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About IQM Quantum Computers
IQM Quantum Computers (IQMX) has a market cap of $1.62B as of October 2026 — #7 of the 13 pure-play quantum computing stocks by market value.
IQM Quantum Computers is Europe's largest quantum computing hardware company, building on-premises superconducting quantum computers for national labs, HPC centers and universities — with systems delivered across Finland, Germany, Spain, Poland, South Korea, Taiwan and beyond. It operates its own chip fabrication facility in Espoo, Finland.
Sector
Technology
Industry
Computer Hardware
Employees
460
Founded
2018
Headquarters
Espoo, Finland
Shares Outstanding
159.8M
Quantum Division
https://www.meetiqm.com/products
Quantum Technology
Physical Qubits
150
Radiance 150
2Q Gate Fidelity
99.3%
1Q Gate Fidelity
99.9%
Hardware Type
Physical Qubits (Superconducting Transmon)
Cloud Access
Roadmap Target
Fault-tolerant quantum computing targeted by 2030, scaling through 150- and 300-qubit Radiance-class systems with error-corrected logical qubits
Superconducting transmon qubits; IQM currently offers Radiance configurations with 20, 54, or 150 qubits and identifies the 150-qubit configuration as its flagship QPU. On-premises systems are built for HPC integration, with delivery starting from six months. By Q2 2026, IQM reported 26 systems sold, 17 delivered, order backlog above EUR102.1M, and expanded Espoo fabrication capacity of up to 30 systems per year.
Competing Approaches
Big tech companies using the same Superconducting approach
Willow (105 qubits) achieved below-threshold error correction (Dec 2024); first verifiable quantum advantage via the Quantum Echoes (OTOC) algorithm — 13,000× faster than the top classical supercomputer, published in Nature (Oct 2025); expanded into neutral-atom quantum computing (Mar 2026); reinforcement-learning calibration improved logical stability 3.5× and reduced surface-code quantum-memory errors below one per 1,000 cycles (Jul 2026)
Useful quantum computing beyond classical simulation by 2029
Willow
105
qubits
Nighthawk r2 (Aug 2026) combines 120 programmable qubits, 218 couplers and 120 independent reset elements; it executes 100,000+ circuits per second, up to 25× Heron throughput, and delivered accurate results on circuits with 7,500+ gates, achieving IBM's 2026 roadmap milestone. Experimental Loon (112 qubits) demonstrates fault-tolerant hardware building blocks; IBM completed its acquisition of HRL Laboratories in Aug 2026.
First examples of quantum advantage in 2026; fault-tolerant Starling (200 logical qubits, 100 million gates) in 2029; Blue Jay (2,000 logical qubits, 1 billion gates) by 2033+
Nighthawk r2
120
qubits
Static data · These are diversified companies — not pure-play quantum investments · Updated Apr 2025
⚠ Q2 and post-close backfill
FY2025 revenue and net loss remain sourced from IQM's audited F-4. Cash is updated to July 2 post-close liquidity, while debt, equity, and trailing operating cash flow use the June 30 Q2 report and the ECB June 30 EUR/USD reference rate. Dated fields yield automatically to equal-or-newer SEC facts.
Cash Position & Runway
Total Cashⓘ
$352.53M
TTM Cash Burnⓘ
$90.85M
per year (TTM)
Cash Runwayⓘ
47 mo
Total Debtⓘ
$17.06M
Quarterly Operating Cash Flow
Quarterly cash-flow figures will appear here once IQM Quantum Computers files interim financial reports with the SEC. Recently listed companies have no quarterly history yet.
Financial Metrics (Annual)
Total Revenueⓘ
$36.82M
Revenue Growth (YoY)ⓘ
+90.6%
Gross Marginsⓘ
—
Operating Marginsⓘ
—
Net Marginsⓘ
-173.58%
Total Debtⓘ
$17.06M
P/E Ratio (TTM)ⓘ
—
EPS (TTM)ⓘ
$-0.4000
Price / Bookⓘ
7.82
Earnings Per Share (TTM)
EPS (TTM)ⓘ
$-0.4000
Unprofitable
P/E Ratioⓘ
—
Price / Bookⓘ
7.82
Price-to-Book
Returns vs S&P 500
1Y
Source: price_history vs SPY · Periods where price history is unavailable are hidden
Shares Outstanding History
Share-count history will appear here once IQM Quantum Computers has filed enough reports with the SEC to chart a trend. Recently listed companies start with a single data point.
SPAC Warrant Overhang
IQM Quantum Computers went public via SPAC merger with Real Asset Acquisition Corp (2026-07). SPAC warrants allow holders to buy shares at the strike price — exercising them creates new shares and dilutes existing holders.
Strike Price
$11.50
Outstanding
12.5M
Dilution Ceiling
$144.11M
Dilution ceiling = outstanding warrants × strike price. Outstanding count changes as warrants are exercised or expire — sourced from latest SEC 10-K/20-F.
