One observes, with a certain weary inevitability, that shares of Quantum Computing Inc. (QUBT +9.31%) experienced a momentary flutter this morning. A good eight percent, if one bothered to check. The question, naturally, isn’t that it happened, but why. And frankly, darling, one hasn’t the foggiest.
So far, the transatlantic cables haven’t coughed up any particularly thrilling news concerning the firm itself. Nor, indeed, concerning the wider quantum landscape here in the States. A distinct lack of excitement, wouldn’t you agree?
Overseas, however, things are stirring. A Finnish start-up called IQM has decided to join the public markets, becoming Europe‘s first listed quantum entity. One anticipates a certain amount of champagne will be involved.
Who are IQM?
As CNBC informs us, IQM is based in Finland, a perfectly charming location, though somewhat distant. They intend to list on the NYSE, which is, of course, terribly convenient for American investors.
The listing will be achieved via a SPAC transaction – a Special Purpose Acquisition Vehicle, for those not entirely au fait with these modern financial contrivances. Real Asset Acquisition Corp (RAAQ +0.38%) is doing the honours, acquiring IQM and merging it into their existing shell. One shudders to think of the paperwork.
The companies are projecting a valuation of $1.8 billion. A rather robust figure, given their annual revenue of $35 million. That equates to a price-to-sales ratio of 51.4. One wonders if the accountants have had a sufficient holiday.
What does this mean for Quantum Computing Inc.?
But is any of this relevant to our American friends at Quantum Computing Inc.? Perhaps. Though one doubts it will induce much joy amongst shareholders.
According to the rather diligent folk at S&P Global Market Intelligence, Quantum Computing Inc. managed a mere $546,000 in sales over the last twelve months. Yet, they sport a market capitalization of $1.8 billion. A price-to-sales ratio exceeding 3,600. Good heavens. If they were valued at IQM’s rate, they’d be worth a paltry $28 million. One shudders to think of the implications.
Frankly, one would have thought the stock should be drifting down today, not up. The market, darling, is often a most illogical beast.
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2026-02-25 21:13