In this work we present a space-time least squares isogeometric discretization of the Schr\"odinger equation and propose a preconditioner for the arising linear system in the parametric domain. Exploiting the tensor product structure of the basis functions, the preconditioner is written as the sum of Kronecker products of matrices. Thanks to an extension to the classical Fast Diagonalization method, the application of the preconditioner is efficient and robust w.r.t. the polynomial degree of the spline space. The time required for the application is almost proportional to the number of degrees-of-freedom, for a serial execution.

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