Daily Short Volume (FINRA)
Latest Short Vol %
62.6%
2026-10-07
Short Volume
22,976
| Date | Short Vol | Total Vol | Short % |
|---|---|---|---|
| 2026-10-07 | 22,976 | 36,693 | 62.6% |
| 2026-10-02 | 31,652 | 92,502 | 34.2% |
| 2026-09-30 | 13,462 | 33,108 | 40.7% |
| 2026-09-25 | 35,107 | 81,442 | 43.1% |
| 2026-09-16 | 74,223 | 198,177 | 37.5% |
| 2026-09-09 | 21,511 | 34,856 | 61.7% |
| 2026-09-04 | 19,637 | 48,678 | 40.3% |
| 2026-09-02 | 67,399 | 136,643 | 49.3% |
| 2026-08-28 | 78,100 | 124,030 | 63% |
| 2026-08-26 | 45,347 | 103,500 | 43.8% |
Source: FINRA CNMS · Not the same as total short interest (outstanding positions) · Updated daily
Recent Research Papers (arXiv)
arXiv ↗Enabling Hybrid HPCQC Workflows with a Heterogeneous Software Stack
Emulation of Entanglement Distribution Networks on a Quantum Computer
Quantum Generative Diffusion Model for Real-World Time Series
Quantum Ergodicity and Thermalization in Interval Quantum Mechanics
Practical Tests and Witnesses of Fermionic non-Gaussianity
Towards Chemically Accurate and Scalable Quantum Simulations on IQM Quantum Hardware: A Quantum-HPC Hybrid Approach
An edge-based and subspace reduction encoding scheme to solve the traveling salesman problem in quantum computers
Twinned Dynamical Decoupling
Source: arXiv.org API · Papers mentioning company name · Updated every 48 hours
StockTwits Sentiment
Source: StockTwits · last 30 messages · updated every 4h
Recent News
Press Releases
GlobeNewswire ↗Source: Company newsroom (direct) + wire services (GlobeNewswire, PR Newswire) via Finnhub
News Mention Volume (30 days)
Articles indexed every 4h · Sentiment scored via Loughran-McDonald financial word lists (bullish/bearish keyword frequency). Not ML-based — scores reflect word presence only and may not capture context or sarcasm.
SEC Filings & Earnings Reports
View annual, quarterly, and material-event filings on SEC EDGAR
No annual summaries available yet.
Summaries are generated automatically. Check back after the next scheduled update.
10-K · 10-Q · 20-F · 40-F · 6-K filings
All Filings ↗| Date Filed | Form | Period Covered | |
|---|---|---|---|
| 2026-10-05 | 6-K | 2026-10-05 | EDGAR ↗ |
| 2026-10-02 | 6-K | 2026-10-02 | EDGAR ↗ |
| 2026-08-04 | 6-K | 2026-08-04 | EDGAR ↗ |
| 2026-08-03 | 6-K | 2026-08-03 | EDGAR ↗ |
| 2026-07-20 | 6-K | 2026-07-20 | EDGAR ↗ |
| 2026-07-16 | 6-K | 2026-07-16 | EDGAR ↗ |
| 2026-07-13 | 6-K | 2026-07-13 | EDGAR ↗ |
| 2026-07-08 | 6-K | 2026-07-07 | EDGAR ↗ |
| 2026-07-01 | 6-K | 2026-07-01 | EDGAR ↗ |
Source: SEC EDGAR · Annual: 10-K / 20-F / 40-F · Quarterly: 10-Q / 6-K · AI summaries generated automatically
Earnings releases, contracts, leadership changes, offerings
All 8-Ks ↗Source: SEC EDGAR · Material events, earnings releases, contract announcements · Updated weekly
S-3 shelf registrations, 424B prospectuses, and document-verified foreign-issuer supplements represent potential dilution events. IQM Quantum Computers has 2 such filings on record.
All Shelf Filings ↗Source: SEC EDGAR · S-3 = shelf registration, 424B3/B5 = active offering (dilutive)
SC 13G/D filers · >5% ownership
All 13G/D ↗| Institution | Form | % Owned | Filed |
|---|---|---|---|
| SC 13G/A | 4.82% | 2025-08-14 | |
| SC 13G | 8.52% | 2025-08-13 | |
| SC 13G/A | 7.30% | 2025-08-14 | |
| SC 13G | 8.00% | 2025-05-06 | |
| SC 13G | 5.80% | 2025-08-14 | |
| SC 13G/A | 4.67% | 2026-05-13 | |
| SC 13G | 5.35% | 2025-05-13 | |
| SC 13G/A | 2.90% | 2025-08-14 |
Source: SEC EDGAR SC 13G/D · Updated monthly
Open-market buys and sells by directors and officers
All Form 4s ↗No insider transactions indexed yet.
Source: SEC EDGAR Form 4 · Open-market buys and sells · Updated daily
Bull vs Bear: Analyst Opinions on IQM Quantum Computers (IQMX)
Generated from live analyst targets, SEC filings and market data as of October 2026 — not investment advice.
▲ THE BULL CASE
• Revenue grew 91% year-over-year to $36.82M (latest fiscal year).
• $352.53M in cash gives roughly 47 months of runway at the current burn rate.
• Retail sentiment on StockTwits runs 100% bullish over the last 21 scored posts.
▼ THE BEAR CASE
• Wall Street's mean price target of $9.49 implies 7% downside.
• 2 at-the-market / shelf offering filings (S-3 / 424B / SUPPL) on record — an active dilution channel.
• 62.6% of daily trading volume is short selling (FINRA), signaling heavy bearish positioning.
• Not yet profitable: net loss of $63.91M in the latest fiscal year.
How long is IQM Quantum Computers's (IQMX) cash runway?
IQM Quantum Computers has roughly 47 months of cash runway as of October 2026 — $352.53M in cash divided by its trailing-twelve-month operating burn.
Is IQMX stock at risk of shareholder dilution?
Dilution risk is elevated: 2 shelf/ATM offering filings on record.
How many qubits does IQM Quantum Computers have?
IQM Quantum Computers's Radiance 150 has 150 physical qubits and is available to order; its roadmap targets Fault-tolerant quantum computing targeted by 2030, scaling through 150- and 300-qubit Radiance-class systems with error-corrected logical qubits.
What percentage of IQMX's trading volume is short?
62.6% of IQMX's daily trading volume was short selling as of 2026-10-07 (FINRA daily short volume).