap against trapped ion narrows addressable work 10 Installed-base and performance claims prove inconsistent 9 Regulation and geopolitics The controls that protect a European champion are the same ones that limit its reach. Export controls United States BIS controls from 6 September 2024 cover quantum computers and assemblies, cryogenic cooling, wafer probing and quantum materials. The EU added autonomous 500-series controls to Annex I of Regulation 2021/821, in force 15 November 2025, covering cryogenic electronics and parametric amplifiers. Wassenaar has not updated its lists since 2022. Two sets of market rules Files with the SEC as a foreign private issuer under CIK 0002113060, reporting on Forms 6-K and 20-F rather than 10-Q and 10-K. Accounts are prepared under IFRS. In Finland: the Market Abuse Regulation, Nasdaq Helsinki disclosure rules, and a listing prospectus approved by the Financial Supervisory Authority on 1 July 2026. Lago Kapital provides liquidity, capped at a 4% spread. Who actually pays Most demand originates in public procurement: EuroHPC Joint Undertaking programmes, national laboratories and universities, co-funded by member states. That subjects material contracts to procurement competition and state aid rules, and ties demand durability to political budget cycles rather than to commercial return on investment. It should not be aggregated with enterprise demand. 10 Three ways this goes Reasoned forward from current evidence, with the assumptions stated. None is a forecast. Base Meets or narrowly misses guidance The first 150-qubit system is accepted in Q4, most of the EUR 102.1m backlog converts on the stated cadence, and cash lasts into Q2 2028\. QEC demonstrators advance without a below-threshold logical qubit. Assumes no major commissioning slip and continued EuroHPC funding. IQM stays the European leader by deliveries and probably raises again around 2028. Upside Error correction lands first Fabrication scales cleanly, a credible hardware-demonstrated logical qubit arrives ahead of peers, private and Asian demand broadens beyond public procurement, and the ADS clears USD 12.00 to ease the lock-up. Assumes the qLDPC advantage survives the move from simulation to silicon, and that at least one commercial vertical adopts at scale. Downside Technical and financing stress correlate A yield problem or a slipped acceptance causes a guidance miss, backlog conversion stretches, and burn forces a dilutive raise into a weak quantum tape while warrants and lock-up expiry add supply. Assumes European budget pressure softens policy demand. This is the characteristic failure mode of capital-intensive de-SPAC hardware issuers. 11 What to watch, depending on your seat Trigger points that should change a position, a procurement, or a funding decision. Investors and capital allocators 150-qubit acceptance on schedule and at spec in Q4 2026 A hardware-demonstrated, repeatedly corrected logical qubit Any downward revision to EUR 42-47m FY2026 revenue An equity raise before a revenue inflection Lock-up expiry around July 2027 and the USD 12.00 threshold HPC centres and enterprise buyers Contract on fidelity measured on the delivered unit, not the roadmap Milestone payments tied to commissioning and calibration Written upgrade options, given how fast the roadmap moves Export licence feasibility, confirmed before signature A pattern of missed acceptance dates across the installed base Policymakers and public funders Tie funding to published, independently verified milestones Concentrating European demand in one vendor is itself a risk Keep a viable second source inside the EU where feasible Evidence that public money is substituting for commercial demand Align export controls so allied-market sales stay open Read the figures with these limits The public financial record spans one audited year and one interim period, so trend inference is limited. Installed-base counts are self-reported and have been given inconsistently. The RAAQ redemption rate, the exact sponsor warrant forfeiture and the post-closing beneficial ownership were not resolved to primary filings. Error- correction results are numerical, not hardware-demonstrated. Market-size figures cited in the report are modelled consultancy projections, and BCG has revised its near-term NISQ assumptions downward. The EUR 337m pro forma cash figure in the listing announcement differs from the EUR 309.4m balance-sheet figure used here. Sources: SEC filings under CIK 0002113060 including Form F-4, 424B3 and 6-K; Nasdaq Helsinki stock exchange releases; company H1 2026 results and Q2 2026 call; arXiv:2408.12433 and related benchmarking literature; EuroHPC and national programme records; BCG and McKinsey market models; US BIS and EU dual-use regulation. DataDeep.Tech Analysis, not investment advice. Information cutoff September 2026 ## Key Findings IQM occupies a defensible but narrow niche. Among listed quantum peers it is the only one whose revenue comes overwhelmingly from selling physical, customer-owned machines rather than metering cloud access: of EUR 31.3 million in 2025 revenue, EUR 30.6 million was on-premises system sales, with cloud usage contributing EUR 0.3 million \[4\]. This is a scientific-instrument model, closer to selling a supercomputer than to cloud software, and it produces large, uneven contracts recognized against installation and acceptance milestones over 1.5 to 2 years \[7\]. The commercial base is real, revenue grew 91 percent in 2025, but it is small and concentrated in EuroHPC and national-laboratory procurement, so demand durability tracks political budget cycles rather than commercial return on investment \[4\]\[15\]\[17\]\[20\]. Technically, IQM is a credible superconducting builder that cannot win on raw fidelity. Its best independently referenced system-level result is a median two-qubit gate fidelity of exactly 99.5 percent on the 20-qubit Garnet processor, with 20-qubit GHZ entanglement \[9\]. That sits at or slightly above the superconducting peer benchmark (Rigetti's Cepheus-1-108Q at 99.1 percent median two-qubit fidelity) but well below the best trapped-ion figures (IonQ's reported fidelity exceeding 99.99 percent) \[9\]\[31\]. IQM's strategic answer is not fidelity leadership but deliverable, HPC-integrated systems, in-house fabrication throughput, and an error-correction architecture co-designed with its hardware. Financially and structurally, IQM is stronger than most quantum de-SPACs but not de-risked. It holds EUR 309.4 million in cash, has repaid its only term debt, and guides to a runway into Q2 2028 \[6\]\[7\]. Yet FY2026 revenue guidance of EUR 42 to 47 million depends heavily on fourth-quarter acceptance of its first 150-qubit system, the redemption outcome and residual sponsor warrant forfeiture were not disclosed in closing releases, and the fault-tolerance milestones that justify the USD 1.8 billion valuation all lie ahead \[3\]\[6\]\[7\]. --- ## Details ### 1\. Contextual and scientific background **1.1 The transmon modality in competitive context.** IQM builds flux-tunable [transmon](https://en.wikipedia.org/wiki/Transmon?ref=datadeep.tech) qubits coupled through tunable couplers, cooled to near 10 millikelvin in dilution refrigerators and driven by room-temperature microwave and flux electronics \[9\]. The modality offers fast (tens-of-nanoseconds) gates and semiconductor-style microfabrication, at the cost of shorter coherence than trapped ions and heavy wiring and calibration burdens that grow with qubit count. On the 20-qubit Garnet processor, nearest-neighbor connectivity via tunable couplers raises the transmon count from 20 computational qubits to 50 tunable transmons and requires 76 control lines (3.8 per qubit), a scaling pressure addressed through three-dimensional flip-chip integration \[9\]. The modality choice is decisive against the competitive set. Trapped-ion leader **IonQ (NYSE:IONQ)** has reported two-qubit gate fidelity exceeding 99.99 percent with all-to-all connectivity, albeit with slower gates \[31\]. Neutral-atom vendor **Infleqtion (NASDAQ:INFQ)** offers high qubit density; photonic and spin-qubit approaches remain earlier in commercial maturity. Among superconducting peers, **Rigetti Computing (NASDAQ:RGTI)** reported 99.1 percent median two-qubit fidelity on its 108-qubit Cepheus-1 system \[31\]. IQM's demonstrated device fidelities therefore sit at or above the superconducting benchmark but below the best ion figures, which is why its strategy leans on delivery, integration, and co-designed error correction rather than fidelity supremacy. **1.2 Institutional lineage.