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Builds superconducting quantum computers and sells quantum computing systems and access to research and industry.
Builds superconducting quantum computers and sells quantum computing systems and access to research and industry.
Sold system by system, usually to national research centres and governments that install a machine on site, so revenue is lumpy and rests on a small number of large orders. Maintenance contracts and cloud access add recurring revenue. Public research funding is the main buyer budget.
Moat: narrow (IP / patents, process know-how). Deep engineering know-how in superconducting qubit hardware, an early, high-barrier field.
Headquarters: Espoo, Finland · Founded: 2018
Size IQM Quantum Computers (IQMX.HE) is a Finland Information Technology company (Computer Processing Hardware) with a market value of $1.41B, the 29th largest of 65 Finland companies the cockpit tracks. Shares closed at €6.67 on 6 Nov 2026.
Growth The operating margin is -492.1% (peer median 7.2%).
Valuation It trades at 174.7× enterprise value to sales against a peer median of 1.9× (2nd most expensive of 20).
Capital Return on invested capital runs 41.3 points below its cost of capital (14.1% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | |
|---|---|---|---|
| Revenue | €6.68M | €0 | €0 |
| Revenue growth | — | — | — |
| Gross profit | €3.06M | €0 | €0 |
| EBITDA | n/a | -€331,570 | -€1,000 |
| Net income | -€32.7M | €3.77M | -€1,005 |
| Free cash flow | -€57.1M | €13,140 | €0 |
| Capital expenditure | €7.18M | €0 | €0 |
| Total debt | €28.6M | €0 | €0 |
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| IQM Quantum Computers IQMX.HE | $1.41B | n/a | n/a | -492% | 174.7× | n/a |
| IBM IBM | $232B | +6% | +7% | 21% | 4.1× | 7.6% |
| IonQ IONQ | $14.0B | -34% | +371% | -392% | 48.5× | n/a |
| RGTI RGTI | $3.92B | -38% | +68% | -728% | 264.8× | n/a |
| QBTS QBTS | $4.05B | -25% | -44% | -1,373% | 286.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IQMX.HE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.0% | -1.7% | 3rd lowest of 21 |
| Distance from 52-week high | -66.7% | -41.8% | 2nd lowest of 21 |
| Operating margin | -492.1% | 7.2% | 2nd lowest of 20 |
| EV / Sales | 174.7× | 1.9× | 2nd most expensive of 20 |
| ROIC minus cost of capital | -41.3 pp | +2.2 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IQM Quantum Computers IQMX.HE | Finland | $1.41B | n/a | n/a | -492% | 174.7× | n/a | n/a |
| SDIC Intelligence Information Technology 300188.SZ | China | $1.35B | -15% | -15% | -53% | 6.2× | n/a | n/a |
| IQM Quantum Computers Oyj Sponsored ADR IQMX | United States | $1.49B | n/a | n/a | -492% | 178.8× | n/a | n/a |
| XGD 300130.SZ | China | $1.49B | -20% | +21% | 12% | 1.7× | 3.8% | +3.8% |
| Kontron KTN.DE | Germany | $1.31B | -19% | -7% | 7% | 0.9× | 4.2% | +5.1% |
| Sichuan Furong Technology 603327.SS | China | $1.30B | -26% | +22% | 6% | 3.0× | n/a | n/a |
| Raspberry PI RPI.L | United Kingdom | $1.29B | -27% | +71% | 9% | 2.9× | 14.4% | +17.2% |
| Qisda 2352.TW | Taiwan | $1.28B | +7% | 0% | 1% | 0.6× | n/a | n/a |
| PCI Technology 600728.SS | China | $1.58B | -7% | +11% | 0% | 1.1× | 23.0% | +18.8% |
| MilDef MILDEF.ST | Sweden | $1.17B | +54% | +76% | 17% | 4.1× | 5.1% | +38.7% |
| Willfar Information Technology 688100.SS | China | $1.98B | -28% | -9% | 20% | 4.8× | 17.0% | +15.5% |
| Infleqtion INFQ | United States | $2.00B | -27% | n/a | -315% | 67.0× | n/a | n/a |
| Dongfang Electronics 000682.SZ | China | $2.06B | -21% | +14% | 7% | 1.2× | 8.9% | +17.4% |
| Pasqal PSQL | United States | $923M | n/a | n/a | n/a | n/a | n/a | n/a |
| Getac 3005.TW | Taiwan | $2.20B | +19% | +9% | 15% | 1.7× | -7.0% | +7.2% |
| Zkteco 301330.SZ | China | $876M | -19% | +24% | 11% | 1.9× | 7.2% | +3.4% |
| Lakala Payment 300773.SZ | China | $2.32B | -25% | +17% | 4% | 1.1× | 14.2% | 0.0% |
| JBCC 9889.T | Japan | $852M | +61% | +9% | 10% | 1.5× | -4.7% | +4.8% |
| Jess-Link Products 6197.TW | Taiwan | $814M | -10% | +21% | 22% | 3.0× | 6.1% | +16.2% |
| Emdoor Information 001314.SZ | China | $791M | -26% | +74% | 3% | 1.0× | n/a | n/a |
| Toukei Computer 4746.T | Japan | $790M | +74% | +5% | 29% | 5.6× | 2.6% | +5.6% |