Quantum market is growing, but its commercial future remains uncertain

I’d like to share a development in quantum technologies.

Finland’s IQM has gone public on Nasdaq via a SPAC at about a $1.9 billion valuation, yet the market response was lukewarm.

The company openly says major commercial returns from quantum computing may never materialize.

Still, demand is emerging. IQM’s customer base has grown from 8 in 2024 to 22 in 2025, including VTT and the Leibniz Supercomputing Centre.

It is building around real use cases: simulation, optimization, cloud access, and delivery of quantum systems. It is also preparing a Helsinki listing and remains closely tied to Finland’s ecosystem.

Why it matters: quantum is attracting capital, but mass commercialization remains uncertain.

How do you assess this stage in the industry?