** IQM was founded in 2018 as a spin-out of Aalto University and the VTT Technical Research Centre of Finland, by Jan Goetz, Mikko Möttönen, Kuan Yen Tan, and Juha Vartiainen \[32\]. The scientific lineage runs through Möttönen's Quantum Computing and Devices group at Aalto, and the company retains a tight academic coupling, with much of its performance literature co-authored with university collaborators \[9\]\[32\]. It is headquartered in Espoo, Finland, maintains major operations in Munich, and reported over 400 employees globally at listing \[8\]. **1.3 Corporate and financing history through listing.** Private financing escalated from a EUR 39 million Series A1 in 2020, to a EUR 128 million Series A2 in 2022 led by World Fund (with a EUR 35 million European Investment Bank venture loan), to a Series B of more than USD 300 million (about EUR 275 million) in September 2025 led by Ten Eleven Ventures with expanded participation from the Finnish state investor Tesi \[21\]\[22\]. The company states it raised more than USD 600 million privately before listing \[21\]. The public listing was executed as a business combination with Real Asset Acquisition Corp. (formerly Nasdaq:RAAQ), announced 22 February 2026, declared effective on Form F-4 on 5 June 2026, approved at RAAQ's extraordinary general meeting on 25 June 2026, and closed on 1 July 2026, with RAAQ merging into IQM US LLC and IQM surviving as public parent at a pre-money equity value of approximately USD 1.8 billion \[1\]\[3\]\[5\]. --- IQMX IONQ INFQ RGTI IBM QBTS QNT GOOG ### 2\. Key players and stakeholders **2.1 Leadership and governance.** Co-founder Jan Goetz became sole CEO effective 1 January 2026, ending a co-CEO structure held with Mikko Välimäki since February 2024; Välimäki advised through 31 March 2026, and Søren Hein was appointed COO and Deputy CEO \[23\]. Möttönen serves as Chief Scientist and remains an Aalto professor; Kuan Yen Tan is CTO; Juha Vartiainen is a co-founder in an operating role \[32\]. Sierk Poetting chairs the board, Jan Kürschner is CFO, and Sylwia Barthel de Weydenthal is CCO; Alex Doll of Ten Eleven Ventures joined the board with the Series B \[6\]\[17\]\[21\]\[23\]. **2.2 Post-combination shareholder register.** Existing IQM shareholders did not cash out and collectively retained approximately 81.1 percent of the company in the no-redemption scenario modeled in the registration materials, rising to 84.6 percent at 50 percent redemptions and 88.3 percent at maximum redemptions \[5\]. Finnish institutional capital (Tesi, and pension insurers Varma and Elo) remained invested, alongside World Fund, Ten Eleven Ventures, Tencent, MIG, Bayern Kapital, the EIC Fund, and strategic holders including the Schwarz Group and Winbond \[21\]\[22\]. The precise post-closing beneficial-ownership percentages for each named holder were not resolved to a primary filing in this research and should be read from the beneficial-ownership section of the 424B3 or the first Form 20-F; this remains an unresolved point rather than a settled figure. The total number of shares admitted to trading on Nasdaq Helsinki on 3 July 2026 was 262,462,360 on a one-share-one-vote basis \[8\]. That count rose to 263,039,597 on 16 July 2026 after a net warrant exercise tied to a Kreos Capital warrant agreement, and to 263,223,216 on 29 July 2026 after 183,619 new shares were registered under the ESOP 1 employee option plan for an aggregate subscription price of EUR 74,393.80 \[6\]. Each ADS represents one ordinary share, issued through BNY as depositary \[1\]. **2.3 Named customers and deployment partners.** IQM's deployments are concentrated in European public HPC and research institutions. Verifiable installations and orders include VTT in Finland (5-, 20-, and 50-qubit systems delivered, with a 150-qubit system contracted for 2026 and a 300-qubit system, comprising two 150-qubit processors, for 2027) \[20\]; the Leibniz Supercomputing Centre in Munich (the 20-qubit Q-Exa/Euro-Q-Exa system integrated with SuperMUC-NG) \[35\]; CINECA in Italy (a Radiance 54-qubit system named NOX integrated with the Leonardo supercomputer) \[17\]; CESGA in Spain, IQM's first Spanish installation, with Telefónica \[18\]; Galaxy Systemy Informatyczne in Poland, described as IQM's first private-enterprise sale (a 54-qubit system for Q4 2026 delivery) \[19\]; and the US Department of Energy's Oak Ridge National Laboratory, which took IQM's first US delivery in June 2026 \[6\]\[20\]. In July 2026 CSC in Finland selected IQM's Halocene H4 150-qubit system for the LUMI AI Factory, a EUR 33 million contract jointly funded by the EuroHPC Joint Undertaking, Finland, Czechia, Norway, and Poland, with delivery expected in 2027 \[15\]. The company also reports deployments or engagements in South Korea, Taiwan, and Japan \[19\]. The aggregate installed-base figures IQM reports have shifted across disclosures and should be treated cautiously: listing materials cited 23 systems sold with 18 delivered, an April 2026 account cited 21 sold to 13 customers, and the H1 2026 report cited 26 sold and 17 delivered \[1\]\[6\]\[19\]. These are self-reported and not reconciled to a single audited installation schedule, so the precise installed base is unresolved; the directionally robust claim is that IQM has delivered more on-premises superconducting systems than any competitor it names \[1\]\[6\]. **2.4 Upstream supply chain.** The stack depends on a small set of specialized suppliers. Dilution refrigeration is provided by Bluefors XLD-class cryostats, a Finnish supplier, cooling the QPU below 10 millikelvin with cascaded attenuation and filtering \[9\]. Superconducting film deposition and Josephson-junction fabrication are performed in IQM's own facility in Espoo, using flip-chip three-dimensional integration to separate routing and qubit chips, which reduces external-foundry dependency relative to some peers \[9\]. Signal readout uses traveling-wave parametric amplifiers, and control electronics are room-temperature microwave and flux systems \[9\]. The concentration of critical inputs, particularly dilution refrigeration and parametric amplifiers, is material both to throughput and, as Section 5 shows, to export-control exposure. **2.5 Competitive set.** Comparables are IonQ, with record Q2 2026 GAAP revenue of USD 80.1 million (up 287 percent year over year), remaining performance obligations of USD 485.0 million, and cash, equivalents, and investments of USD 3 billion as of 30 June 2026 \[31\]; Rigetti Computing, with roughly USD 569 million in cash and Q1 2026 revenue of USD 4.4 million \[31\]; and D-Wave Quantum, an annealing and gate-model vendor \[31\]. Quantinuum (NASDAQ:QNT) and Infleqtion listed in 2026; their ticker and exchange assignments are recent and should be confirmed against exchange records before reliance. IBM and Google remain the scaling and error-correction pace-setters. IQM's revenue base exceeds Rigetti's but is a fraction of IonQ's, and its cash position is intermediate among the superconducting peers \[31\]. --- ![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/2026/09/IQM-MediaAsset-Radiance-3.jpg) ![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/2026/09/IQM-MediaAsset-Radiance-4.jpg) ![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/2026/09/IQM-MediaAsset-Radiance-5.jpg) IQM Radiance Hardware ### 3\. Technical and operational considerations **3.1 Crystal and Star topologies.** IQM develops two processor topologies. Crystal is a square-lattice layout with nearest-neighbor connectivity (up to four neighbors) and fast parallel gates, natively supporting surface-code error correction; it underpins the Spark (5-qubit), Garnet (20-qubit), Emerald (54-qubit), and Radiance product QPUs \[3\]\[9\]\[11\]. Star uses a central computational resonator to connect many qubits with high effective connectivity and reduced SWAP overhead, favoring variational and optimization algorithms and bosonic simulation. IQM has further described a Constellation architecture built from hexagonal Star-like modules in which each qubit attains a connectivity of 12, tiled for scaling and intended as the substrate for its error-correction codes \[12\]. [Gamification of Optimisation for Operations Research: Do Human-Computation Games and Learned Solvers Beat Classical Methods?Foldit and AlphaTensor produce real science, but classical operations-research solvers still win at industrial scale.![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/icon/DataDeepTechLogo-1-909fae6f-0615-42be-bd81-824cf0c34ba5.png)DataDeep TechJohn D![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/thumbnail/CircuitOptimization-8e9c2bbe-3dc3-470b-8c38-47b38e0469fa.png)](https://datadeep.tech/gamification-of-optimisation/) **3.2 Benchmarked performance against stated performance.