IQM to go public through SPAC merger valued at $1.8 billion

IQM Finland Oy, a quantum computing company, announced it will become publicly traded through a merger with Real Asset Acquisition Corp. (NASDAQ: RAAQ), a special purpose acquisition company. The transaction values IQM at approximately $1.8 billion in pre-money equity valuation.

The Finnish-based company will list American Depositary Shares on a major U.S. stock exchange and is considering a dual listing on the Helsinki stock exchange following completion of the transaction. IQM states it will become the first European quantum company to go public.

Upon closing, IQM expects to have more than $450 million in cash, including approximately $175 million from RAAQ's trust account, $134 million from a concurrent private investment in public equity (PIPE) financing at $10 per share, $24 million from warrant exercises, and $172 million of existing cash on IQM's balance sheet as of year-end 2025.

IQM reported having sold 21 quantum computing systems to 13 customers, including four of the top 10 global supercomputing centers. The company said it has delivered 15 systems and built more than 30 computers. IQM projects at least $35 million in 2025 revenue and over $100 million in bookings visibility as of year-end 2025.

The company operates a vertically integrated business model, manufacturing quantum computers through its own chip factory and quantum data center. IQM has partnerships with companies including NVIDIA, Hewlett Packard Enterprise, AWS, Toyo Corporation, and Bechtle AG.

"We built IQM from the beginning for one purpose — to put working quantum computers in the hands of the people who will use them to solve real problems," said Jan Goetz, co-founder and CEO of IQM.

The boards of both companies have approved the transaction, which requires shareholder approval from both RAAQ and IQM. Existing IQM shareholders will not sell shares or receive cash consideration as part of the merger.

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