IQM Quantum Computers began trading on the Nasdaq Global Select Market this week under the ticker IQMX, closing a business combination with Real Asset Acquisition Corp. and becoming the first European quantum computing company listed on a major U.S. exchange. The listing is less about a funding milestone and more about a bet on a specific architecture: full-stack, on-premises superconducting quantum systems that customers own and operate themselves, rather than access purely through the cloud.