** The strongest independently referenced benchmark is the peer-reviewed and preprint characterization of the 20-qubit Garnet system, which reported a median two-qubit gate fidelity of exactly 99.5 percent and genuine 20-qubit GHZ entanglement, obtained through randomized and cross-entropy benchmarking on a single named device \[9\]. Independent third-party experimental work using IQM's Garnet and Emerald devices reported (as median values) CZ gate fidelities of 99.37 percent (Garnet) and 99.45 percent (Emerald), single-qubit PRX fidelities of 99.91 and 99.94 percent, and T1/T2 coherence of 36.53/8.61 microseconds (Garnet) and 50.05/15.75 microseconds (Emerald) \[11\]. The Garnet T2 of 8.61 microseconds is notably short and is a meaningful qualifier on circuit-depth capability. IQM advertises a Quantum Volume of at least 32 for a Radiance 20-qubit device, a figure surfaced in independent cross-platform benchmarking at [LRZ](https://www.lrz.de/en/technologies/quantum-computing?ref=datadeep.tech) \[9\]. At the test-chip level, IQM reported a 40-hour-averaged CZ gate fidelity of 99.93 percent with simultaneous single-qubit fidelities of 99.98 percent and readout fidelities above 99.94 percent in a single two-qubit device \[10\]. This is a best-case, small-device, time-averaged result and should not be read as fleet-wide or full-processor performance; the gap between it and the 99.5 percent Garnet system-level median illustrates the standard divergence between showcase devices and deployed fleets. The roadmap target of 99.95 percent two-qubit fidelity at scale is a development goal, not a measured result \[14\]. No independently verified figure for fleet-wide median two-qubit gate fidelity across all delivered systems was identified. **3.3 The qLDPC error-correction pathway relative to surface codes.** IQM's fault-tolerance thesis rests on quantum low-density parity-check codes co-designed with its topologies, positioned as more hardware-efficient than surface codes. Two 2026 results anchor the claim. "Barbell" codes, a qLDPC family tailored to the Constellation topology, were reported to achieve up to three orders of magnitude lower logical error rates than the surface code while requiring up to eight times fewer physical qubits; in one published comparison, 400 data qubits encoding 16 logical qubits at a physical error rate of 10^-3 yielded a logical error rate per round of 8.8 x 10^-7 \[12\]. Separately, "directional tile codes" were reported to deliver up to a 1,000-fold reduction in logical error rate on near-term-sized Crystal hardware using only nearest-neighbor connectivity, at a footprint of roughly 30 physical qubits per logical qubit \[13\]. The roadmap targets a logical error rate of 10^-9 and fault tolerance by 2030, scaling toward one million qubits \[14\]. The epistemic status of these results must be stated plainly: they are architecture and circuit-level numerical demonstrations described in company-authored preprints, not experimental demonstrations of a below-threshold logical qubit on IQM hardware at scale. The sector's credibility gap lies precisely between simulated code performance and hardware-realized, repeatedly error-corrected logical qubits. IQM's near-term hardware for this program is the Halocene line, combining [NISQ](https://en.wikipedia.org/wiki/Noisy%5Fintermediate-scale%5Fquantum%5Fcomputing?ref=datadeep.tech) qubits with error-correction demonstrators; the first Halocene H4 systems are contracted but not yet delivered \[13\]\[15\]. **3.4 Fabrication capacity, yield, and throughput.** IQM's in-house Espoo fabrication and its stated delivery cadence of six months from order for standard systems are competitive differentiators, and its self-reported delivery count supports the claim of manufacturing repeatability \[6\]\[9\]. The central unresolved technical risk is yield at scale: maintaining high junction and resonator fidelity uniformly across 150-qubit and larger chips is unproven at volume, and the company has not published fleet-wide yield or throughput data. The revenue guidance's heavy Q4 weighting, tied to acceptance of the first 150-qubit system, is the near-term test of whether larger-chip fabrication and commissioning perform on schedule \[7\]. **3.5 Software stack and HPC integration.** IQM emphasizes an open, modular software stack with pulse-level access and HPC-workflow integration, exemplified by the co-located loose-integration model documented jointly with LRZ \[35\]. The Resonance cloud service exposes the 54-qubit Crystal system for remote access \[3\]. In 2026 IQM acquired selected assets of the Berlin simulation-software developer Quantistry, extending its applications layer \[2\]. The strategic logic is that on-premises HPC integration, not cloud metering, is IQM's route to durable lock-in, since a physically installed and workflow-integrated system is far stickier than a cloud allocation. **3.6 Roadmap credibility against delivery record.** On balance, IQM's delivery record is credible on cadence and unproven on capability. It has repeatedly shipped systems to European HPC centers on announced timelines and expanded configurations from 5 to 20 to 54 qubits, with a 150-qubit system in commissioning \[6\]\[20\]. The unmet portion is the hard part: 150- and 300-qubit QEC demonstrators, below-threshold logical qubits, and the 2030 fault-tolerance target all lie ahead, and the million-qubit ambition is aspirational. IQM has demonstrated engineering and delivery discipline at NISQ scale, while the fault-tolerance roadmap should be treated as a statement of intent whose milestones have not yet been met. [IQM Quantum Computers Launches IQM Resonance, a Cloud Service to Advance Quantum Exploration and Research - HPCwireESPOO, Finland and MUNICH, March 19, 2024 — IQM Quantum Computers (IQM), a global leader in building quantum computers, today announced the launch of IQM Resonance, a cloud service to advance quantum exploration and research. This will give algorithm developers and scientists seamless and easy access to IQM’s advanced quantum systems to plan, develop, test, \[…\]![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/icon/hpcwire-favicon-512-100x100-1-8e370ab4-095b-4ee2-b6c2-5c18f1478eaa.webp)HPCwireAlex Woodie![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/thumbnail/65e1da398fb706e41de377f7_IQM-Resonance-p-1080-300x194-a7cc81c1-2d0a-4892-9155-2707344488ee.png)](https://www.hpcwire.com/off-the-wire/iqm-quantum-computers-launches-iqm-resonance-a-cloud-service-to-advance-quantum-exploration-and-research/?ref=datadeep.tech) --- ![IQM Spark Hardware](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/2026/09/IQM-MediaAsset-Spark-1.jpg) IQM Spark Hardware ### 4\. Economic and market dynamics **4.1 On-premises versus cloud/QPU-as-a-service.** As noted, 2025 revenue was almost entirely on-premises system sales (EUR 30.6 million of EUR 31.3 million), with cloud at EUR 0.3 million and co-development at EUR 0.3 million \[4\]. The model's strength is capital efficiency per booking and customer ownership; its weakness is revenue concentration, long cash-conversion cycles, and vulnerability to a single slipped commissioning date. Management explicitly guides that 2026 revenue is structurally second-half and fourth-quarter weighted for this reason \[7\]. **4.2 Revenue, backlog, margin, burn, and runway.** Revenue grew 91 percent to EUR 31.3 million in 2025 from EUR 16.4 million in 2024 \[4\]. First-half 2026 revenue was EUR 8.9 million (up 47 percent year over year), with Q2 revenue of EUR 6.7 million \[6\]\[7\]. The 2025 loss for the year was EUR 54.4 million, and the H1 2026 operating loss widened to EUR 60.5 million, of which EUR 9.9 million was transaction cost tied to the combination and dual listing \[4\]\[6\]. Order backlog moved from EUR 67.3 million at end-2025 to EUR 69.1 million at 30 June 2026 and to EUR 102.1 million by 3 August 2026, the last step driven by the EUR 33 million CSC LUMI contract \[6\]\[15\]. FY2026 guidance is order intake of EUR 65 to 75 million and revenue of EUR 42 to 47 million \[6\]\[7\]. Reported cash was EUR 309.4 million as of 2 July 2026, which management states funds operations into Q2 2028; IQM also prepaid and terminated a EUR 5 million Kreos Capital term loan in July 2026 \[6\]\[7\]. Bookings, backlog, and contracted pipeline are distinct from recognized revenue in every instance; the EUR 102.1 million backlog is contracted future revenue, not booked results \[6\]. Gross margin was not cleanly resolvable from the interim disclosure; given project-based recognition and heavy R&D, the operating loss is the more informative near-term metric than gross margin. **4.3 Provenance of market-size estimates.