NEW YORK, July 3, 2026, 04:22 EDT
- Nasdaq is shut Friday for Independence Day observed, leaving IQM’s Thursday debut as the last U.S. print before Monday.
- IQM’s ADS closed at $13.36 on July 2; the 262.46 million share base points to about $3.51 billion of equity value.
- That price is about 97 times audited 2025 revenue of $36 million, a rich opening mark for a hardware-heavy quantum stock.
- Helsinki trading starts Friday, giving investors a live local reference while the U.S. ADS is paused.
IQM Quantum Computers Oyj NASDAQ:IQMX starts its first U.S. market holiday as a public company with one clean number for investors: Thursday’s $13.36 ADS close values the listed share base at about $3.51 billion.
That is almost twice the roughly $1.8 billion pre-money equity value stated in May transaction filings. It is also about 97 times IQM’s audited 2025 revenue of 31 million euros, or $36 million. The gap matters because the public market is giving IQM a quantum peer multiple before the company has built a long record as a listed issuer.
Nasdaq’s holiday calendar lists July 3, 2026 as closed for Independence Day observed. IQM’s next U.S. regular session is Monday, July 6, after a first week that took the company from SPAC close on July 1 to ADS trading on July 2 and Helsinki share trading on July 3.
| IQM debut measure | Figure |
|---|---|
| First Nasdaq ADS trade date | July 2, 2026 |
| ADS ratio | 1 ADS = 1 IQM share |
| July 2 regular-session close | $13.36 |
| July 2 range | $11.62-$13.45 |
| July 2 volume | 132,343 ADS |
| Shares admitted in Helsinki | 262,462,360 |
| Equity value at $13.36 | About $3.51 billion |
| Audited 2025 revenue | 31 million euros / $36 million |
| Equity value / 2025 revenue | About 97x |
The structure adds another near-term price marker. IQM issued 14.55 million existing shares in a PIPE at $10 each and received net proceeds of about 198.7 million euros, or $233.5 million, from the business combination and PIPE. The Thursday close stood 33.6% above the PIPE price.
The warrants are already in the money on that close. IQM warrants carry an $11.50 exercise price and cover up to 12.53 million new or existing shares, equal to 4.8% of the Helsinki share count. IQMX closed 16.2% above the strike.
Chief Executive and co-founder Jan Goetz said in the listing release that IQM entered the public market “from a position of strength.” In March, after BlackRock NYSE:BLK funds invested 50 million euros, Goetz told Reuters: “It’s basically a question of ramping up the commercial traction to bring us to profitability.” Business Wire
BlackRock’s Tony Kim, head of the global technology team within its Fundamental Equities portfolio management group, framed the investment case more broadly. “AI reasons from data. Quantum reasons from physics,” Kim said in a separate video post cited by Reuters. Reuters
The peer tape was weak on Thursday. The Nasdaq Composite fell 0.8% as chip shares sold off, while most listed quantum names also fell. IQM’s calculated value already puts it above Quantum Computing Inc. NASDAQ:QUBT and below Rigetti Computing Inc. NASDAQ:RGTI, D-Wave Quantum Inc. NYSE:QBTS and IonQ Inc. NYSE:IONQ.
| Company | Ticker | Last U.S. price | Day move | Market value |
|---|---|---|---|---|
| IQM Quantum Computers Oyj | NASDAQ:IQMX | $13.36 | Debut session | About $3.51 bln |
| IonQ Inc. | NYSE:IONQ | $49.12 | -4.40% | $18.23 bln |
| D-Wave Quantum Inc. | NYSE:QBTS | $22.53 | -4.21% | $8.28 bln |
| Rigetti Computing Inc. | NASDAQ:RGTI | $17.94 | -3.83% | $6.02 bln |
| Quantum Computing Inc. | NASDAQ:QUBT | $9.05 | -3.77% | $2.03 bln |
Helsinki is the next test. Nasdaq Helsinki approved IQM shares for trading on July 3 under IQMX and said 262.46 million shares would be admitted. Lago Kapital agreed to act as market maker, with a maximum bid-offer spread of 4% and quotes covering at least 3,000 euros for at least 85% of the continuous session.
That matters for Monday’s ADS open. IQM’s own Helsinki release said the market-making arrangement is meant to support price alignment between the Helsinki shares and the Nasdaq ADS. A Friday Helsinki move away from the $13.36 U.S. close would give ADS holders a live cross-market signal before the U.S. book reopens.
IQM says it has sold 23 quantum computers worldwide and delivered 18, with systems at CINECA in Italy, Leibniz Supercomputing Center in Germany and Oak Ridge National Laboratory in the United States. The company also said it holds 337 million euros in pro forma cash, about 11 times its 2025 revenue.
The risk language is blunt. A June SEC-filed release warned that IQM is pursuing emerging technology that faces technical challenges and may not gain commercial market acceptance; the same filing cited historical net losses, limited operating history and the possible need for more financing.
