Raketentoni, my friend. Jack on the Mic ✌️
The Scandinavian Quantum Fortress
IQM isn’t just a software pipe dream—it’s a physical deep-tech pioneer. With its on-premises strategy, the Finnish company installs closed, self-sufficient quantum computers directly in the basements of sovereign clients and supercomputing centers. In a world where geopolitical independence and absolute data security are vital, IQM is thus establishing a politically protected monopoly in Europe—U.S. and Chinese competitors must stay out for data protection reasons.
🛠️ DNA Check
Capital-Destruction Mode: ROIC and FCF margin are deep in the red due to the extremely early stage of hardware development (FCF TTM at approx. -224,500 USD).
Margin Hangover: The traditional hardware business with universities is currently dragging the gross margin down to a meager ~30%.
Gigantic Capex Trap: Building its own quantum chip factory and the extreme helium cooling near absolute zero are devouring vast amounts of capital.
Quality Filter Broken: A Piotroski F-Score of 2/9 confirms the company’s fundamental instability. The system’s magic threshold is missed by a mile—a clear violation of ironclad investment discipline.
🚀 Growth Leverage & Catalysts
Proof of concept established: Not just a PowerPoint venture. IQM has already sold 23 systems and successfully delivered 18—a sector-leading figure.
LUMI Milestone: The latest major order from the Finnish IT Center (CSC) for a 50+ qubit system (“IQM Halocene H4”) by 2027 demonstrates government-backed traction.
Financial Runway: Thanks to the de-SPAC (RAAQ) and a 50-million-euro injection from BlackRock, a liquidity buffer of over 450 million USD is available.
Margin of the Future: The long-term growth potential rests on the scaling of Quantum as a Service (QaaS)—cloud access designed to sustain gross margins through software revenue.
⚠️ Valuation & Risks
SPAC Multiples of Horror: With a pre-money valuation of approximately $1.8 billion and 2025 revenue of $36 million, the stock is trading at an absurd P/S ratio of ~50x.
The Curse of the Stock Market Newcomer: The de-SPAC path via $RAAQ / $IQMX carries historically proven risks of underperformance and volatility for retail investors.
Dead Money & Dilution: Profitability remains a distant prospect. If the company’s technological edge cannot withstand the deep pockets of Google or IBM, total loss looms.
Jack’s Conclusion:
“IQM is the absolute prime example of a highly speculative bet on the future. Technologically and geopolitically, the on-premises narrative makes sense, but fundamentally, at the current price, this is nothing more than a pure shareholder execution on the Nasdaq. Anyone investing here isn’t buying an established company, but a venture capital project. The system completely rules out jumping in during the IPO hype. Instead, we’re lying in wait far below the current price with ice-cold discipline.”
Status: 🔴 JUNK / WATCHLIST (Do not buy at current prices)
Reaper Score: 2/10
The Scandinavian Quantum Fortress
IQM isn’t just a software pipe dream—it’s a physical deep-tech pioneer. With its on-premises strategy, the Finnish company installs closed, self-sufficient quantum computers directly in the basements of sovereign clients and supercomputing centers. In a world where geopolitical independence and absolute data security are vital, IQM is thus establishing a politically protected monopoly in Europe—U.S. and Chinese competitors must stay out for data protection reasons.
🛠️ DNA Check
Capital-Destruction Mode: ROIC and FCF margin are deep in the red due to the extremely early stage of hardware development (FCF TTM at approx. -224,500 USD).
Margin Hangover: The traditional hardware business with universities is currently dragging the gross margin down to a meager ~30%.
Gigantic Capex Trap: Building its own quantum chip factory and the extreme helium cooling near absolute zero are devouring vast amounts of capital.
Quality Filter Broken: A Piotroski F-Score of 2/9 confirms the company’s fundamental instability. The system’s magic threshold is missed by a mile—a clear violation of ironclad investment discipline.
🚀 Growth Leverage & Catalysts
Proof of concept established: Not just a PowerPoint venture. IQM has already sold 23 systems and successfully delivered 18—a sector-leading figure.
LUMI Milestone: The latest major order from the Finnish IT Center (CSC) for a 50+ qubit system (“IQM Halocene H4”) by 2027 demonstrates government-backed traction.
Financial Runway: Thanks to the de-SPAC (RAAQ) and a 50-million-euro injection from BlackRock, a liquidity buffer of over 450 million USD is available.
Margin of the Future: The long-term growth potential rests on the scaling of Quantum as a Service (QaaS)—cloud access designed to sustain gross margins through software revenue.
⚠️ Valuation & Risks
SPAC Multiples of Horror: With a pre-money valuation of approximately $1.8 billion and 2025 revenue of $36 million, the stock is trading at an absurd P/S ratio of ~50x.
The Curse of the Stock Market Newcomer: The de-SPAC path via $RAAQ / $IQMX carries historically proven risks of underperformance and volatility for retail investors.
Dead Money & Dilution: Profitability remains a distant prospect. If the company’s technological edge cannot withstand the deep pockets of Google or IBM, total loss looms.
Jack’s Conclusion:
“IQM is the absolute prime example of a highly speculative bet on the future. Technologically and geopolitically, the on-premises narrative makes sense, but fundamentally, at the current price, this is nothing more than a pure shareholder execution on the Nasdaq. Anyone investing here isn’t buying an established company, but a venture capital project. The system completely rules out jumping in during the IPO hype. Instead, we’re lying in wait far below the current price with ice-cold discipline.”
Status: 🔴 JUNK / WATCHLIST (Do not buy at current prices)
Reaper Score: 2/10
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@Aktienhauptmeister It's just completely off the mark for your strategy :) But hey, I have a position on the B side
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@Aktienhauptmeister When Jack writes about junk stocks, it really motivates me—but it has to fit my risk profile exactly. Over the weekend, I spent some time looking into the short report on $BE. In terms of valuation, it’s not that far off in terms of multiples and is more of a hype stock.
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•@Raketentoni That's true, but I just wanted to weigh in anyway 🤣 Are you adding them to your portfolio? 😏
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•@Multibagger Then I guess Jack will have to keep “crashing”🤣 to live up to your challenge 😎 No, but I know how you roll! Go for it, my friend 🚀🤝 You’ve got my support 😬
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•@Aktienhauptmeister I already did 😬 I jumped on it Friday right before the market closed 😂🤷
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•@Raketentoni I think €9 would be a good starting price, but will we actually see that?
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•@Multibagger Let's see—why don't you just place an order? 😬
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•@Raketentoni It already happened on Thursday
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•@Multibagger Then I'll have to buy another 250 at 9.10 so your order doesn't go through 😂😂😂 Just kidding
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@Aktienhauptmeister What is the Reaper Score?
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