** Headline market figures originate in a few consultancy models: Boston Consulting Group projects quantum computing will create USD 450 billion to USD 850 billion of economic value by 2040, sustaining a USD 90 billion to USD 170 billion market for hardware and software providers, and it explicitly stated that its near-term NISQ-era value assumptions "have proved optimistic and must be revised," citing slower hardware progress and stronger classical and AI competition \[24\]. McKinsey has estimated quantum computing revenue of USD 28 billion to USD 72 billion by 2035 within a broader quantum-technology market \[25\]. These are modeled, scenario-dependent projections, and BCG's own downward revision of the NISQ phase is the most relevant caution for a company whose current revenue is entirely NISQ-era instrument sales \[24\]. **4.4 Capital structure and valuation versus comparables.** The combination valued IQM at approximately USD 1.8 billion pre-money \[3\]. Net proceeds were EUR 198.7 million (USD 233.5 million), comprising the residual RAAQ trust after redemptions and a PIPE of 14,548,000 shares at USD 10 (EUR 127.7 million, USD 145.5 million), the latter including a commitment from the Finnish pension insurer Ilmarinen \[1\]\[4\]. The company also reported a pro forma cash position of EUR 337 million in its listing announcement, a figure some outlets rendered inconsistently against the EUR 309.4 million balance-sheet figure; the figure of record is EUR 309.4 million as of 2 July 2026, and the EUR 337 million pro forma number should be treated as a pro forma presentation rather than a reconciled balance-sheet figure \[1\]\[2\]\[6\]. The de-SPAC forensics warrant specific attention. RAAQ raised USD 172.5 million in trust at its IPO. The exact redemption rate and residual trust cash were not disclosed in the closing releases located; an arithmetic inference from the 14,381,747 consideration shares issued suggests roughly 42 percent of public shares may have been redeemed, but this is a derived estimate, not a disclosed figure, and should be verified against the redemption disclosure. The sponsor agreed to forfeit 1,375,000 founder shares and up to 3,725,000 warrants on a sliding scale tied to residual trust proceeds, retaining approximately 4,240,000 ADSs; the exact number of warrants ultimately forfeited was formula-dependent and not separately reported \[5\]. Warrant overhang is defined: a maximum of 12,530,975 shares may be subscribed via IQM Warrants at a USD 11.50 strike, trading as IQMX WS \[1\]. Lock-ups run up to one year for existing shareholders, with early release if the ADS trades at or above USD 12.00 for 20 of any 30 trading days commencing at least 150 days after closing; 70 percent of sponsor ADSs carry the same one-year lock-up, while insider warrants were restricted for only 30 days \[5\]. Employee dilution is live: the ESOP 1 exercise added 183,619 shares in July 2026 \[6\]. The accounting basis is IFRS, as a Finnish issuer, and IQM files with the SEC as a foreign private issuer under CIK 0002113060 on Forms 6-K and 20-F rather than 10-Q and 10-K \[3\]\[6\]. Revenue on on-premises systems is recognized against installation and acceptance milestones over the delivery period, the mechanism behind the guidance's Q4 concentration \[4\]\[7\]. --- 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DataDeep.Tech Companion sheet to the IQM Quantum Computers briefing The rules IQM operates inside Export controls, two market regulators, and a customer base that is mostly public money Regulatory landscape and export controls Nasdaq: IQMX and Nasdaq Helsinki: IQMX | Finnish issuer with German operations | Instruments in force as at September 2026 How to read this sheet Coded by the standing of each instrument, not by evidence quality. In force, with a date In force; effect turns on case-by-case licensing Stalled, absent, or unestablished 6 Four bodies of law, three of them live What applies to IQM, by domain and by jurisdiction. Empty cells are stated as empty rather than filled. United States European Union Finland and Germany Multilateral 6.1 Export controls Bureau of Industry and Security interim final rule, 6 Sep 2024. 4A906 quantum computers and assemblies; 3A904 cryogenic cooling; 3B904 cryogenic wafer probers; 3C907 to 3C909 quantum materials. Adopted with allied states as a plurilateral framework. Regulation 2021/821, Annex I, 2025 update, in force 15 November 2025. Autonomous 500-series entries: quantum computers, cryogenic electronics, parametric signal amplifiers, cryogenic cooling and wafer probers. A deliberate step away from Wassenaar consensus. National authorities administer the EU list and issue the licences that gate individual shipments. IQM fabricates in Espoo and operates in Munich, so both administrations touch the same product line. No published data on IQM licence applications or outcomes. The Wassenaar Arrangement has not updated its control lists since 2022, blocked by Russia's veto. That freeze is why the United States and the EU acted autonomously. Cryogenic refrigeration of this type was not previously covered. 6.2 Securities disclosure Files with the SEC as a foreign private issuer, CIK 0002113060. Forms 6-K and 20-F rather than 10-Q and 10-K. Accounts prepared under IFRS, not US GAAP. Market Abuse Regulation and EU prospectus rules apply to the Helsinki line. Inside-information and disclosure obligations run in parallel with the SEC regime. FIN-FSA approved the English- language listing prospectus on 1 July 2026. Nasdaq Helsinki disclosure rules; monthly total voting rights releases; Lago Kapital market making at a maximum spread of 4 percent. Not material to this analysis. 6.3 Procurement and state aid Oak Ridge National Laboratory took the first United States delivery in June 2026. United States procurement rules were not examined in the report. EuroHPC Joint Undertaking procurement, plus EU state aid and competition rules on co-funded contracts. Material contracts are therefore competitively tendered. The EUR 33m CSC contract for the LUMI AI Factory is jointly funded by EuroHPC with Finland, Czechia, Norway and Poland. Member-state budgets set the pace of orders. Not material to this analysis. 6.1 Why the controls arrived when they did A multilateral freeze, then autonomous action, then a company that has to file in two places. 2022 Wassenaar list updates blocked by Russia's veto 6 Sep 2024 United States controls on quantum computers, cryogenic systems and materials 15 Nov 2025 EU autonomous 500-series controls enter into force 1 Jul 2026 FIN-FSA approves the listing prospectus 2 to 3 Jul 2026 Dual listing: SEC and Finnish obligations both attach 6.1 Both ends of the stack are on the lists The finished machine is controlled, and so are the cryogenics and materials IQM buys and uses to build it. 300 K 50 K 4 K 100 mK 10 mK QPU Dilution refrigerator Espoo fabrication junctions, superconducting films, metrology 2 3 1 4 5 1 The finished quantum computer Quantum computers and assemblies. The output IQM sells, shipped as customer-owned on-premises systems. US 4A906 EU 500-series 2 Cryogenic cooling systems Dilution refrigerators, supplied to IQM by Bluefors, a Finnish manufacturer. An input, and itself now controlled. US 3A904 EU 3 Parametric signal amplifiers Travelling-wave parametric amplifiers used for qubit readout, named in the EU's 2025 entries. EU 500-series 4 Cryogenic wafer probers Test and metrology equipment for the fabrication line rather than the delivered machine. US 3B904 EU 5 Quantum materials Superconducting films and related materials consumed in junction fabrication. US 3C907 to 3C909 Why this matters Both the output and the inputs sit inside the perimeter. IQM sells a controlled machine and buys controlled cryogenics in order to build it. Cryogenic refrigeration of this type sat outside the older multilateral lists, so this is genuinely new coverage rather than a restatement of existing rules. Bluefors, the dilution refrigerator supplier, is itself Finnish, so a critical input sits inside the same regime as the manufacturer that depends on it. The fabrication entries reach further upstream still, to the metrology and materials behind the process rather than the delivered system. 