IQM, Europe’s first public quantum company, admits the future of the tech is uncertain

IQM, a full-stack quantum company out of Finland, went public on the Nasdaq Thursday via a SPAC merger at a valuation of about $1.9 billion. But share prices didn’t pop. They spent most the day below the IPO price — a lukewarm welcome.

SPAC mergers are often not immediately popular with retail investors these days. But this fizzle was arguably fueled by IQM’s own admission in its prospectus that “large-scale commercial traction of quantum computing technology may never occur.”