IQM Quantum's $5B Valuation Dwarfs Its $30M Revenue
IQM Quantum Computers Oyj trades at 175 times trailing revenue, with a $5.27 billion market cap against $30 million in sales, $80 million in annual operating cash burn, and roughly 18 months of runway
IQM Quantum's $5B Valuation Dwarfs Its $30M Revenue
NEW YORK, August 22 —
IQM Quantum Computers Oyj (IQMX) trades at 175 times trailing revenue, a multiple that prices in a commercial breakthrough the company has not yet delivered, and may not fund long enough to reach. With $80 million in annual operating cash burn, 18 months of runway, and a June securities offering already completed, the gap between market expectations and operating reality keeps widening.
- Market cap of $5.27 billion against trailing twelve-month revenue of $30 million implies a price-to-sales ratio of 175x.
- Operating cash burn of $80 million per year exceeds trailing revenue by 2.5 times; runway stands at roughly 18 months.
- Analyst consensus price target of $9.85 sits 11% below the current $11.11 share price; institutional ownership is just 2.5%.
A Full-Stack Hardware Business Built for Tomorrow's Revenue
Founded in Finland in 2018, IQM Quantum Computers Oyj sells quantum computing hardware across three tiers: the five-qubit IQM Spark for education, the IQM Radiance at 20 to 150 qubits for high-performance computing centers, and the IQM Halocene, designed to scale beyond 150 qubits with quantum error correction. The company also runs IQM Resonance, a cloud platform, and packages professional services alongside its systems. Revenue grew 27.7% year-over-year to roughly $30 million, and a gross margin of 47.4% suggests the underlying hardware economics are workable. The problem is scale: $30 million in revenue does not support a $5.27 billion market capitalization under any standard valuation framework.
The June Offering and What It Signals
When a company trading at 175 times sales files a 424B3 prospectus supplement, the message is unambiguous: the company needs capital, and it will take it at whatever the market will bear. IQM filed exactly that in June 2026. Against a $120 million cash balance and $80 million in annual operating cash outflows, the arithmetic is straightforward: at current burn, IQM has roughly 18 months of runway before requiring further financing. A share authorization event followed, bringing total shares outstanding to 263 million. Institutional investors hold just 2.5% of the float, with reported insider ownership at zero, a thin-conviction signal from those closest to the numbers.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| IQMX | $5.3B | n/a | +9.8% |
| HQ | $1.1B | n/a | +76.6% |
| QNT | $14.9B | n/a | -6.3% |
| XNDU | $3.3B | n/a | +36.7% |
| BBCQ | $372M | n/a | +2.3% |
| INFQ | $3.2B | n/a | -9.4% |
Consensus Already Calls It Overvalued
The analyst consensus price target of $9.85 sits 11% below the current $11.11 trading price, analysts covering IQM, on average, see the stock as overpriced. With forward multiples deeply negative and continued GAAP losses projected, the stock's next catalyst has to be commercial: evidence that the IQM Radiance line is converting high-performance computing centers into recurring customers at a pace that narrows the gap between current revenue and a $5.27 billion valuation. The IQM Halocene, the top tier targeting quantum error correction, remains a longer-duration bet. Run the free IQM Quantum Computers Oyj deep-dive to track whether those operating metrics begin to move.
Current fundamentals, valuation and filing history for IQM Quantum Computers Oyj (IQMX) are tracked on its Basis Report page.
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Frequently Asked Questions
What is IQM Quantum's price-to-sales ratio?
IQM Quantum Computers Oyj trades at a price-to-sales ratio of 175 times, based on a market capitalization of $5.27 billion against trailing twelve-month revenue of $30 million. Annual operating cash burn of $80 million exceeds trailing revenue by 2.5 times, widening the gap between operating reality and market pricing.
How much cash does IQM Quantum have and how long will it last?
IQM holds approximately $120 million in cash against $80 million in annual operating cash outflows. At that burn rate, the company has roughly 18 months of runway before it would need to raise additional capital.
What products does IQM Quantum sell?
IQM sells quantum computing hardware across three tiers: the five-qubit IQM Spark for education, the IQM Radiance at 20 to 150 qubits targeting high-performance computing centers, and the IQM Halocene, designed to scale beyond 150 qubits with quantum error correction. The company also operates IQM Resonance, a cloud platform, and packages professional services alongside its hardware systems.
What is the analyst price target for IQM Quantum stock?
The analyst consensus price target is $9.85, sitting 11% below the current trading price of $11.11. The professionals covering the stock, on average, already consider it overpriced at current levels.
Why did IQM Quantum file a prospectus supplement in June 2026?
IQM filed a 424B3 prospectus supplement in June 2026 to raise additional capital, a move the article characterizes as consistent with its burn rate and runway position. The offering was followed by a share authorization event that brought total shares outstanding to 263 million.
IQM Quantum Computers carries a $5.27 billion market capitalization on trailing twelve-month revenue of just $30 million — roughly 175 times sales — even as the Finnish quantum computing company burns $80 million in operating cash per year, filed a securities offering prospectus in June, and analysts set a consensus price target roughly 11% below the current stock price.