6.1 The same rules protect and constrain A European vendor inside the European perimeter gains at home exactly what it loses abroad. What the perimeter gives IQM Intra-EU and allied-destination licensing is comparatively facilitated, which suits a customer base concentrated in European HPC centres. EU domicile is the substance of the sovereignty case that sustains EuroHPC and member-state funding. IQM stayed headquartered in Finland rather than redomiciling to the United States at listing, and so preserved that eligibility. Investment screening regimes protect the domestic base against acquisition. What it costs IQM Shipments to non-allied destinations require licences, so reach into Asian and other markets is a function of licensing outcomes rather than commercial choice. Reported activity in South Korea, Taiwan and Japan sits on that line. Key inputs are controlled as well as outputs, which adds friction to the procurement of cryogenics and amplifiers from outside the perimeter. The same screening logic restricts reach outside Europe. Read across both columns Analysis published by the International Institute for Strategic Studies reads these controls as having evolved from security measures into an explicit instrument of industrial strategy. For a sovereignty-positioned European vendor, that is protection and constraint in the same instrument. 6.2 Two market regulators, one small company Dual listing doubles the compliance surface without doubling the revenue that carries it. United States Status Foreign private issuer, CIK 0002113060 Periodic reporting Form 20-F annually, Form 6-K for interim disclosure Not required Forms 10-Q and 10-K, and the quarterly cadence they impose Accounting basis IFRS Venue Nasdaq Global Select Market, ADSs and warrants Finland and the EU Status Finnish issuer on a regulated market Periodic reporting Nasdaq Helsinki disclosure rules, monthly voting rights releases Also binding Market Abuse Regulation and EU prospectus rules Prospectus English-language listing prospectus approved 1 July 2026 Liquidity Lago Kapital market making, maximum 4 percent spread The report's assessment: compliance cost and the risk of asymmetric disclosure timing are a governance burden disproportionate to a company reporting EUR 31.3m of annual revenue. 6.3 Who actually pays, and what that binds Public procurement is the demand base, which brings competition and state aid rules with it. Named deployments by buyer type Six of seven named deployments are publicly funded research or HPC centres. One, Galaxy in Poland, is a private enterprise. Public Private One contract, five public funders EUR 33m CSC, LUMI AI Factory, Halocene H4 150-qubit system, 2027 EuroHPC Joint Undertaking Finland Czechia Norway Poland The split between these funders is not disclosed and is not estimated here. Public procurement subjects material contracts to competitive tender and to EU state aid rules. It also ties demand durability to political budget cycles rather than to commercial return, which is why it should not be aggregated with enterprise demand. 7 Where regulation becomes geopolitics Three strategic dimensions, one of which the market routinely overstates. Technological sovereignty European policy has explicitly sought sovereign, EU- domiciled quantum capability integrated into European supercomputers, and IQM has been the leading beneficiary at LRZ, CINECA, CESGA, CSC and VTT. Remaining headquartered in Finland while listing on Nasdaq was itself a sovereignty-aligned choice. Investment screening Screening regimes protect a European champion at home while restricting sales into screened jurisdictions, the same asymmetry that runs through the export-control analysis. The report does not resolve this to a named instrument, so treat the dimension as thin. Post-quantum cryptography IQM's systems are nowhere near the scale required to threaten RSA or elliptic-curve cryptography. Relevance to migration timelines is indirect: progress here is one input into the sector-wide threat assessment, not a proximate cryptographic risk. Market commentary routinely conflates the two. 8 The regulatory entries in the risk register Ratings carried directly from the report's risk matrix. Risk Likelihood Impact Credible mitigations Export licensing restricts sales outside the EU and allied states Medium Medium EU domicile eases allied-destination sales; in-house fabrication of key components reduces dependence on controlled imports. Policy-funded demand contracts with EU and member-state budgets Medium High Early private-enterprise win in Poland; diversification into Japan, Korea, Taiwan and the United States; sovereignty alignment sustains funding. Dual-listing compliance burden and asymmetric disclosure Medium Low to medium Established foreign private issuer reporting; FIN-FSA-approved prospectus; market-making agreement supports price alignment. 9 What follows from this, by reader The regulatory picture changes three decisions, not all of them investment decisions. Investors Licensing outcomes, not commercial appetite, set the ceiling on non-European sales. Treat a dual-listing disclosure lapse as a governance signal, not a clerical one. Watch EuroHPC and member-state budget lines as a demand indicator. HPC centres and buyers Confirm export licence feasibility before signature, not after. Expect competitive tender and state aid conditions on co-funded contracts. Build licensing lead time into commissioning schedules. Policymakers Controls now function as industrial strategy; implementation choices are strategy choices. Protect the domestic base without foreclosing the allied-market sales that give it durability. Avoid making one vendor the single point of European failure. Limits of this sheet The report treats the regulatory dimension more briefly than the technical and financial ones, because much of it rests on general precedent rather than on facts specific to IQM. No published data was identified on the company's own export licence applications or outcomes, so the practical effect of the controls on its Asian and other non-EU sales is inferred from the rules rather than observed. Investment screening exposure is not resolved to a named instrument. Instrument citations are current as at September 2026 and export control lists are amended frequently; verify against the current Annex I and the Commerce Control List before relying on any entry. Sources: US Bureau of Industry and Security interim final rule of 6 September 2024 and associated legal analysis; Regulation (EU) 2021/821 Annex I as updated for 2025; SEC filings under CIK 0002113060; Nasdaq Helsinki stock exchange releases and the FIN-FSA-approved listing prospectus; EuroHPC Joint Undertaking and national programme records; IISS analysis. DataDeep.Tech Companion to the IQM briefing. Analysis, not investment or legal advice. Information cutoff September 2026 ### 5\. Regulatory landscape **5.1 Export controls.** Quantum hardware and its cryogenic and control subsystems moved firmly into export-control scope during 2024 and 2025, directly involving IQM's cross-border delivery model. The US Bureau of Industry and Security, on 6 September 2024, implemented controls on quantum computers and related assemblies (ECCN 4A906), certain cryogenic cooling systems (ECCN 3A904), cryogenic wafer-probing equipment (ECCN 3B904), and quantum-relevant materials (ECCNs 3C907, 3C908, 3C909), within a new plurilateral framework adopted with allied states outside the Wassenaar Arrangement \[26\]. The EU's 2025 update to Annex I of Regulation (EU) 2021/821, in force from 15 November 2025, added autonomous "500-series" controls covering quantum computers, cryogenic-temperature electronics, parametric signal amplifiers, cryogenic cooling systems, and cryogenic wafer probers, a deliberate departure from reliance on Wassenaar consensus \[27\]\[28\]. Wassenaar itself has been unable to update its lists since 2022 because of Russia's veto, the structural reason the EU, US, UK, and Japan moved to plurilateral and national controls \[26\]\[28\]. Cryogenic refrigeration of the type used in superconducting quantum computers was historically outside Wassenaar's munitions cryogenics entry, so the new EU and US measures represent genuinely new coverage of IQM's core inputs and outputs \[28\]. As a manufacturer whose systems and whose key inputs (dilution refrigerators, parametric amplifiers) are now controlled, IQM's shipments to non-allied destinations require licensing, so its reach into Asian and other markets is now a function of licensing outcomes rather than pure commercial choice \[26\]\[27\]. As a Finnish and German operator inside the EU regime, it benefits from intra-EU and allied-destination license facilitation, which advantages its European HPC customer base \[28\]. An IISS analysis characterizes these controls as evolving from security measures into an explicit industrial-strategy instrument, which cuts both ways for a sovereignty-positioned European vendor \[29\]. **5.2 Dual securities-law obligations.