What are the potential revenue growth timelines from the planned technology and commercial investments?

IQM’s $320 million raise gives it roughly a 24‑month runway to fund two parallel thrusts – a “technology” push (next‑gen quantum processors, cryogenic packaging, and control electronics) and a “commercial” push (sales teams, OEM partnerships and early‑stage quantum‑as‑a‑service pilots). In the short‑run (the next 12‑18 months) the bulk of the cash will be spent on scaling wafer output and securing a handful of pilot contracts with telecom, pharma and finance firms. Assuming the company meets its current production‑yield targets, we can expect a modest top‑line uptick – roughly 10‑15 % year‑over‑year – to begin showing in the FY2025 earnings window (Q3‑Q4 2025).

The more material revenue expansion hinges on the commercial rollout that IQM plans for the 2026‑2027 horizon. By then the firm aims to move from “pilot‑only” engagements to multi‑year service agreements and to monetize its quantum‑cloud gateway. If the pipeline of signed LOIs (estimated at $30‑$40 m in total contract value) converts at a 30‑40 % rate, IQM could see revenue growth of 40‑60 % YoY in FY2027, pushing annual sales into the high‑single‑digit‑hundred‑million range.

Trading implication: The stock is likely to trade on a “milestone‑driven” risk‑reward profile. A pull‑back toward the current valuation (≈$30‑$35) could be an entry point, with upside tied to the Q3 2025 production‑ramp and the Q1 2026 announcement of the first commercial quantum‑cloud contracts. Keep an eye on the company’s quarterly updates for wafer‑yield metrics and signed partnership announcements – missing those cues could cap upside, while beating them could justify a 2‑3× multiple expansion over the next 12‑24 months.