** The concurrent Nasdaq and Nasdaq Helsinki listings impose overlapping obligations: SEC reporting as a foreign private issuer on Forms 6-K and 20-F, and, in Finland, the EU Market Abuse Regulation, prospectus rules, and Nasdaq Helsinki disclosure requirements, the last evidenced by the FIN-FSA's approval of an English-language listing prospectus on 1 July 2026 and the monthly total-voting-rights releases \[6\]\[8\]. IQM engaged Lago Kapital as a Nasdaq Helsinki market maker to support liquidity and price alignment with the ADS, with a maximum quoted spread of 4 percent \[8\]. Dual listing raises compliance cost and the risk of asymmetric disclosure timing, a governance burden disproportionate for a company of IQM's revenue scale. **5.3 Public procurement and state aid.** A substantial share of demand originates in public procurement through the EuroHPC Joint Undertaking, national laboratories, and universities, funded by combinations of EU and member-state money, as the CSC LUMI, VTT, LRZ, and CINECA contracts illustrate \[15\]\[17\]\[20\]\[35\]. This subjects material contracts to public-procurement competition rules and EU state-aid constraints, and it means demand durability is a function of political budget cycles. Policy-funded demand is more concentrated and more exposed to fiscal and political shifts than commercially validated demand, and it should not be aggregated with enterprise demand when assessing revenue quality. --- ### 6\. Geopolitical and strategic dimensions IQM is positioned squarely within the European technological-sovereignty agenda, and that positioning is both its principal moat and its principal concentration risk. European policy, articulated through EuroHPC quantum-computer procurements and successor European quantum programs, has explicitly sought sovereign, EU-domiciled quantum capability integrated into European supercomputers, and IQM has been the leading beneficiary, deploying at LRZ, CINECA, CESGA, CSC, and VTT \[15\]\[17\]\[18\]\[35\]. Its decision to remain headquartered in Finland while listing on Nasdaq, rather than redomiciling to the US, was itself a sovereignty-aligned choice that preserved eligibility for European public funding \[8\]\[21\]. Foreign-investment screening cuts in IQM's favor domestically (a European champion is the intended object of protection) but constrains its non-European reach, since the same export-control and screening logic that protects it in Europe restricts sales into screened jurisdictions \[26\]\[29\]. On post-quantum cryptography, IQM's systems are nowhere near the scale required to threaten RSA or ECC, and its relevance to PQC transition timelines is indirect: its progress is one input into the sector-wide threat assessment motivating migration to post-quantum standards, not a proximate cryptographic threat. This should be stated soberly against a market discourse that frequently conflates any quantum progress with imminent cryptographic risk. [What is RSA? How does an RSA work? | Encryption ConsultingRSA is a public-key encryption algorithm that uses an asymmetric encryption algorithm to encrypt data. RSA is the primary method of encrypting data-in-motion.![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/icon/cropped-ec-logo-identity-1-270x270-ccbf92ad-a131-417c-be30-dd9bca76e015.png)Encryption Consulting LLCEC Team![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/thumbnail/What-is-RSA_-How-does-an-RSA-work_-a7d6031a-a25b-4e6f-93bc-b61484cfd292.webp)](https://www.encryptionconsulting.com/education-center/what-is-rsa/?ref=datadeep.tech) --- ### 7\. Risk matrix IQM Quantum Computers - Risk MatrixRisks, Likelihood, Impact, Mitigations. Semantic data is embedded in metadata.{"headers":\["Risk","Category","Likelihood","Impact","Mitigations"\],"rows":\[\["Fault-tolerance milestones slip; qLDPC results do not translate to hardware-demonstrated logical qubits at scale","Technical","Medium-High","High","Diversified NISQ revenue today; in-house fab enables fast iteration; multiple code families (barbell, directional tile) hedge architecture bets \[12\]\[13\]\[14\]"\],\["Yield and throughput fail to scale on 150-qubit-plus chips; Q4 150-qubit acceptance slips","Technical/Commercial","Medium","High","Own Espoo fabrication and flip-chip integration; modular upgrade contracts; six-month standard delivery cadence \[6\]\[9\]"\],\["Revenue concentration and lumpiness; a single slipped commissioning shifts a quarter materially","Commercial/Financial","High","Medium","Backlog of EUR 102.1 million; upgrade-based recurring engagements; transparent Q4-weighting guidance \[6\]\[7\]"\],\["Policy-funded demand contracts with EU or member-state budget cycles","Commercial/Geopolitical","Medium","High","Early private-enterprise win (Galaxy); diversification into Japan, Korea, Taiwan, US; sovereignty alignment sustains EU funding \[15\]\[19\]"\],\["De-SPAC overhang: warrant dilution (12.5m shares at USD 11.50), lock-up expiries, ESOP dilution","Financial/Governance","Medium","Medium","Existing holders retained \~81% and did not redeem; one-year lock-ups; runway to Q2 2028 reduces near-term raise pressure \[1\]\[5\]\[7\]"\],\["Cash burn outpaces plan; dilutive raise before revenue inflection","Financial","Medium","High","EUR 309.4 million cash; disciplined guidance; term debt fully repaid \[6\]\[7\]"\],\["Export-control licensing restricts non-EU sales; controlled inputs (cryostats, amplifiers) constrained","Regulatory/Geopolitical","Medium","Medium","EU domicile eases allied-destination sales; in-house fabrication of key components \[26\]\[27\]\[28\]"\],\["Dual-listing compliance burden and asymmetric disclosure","Regulatory/Governance","Medium","Low-Medium","Established FPI reporting; FIN-FSA-approved prospectus; market-making agreement \[6\]\[8\]"\],\["Fidelity gap versus trapped-ion peers erodes positioning for high-value algorithms","Technical/Commercial","Medium","Medium","Co-designed QEC; HPC-integration lock-in; Star topology connectivity for specific algorithm classes \[11\]\[31\]"\],\["Installed-base and performance claims prove overstated or inconsistent under audit scrutiny","Governance","Low-Medium","Medium","Peer-reviewed benchmark literature; audited 2025 financials; SEC and FIN-FSA oversight \[4\]\[9\]"\]\]}IQM Quantum Computers - Risk MatrixRisks, Likelihood, Impact, MitigationsRiskCategoryLikelihoodImpactMitigationsFault-tolerance milestones slip; qLDPCresults do not translate tohardware-demonstrated logical qubitsat scaleTechnicalMedium-HighHighDiversified NISQ revenue today;in-house fab enables fast iteration;multiple code families (barbell,directional tile) hedge architecture bets\[12\]\[13\]\[14\]Yield and throughput fail to scale on150-qubit-plus chips; Q4 150-qubitacceptance slipsTechnical/CommercialMediumHighOwn Espoo fabrication and flip-chipintegration; modular upgrade contracts;six-month standard delivery cadence\[6\]\[9\]Revenue concentration and lumpiness;a single slipped commissioning shifts aquarter materiallyCommercial/FinancialHighMediumBacklog of EUR 102.1 million;upgrade-based recurringengagements; transparentQ4-weighting guidance \[6\]\[7\]Policy-funded demand contracts withEU or member-state budget cyclesCommercial/GeopoliticalMediumHighEarly private-enterprise win (Galaxy);diversification into Japan, Korea,Taiwan, US; sovereignty alignmentsustains EU funding \[15\]\[19\]De-SPAC overhang: warrant dilution(12.5m shares at USD 11.50), lock-upexpiries, ESOP dilutionFinancial/GovernanceMediumMediumExisting holders retained \~81% and didnot redeem; one-year lock-ups; runwayto Q2 2028 reduces near-term raisepressure \[1\]\[5\]\[7\]Cash burn outpaces plan; dilutive raisebefore revenue inflectionFinancialMediumHighEUR 309.4 million cash; disciplinedguidance; term debt fully repaid \[6\]\[7\]Export-control licensing restrictsnon-EU sales; controlled inputs(cryostats, amplifiers) constrainedRegulatory/GeopoliticalMediumMediumEU domicile eases allied-destinationsales; in-house fabrication of keycomponents \[26\]\[27\]\[28\]Dual-listing compliance burden andasymmetric disclosureRegulatory/GovernanceMediumLow-MediumEstablished FPI reporting;FIN-FSA-approved prospectus;market-making agreement \[6\]\[8\]Fidelity gap versus trapped-ion peerserodes positioning for high-valuealgorithmsTechnical/CommercialMediumMediumCo-designed QEC; HPC-integrationlock-in; Star topology connectivity forspecific algorithm classes \[11\]\[31\]Installed-base and performance claimsprove overstated or inconsistent underaudit scrutinyGovernanceLow-MediumMediumPeer-reviewed benchmark literature;audited 2025 financials; SEC andFIN-FSA oversight \[4\]\[9\]DataDeep.Tech | Risk | Category | Likelihood | Impact | Mitigations | | ---------------------------------------------------------------------------------------------------------------- | ----------------------- | ----------- | ---------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Fault-tolerance milestones slip; qLDPC results do not translate to hardware-demonstrated logical qubits at scale | Technical | Medium-High | High | Diversified NISQ revenue today; in-house fab enables fast iteration; multiple code families (barbell, directional tile) hedge architecture bets \[12\]\[13\]\[14\] | | Yield and throughput fail to scale on 150-qubit-plus chips; Q4 150-qubit acceptance slips | Technical/Commercial | Medium | High | Own Espoo fabrication and flip-chip integration; modular upgrade contracts; six-month standard delivery cadence \[6\]\[9\] | | Revenue concentration and lumpiness; a single slipped commissioning shifts a quarter materially | Commercial/Financial | High | Medium | Backlog of EUR 102.1 million; upgrade-based recurring engagements; transparent Q4-weighting guidance \[6\]\[7\] | | Policy-funded demand contracts with EU or member-state budget cycles | Commercial/Geopolitical | Medium | High | Early private-enterprise win (Galaxy); diversification into Japan, Korea, Taiwan, US; sovereignty alignment sustains EU funding \[15\]\[19\] | | De-SPAC overhang: warrant dilution (12.5m shares at USD 11.50), lock-up expiries, ESOP dilution | Financial/Governance | Medium | Medium | Existing holders retained \~81% and did not redeem; one-year lock-ups; runway to Q2 2028 reduces near-term raise pressure \[1\]\[5\]\[7\] | | Cash burn outpaces plan; dilutive raise before revenue inflection | Financial | Medium | High | EUR 309.4 million cash; disciplined guidance; term debt fully repaid \[6\]\[7\] | | Export-control licensing restricts non-EU sales; controlled inputs (cryostats, amplifiers) constrained | Regulatory/Geopolitical | Medium | Medium | EU domicile eases allied-destination sales; in-house fabrication of key components \[26\]\[27\]\[28\] | | Dual-listing compliance burden and asymmetric disclosure | Regulatory/Governance | Medium | Low-Medium | Established FPI reporting; FIN-FSA-approved prospectus; market-making agreement \[6\]\[8\] | | Fidelity gap versus trapped-ion peers erodes positioning for high-value algorithms | Technical/Commercial | Medium | Medium | Co-designed QEC; HPC-integration lock-in; Star topology connectivity for specific algorithm classes \[11\]\[31\] | | Installed-base and performance claims prove overstated or inconsistent under audit scrutiny | Governance | Low-Medium | Medium | Peer-reviewed benchmark literature; audited 2025 financials; SEC and FIN-FSA oversight \[4\]\[9\] | ### 8\. Forward outlook These scenarios reason forward from current evidence and are labeled with their assumptions; none is a forecast of record. **Base case.** IQM meets or narrowly misses its FY2026 revenue guidance of EUR 42 to 47 million, contingent on Q4 acceptance of its first 150-qubit system, and converts most of its EUR 102.1 million backlog on the stated 1.5-to-2-year cadence \[6\]\[7\]. Cash runway holds into Q2 2028, and the company advances QEC demonstrators at VTT and CSC without yet demonstrating a below-threshold logical qubit at scale \[7\]\[15\]\[20\]. Under this scenario IQM remains the European superconducting leader by deliveries but a small-revenue business dependent on public procurement, and it likely requires a further raise around 2028 to reach fault-tolerance milestones. Assumes no major commissioning slip and continued EuroHPC funding. **Upside case.** Fabrication scales cleanly, the 150- and 300-qubit QEC demonstrators produce a credible hardware-demonstrated logical-qubit result ahead of peers, private-enterprise and Asian demand broadens beyond public procurement, and the ADS trades above the USD 12 lock-up-release threshold, easing future financing \[13\]. Assumes qLDPC numerical advantages translate to hardware and that at least one commercial (non-policy) vertical adopts at scale. **Downside case.** A larger-chip yield problem or a slipped 150-qubit acceptance causes a guidance miss, backlog conversion stretches, and burn forces a dilutive raise into a weak quantum-equity tape amid warrant and lock-up overhang \[7\]\[31\]. Policy-funded demand softens with EU budget pressure, and the fidelity gap versus trapped ions limits high-value commercial workloads. Assumes correlated technical and financing stress, the characteristic failure mode of capital-intensive de-SPAC hardware issuers. --- ## Recommendations **For institutional investors and capital allocators.** Treat IQM as a milestone-gated, policy-correlated hardware position, not a software-multiple growth stock, and size accordingly. Underwrite to the base case, never to the business-combination projections, which are company-modeled and must not be carried as performance. The trigger points that should change the position are: Q4 2026 acceptance of the first 150-qubit system on schedule and at spec (positive); a hardware-demonstrated, repeatedly error-corrected logical qubit on IQM hardware, as distinct from the current numerical qLDPC results (strongly positive) \[13\]; and, conversely, any commissioning slip, a downward revision of the EUR 42 to 47 million FY2026 revenue guidance, or an equity raise before a revenue inflection (negative) \[6\]\[7\]. Watch the lock-up expiry around July 2027 and the USD 12 early-release threshold as supply-overhang events \[5\]. Benchmark cash burn quarterly against the stated Q2 2028 runway; runway compression below roughly 12 months without a financing plan is the key financial red line \[7\]. **For HPC-center and enterprise technology buyers.** IQM is a credible procurement counterparty for on-premises NISQ-era superconducting systems, with genuine HPC-integration experience and a demonstrated delivery cadence, and its open, modular stack and upgrade path reduce lock-in risk relative to cloud-only alternatives \[9\]\[35\]. Contract explicitly on acceptance-test fidelity and coherence figures measured on the delivered fleet unit, not on test-chip or roadmap figures, given the documented gap between the 99.93 percent test-chip and 99.5 percent system-level medians \[9\]\[10\]\[11\]. Structure milestone-based payments tied to commissioning and calibrated performance, secure upgrade options in writing given the fast-moving roadmap, and verify export-license feasibility early for any cross-border deployment \[26\]\[27\]. The trigger to expand commitment is a demonstrated quantum error correction (QEC) result on a delivered system; the trigger to pause is any pattern of missed acceptance dates across the installed base. [QuEra, Harvard, and MIT Demonstrate 2:1 Physical-to-Logical Qubit Ratio - Quantum Computing ReportA research collaboration between QuEra Computing, Harvard University, and MIT has reported a quantum error correction (QEC) result demonstrating a physical-to-logical qubit ratio of approximately 2:1\. The research utilizes a family of quantum Low-Density Parity-Check (qLDPC) codes co-designed for reconfigurable neutral-atom hardware. While standard QEC approaches often require high physical qubit overhead to encode a single logical qubit, this implementation achieves encoding rates exceeding 1/2 by utilizing non-commuting affine permutation matrices—a construction developed by Kenta Kasai (2026). The technical implementation leverages the ability of neutral-atom arrays to move qubits in parallel using Acousto-Optic Deflectors (AODs). By aligning the code structure with \[...\]![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/icon/favicon-dc81b44b-6b48-456d-861b-e3c908808696.png)Quantum Computing ReportMohamed Abdel-Kareem![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/thumbnail/69e66178d64b64fc868bca10_UHR-20Launch-076642d8-411e-405a-99e3-6b3a34981770.png)](https://quantumcomputingreport.com/quera-harvard-and-mit-demonstrate-21-physical-to-logical-qubit-ratio/?ref=datadeep.tech) --- **For policymakers and public funders.** IQM is the leading instrument of European superconducting-quantum sovereignty, and continued EuroHPC and member-state procurement is the principal reason it exists at commercial scale \[15\]\[17\]\[20\]. Guard against creating a single point of failure: concentrating European quantum-hardware demand in one vendor is itself a sovereignty risk if that vendor stumbles. Tie continued funding to independently verified, published benchmark and QEC milestones rather than qubit-count headlines; maintain a competitive second-source policy within the EU where feasible; and align export-control implementation to protect the domestic base without foreclosing the allied-market sales IQM needs for commercial durability \[28\]\[29\]. The trigger for intensified support is demonstrated progress toward fault tolerance; the trigger for reassessment is evidence that public funding is substituting for, rather than catalyzing, commercial demand. --- ## Caveats The public financial record spans only the audited 2025 fiscal year and the H1 2026 interim period, so trend inference is limited and several figures are provisional \[4\]\[6\]. Installed-base counts are self-reported and internally inconsistent across disclosures (23, 21, and 26 systems sold in successive accounts), and no single audited installation schedule was identified; the precise installed base is unresolved \[1\]\[6\]\[19\]. The RAAQ redemption rate and residual trust cash, the exact number of sponsor warrants forfeited, and the precise post-closing beneficial-ownership percentages of named holders were not resolved to primary filings in this research and are flagged as open items rather than stated figures \[5\]. Device performance figures are predominantly vendor-authored, though several are corroborated in independent third-party experimental work; no independently verified fleet-wide median fidelity exists \[9\]\[10\]\[11\]. The qLDPC error-correction results are numerical and architectural, not hardware-demonstrated logical qubits at scale \[12\]\[13\]. Market-size figures are modeled consultancy projections whose originators have revised near-term assumptions downward \[24\]\[25\]. The EUR 337 million pro forma cash figure and the EUR 309.4 million reported cash figure differ and were rendered inconsistently by some outlets; the reported balance-sheet figure is used here \[1\]\[6\]. --- ![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/2026/04/THIG_WideLogo01-1.png) [Can Qubits Be Cloned? How Encryption Refines, but Does Not Break, the No-Cloning TheoremIBM hardware cloned a qubit into 77 encrypted copies using 154 qubits, yet only one is ever readable. The no-cloning theorem is refined, not broken.![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/icon/DataDeepTechLogo-1-075d6afa-fc34-4333-ad0b-0e809c6b2da0.png)DataDeep TechJohn D![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/thumbnail/QuantumCloningx2-9eae13fd-aad9-4f1f-b46e-d254d1c20e7c.png)](https://datadeep.tech/qubit-cloning/) [Finland’s Deep Tech Gamble: Economy, R&D Spending, and Strategic RisksFinland targets 4% GDP for R&D amid productivity woes, skills gaps, and geopolitical shifts. Can deep tech save its economy?![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/icon/DataDeepTechLogo-1-ddb43a11-8217-4a7d-af60-1322cfa17edd.png)DataDeep TechLiam L![](https://storage.ghost.io/c/1d/fa/1dfa0703-59cd-42c7-a4f8-b16e218c2d7c/content/images/thumbnail/pexels-jukka-jaara-2149921116-30855507-2155f780-b144-4d8b-975d-c9ebe3fe3682.jpg)](https://datadeep.tech/finland-tech-economy/) --- ## References \[1\] IQM Quantum Computers Oyj. 2026\. "IQM Quantum Computers and Real Asset Acquisition Corp. Complete the Combination; Trading in IQM's ADSs and IQM Warrants Commences July 2, 2026." Form 6-K exhibit, U.S. Securities and Exchange Commission, July 1. \[2\] IQM Quantum Computers. 2026\. "IQM Quantum Computers Becomes First European Quantum Computing Company Listed on a Major U.S. Exchange." Business Wire, July 2. \[3\] Real Asset Acquisition Corp. and IQM Finland Oy. 2026\. "Announcement of Effectiveness of Registration Statement and Business Combination Terms." Form 8-K and Form 425, U.S. Securities and Exchange Commission, June 8. \[4\] IQM Finland Oy. 2026\. "Registration Statement and Prospectus (Financial Statements for the Years Ended December 31, 2025 and 2024)." Form 424B3, U.S. Securities and Exchange Commission, June. \[5\] IQM Finland Oy. 2026\. "Registration Statement on Form F-4 and F-4/A (Ownership, Dilution, Sponsor Support, and Lock-up Disclosures)." U.S. Securities and Exchange Commission, May–June. \[6\] IQM Quantum Computers Oyj. 2026\. "First Half and Second Quarter 2026 Results; FY2026 Guidance; Total Number of Voting Rights and Shares." Form 6-K exhibit and GlobeNewswire releases, July–August. \[7\] IQM Quantum Computers Oyj. 2026\. "Q2 FY2026 Earnings Call Transcript." August 4. \[8\] IQM Quantum Computers Oyj. 2026\. "Listing Application Approved; Trading on Nasdaq Helsinki Commences July 3, 2026; Liquidity Provision." Nasdaq Helsinki stock exchange release via GlobeNewswire, July 2. \[9\] Abdurakhimov, Leonid, Janos Adam, Hamid Ahmad, Olli Ahonen, Manuel Algaba, et al. 2024\. "Technology and Performance Benchmarks of IQM's 20-Qubit Quantum Computer." arXiv:2408.12433. \[10\] Marxer, Fabian, Jakub Mrożek, Joona Andersson, Leonid Abdurakhimov, et al. 2025\. "Above 99.9% Fidelity Single-Qubit Gates, Two-Qubit Gates, and Readout in a Single Superconducting Quantum Device." arXiv:2508.16437. \[11\] Authors of arXiv:2603.28486\. 2026\. "Emergent-Coupling-Based Ansatz Evaluated on a Superconducting Quantum Processor" (median T1/T2, PRX, and CZ fidelities for IQM Garnet and Emerald). arXiv:2603.28486. \[12\] Choe, Shin Ho, et al. (IQM Quantum Computers and academic collaborators). 2026\. "Barbell Codes: Quantum Low-Density Parity-Check Codes for the Constellation Architecture." arXiv preprint, reported June. \[13\] IQM Quantum Computers. 2026\. "IQM Achieves Milestone in Quantum Error Correction Using Directional Tile Codes." Business Wire, June 23. \[14\] IQM Quantum Computers. 2026\. "Technology Roadmap." iqm.tech/technology/roadmap. \[15\] CSC – IT Center for Science and IQM Quantum Computers. 2026\. "LUMI AI Factory Selects IQM to Deploy Advanced Quantum Computer (Halocene H4)." Business Wire and CSC media release, July 8. \[17\] IQM Quantum Computers. 2026\. "IQM Radiance Installed at CINECA (NOX) Integrated with Leonardo Supercomputer." The Quantum Insider, June 11. \[18\] CESGA, Telefónica, and IQM Quantum Computers. 2026\. "CESGA Selects IQM and Telefónica to Deploy Advanced Quantum Computing Infrastructure." HPCwire, off-the-wire release. \[19\] IQM Quantum Computers. 2026\. "Poland's Galaxy Systemy Informatyczne Becomes First Private Enterprise to Buy a Quantum Computer from IQM." Business Wire, April 7. \[20\] IQM Quantum Computers and VTT Technical Research Centre of Finland. 2025\. "IQM to Deliver World-Leading 300-Qubit Quantum Computer to Finland." Business Wire, May 19. \[21\] IQM Quantum Computers. 2025\. "IQM Raises Over $300 Million in Series B Funding Led by Ten Eleven Ventures with Support from Tesi." Business Wire, September 3. \[22\] IQM Quantum Computers and World Fund. 2022\. "European Quantum Computing Leader IQM Raises €128m Led by World Fund." Business Wire, July 22. \[23\] IQM Quantum Computers. 2026\. "IQM Appoints Jan Goetz as Sole CEO; Søren Hein as COO and Deputy CEO." Business Wire, January 26. \[24\] Boston Consulting Group (Jean-François Bobier et al.). 2024\. "The Long-Term Forecast for Quantum Computing Still Looks Bright." July 18. \[25\] McKinsey & Company. 2023–2024\. "Quantum Technology Monitor" (quantum computing revenue projections to 2035). \[26\] Covington & Burling LLP. 2024\. "U.S. Implements Plurilateral Export Controls Framework and Additional Controls on Semiconductor, Quantum, and Additive Manufacturing Items." September. \[27\] Cooley LLP. 2025\. "EU Issues 2025 Update to Dual-Use Control List." December 5. \[28\] Hogan Lovells. 2025\. "EU Updates Dual-Use Control List: New Controls on Emerging Technologies and Shift in Export Control Policy"; and Springer Nature. 2025\. "Regulatory Challenges and Opportunities of Export Controls on Quantum Computing." \[29\] International Institute for Strategic Studies. 2026\. "Western Quantum Export Controls Are Evolving into an Industrial Strategy" (as reported by The Quantum Insider, August 3). \[31\] The Motley Fool and Yahoo Finance. 2026\. Peer coverage of IonQ, Rigetti, and D-Wave (Q2 2026 revenue, cash, remaining performance obligations, and two-qubit gate fidelity figures); IonQ Q2 2026 results release, August 5; Rigetti Cepheus-1-108Q performance release, April 7\. July–August. \[32\] Tesi (Finnish Industry Investment Ltd). n.d. "IQM Does Groundbreaking Work in Quantum Computing" (founders and institutional lineage). \[35\] Open Compute Project. 2025\. "Toward a Blueprint for Quantum Supercomputer Co-Deployments: IQM's 20-Qubit Integration at LRZ."