Real Asset Acquisition Corp
IQM Quantum Computers today announced that it has signed a final business combination agreement with Real Asset Acquisition Corp, marking a significant milestone for the worldwide deep-tech industry. With this deal, IQM will become the first European quantum computing business to list on a major public exchange. The Finnish quantum pioneer is valued at a pre-money equity valuation of about USD 1.8 billion.
A Massive Capital Infusion
The goal of the merger with RAAQ, a special purpose acquisition company (SPAC), is to give IQM a significant financial boost to let it move more quickly toward fault-tolerant quantum computing. The merged entity’s cash position is expected to reach USD 450 million after the purchase. This significant financial “runway” is supported by USD 175 million from RAAQ’s trust account, USD 134 million from a $10.00 per share private investment in public equity (PIPE), and USD 24 million from warrant cash exercises.
Leading institutional investors, both new and old, have backed the PIPE financing, demonstrating the market’s strong faith in IQM’s plan. Significantly, all material shareholders have agreed to a typical lock-up agreement, demonstrating their long-term commitment to the company’s goal, and current IQM shareholders will not sell any shares or receive any consideration in this transaction.
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The Vertical Integration Advantage
Because of its full-stack, vertically integrated business model, IQM has stood out in the fiercely competitive quantum industry. The Espoo-based company has complete control over the value chain, in contrast to many rivals who concentrate on particular technological layers. The company runs assembly lines, a specialized quantum chip production facility (fab), its own quantum data center, and its own proprietary chip design tools.
Through vertical integration, IQM is able to provide “open-architecture” technologies that may be accessible through the company’s cloud platform or implemented on-premise at customer locations, speeding up its innovation cycles. Spark and Radiance systems are part of the company’s current product line, while Halocene, its next-generation system, is scheduled for release soon. Its goal is to promote widespread commercialization. Technically, IQM has surpassed 99.9% in gate and readout reliability in its processors, which is a crucial standard for future expansion.
Unprecedented Commercial Momentum
IQM has shown tremendous real-world traction, even if many quantum companies are still figuring out how to make the leap from lab research to commercial viability. The company has sold 21 systems to 13 different clients worldwide so far, including four of the top 10 supercomputing centers in the world. In comparison to other industry participants like IBM, D-Wave, IonQ, and Rigetti, IQM has the most publicly acknowledged on-premises deliveries, having previously delivered 15 systems.
With unaudited 2025 revenue of at least USD 35 million, the corporation entered 2026 strong. At year-end 2025, bookings and visibility exceeded $100 million. Strategic integrations with NVIDIA, Amazon Web Services (AWS), Hewlett Packard Enterprise, Toyo Corporation, and Bechtle AG boost quantum and AI value chain commercial growth.
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Leadership Vision
“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,” noted Jan Goetz, IQM’s CEO and co-founder. “Quantum computing is no longer a science project. Customers in this industry own, run, and expand upon cutting-edge quantum computers. That’s what IQM enables.
This opinion was confirmed by Peter Ort, CEO and Co-Chairman of RAAQ, who emphasized IQM’s demonstrated performance history. “IQM has built and delivered more on-premises quantum systems than any other competitor to some of the most demanding research institutions on earth,” Ort explained. The deal is intended to “accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today,” he continued.
Global Reach and Sovereignty
With more than 300 personnel and physical locations in France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singapore, South Korea, Taiwan, the United Kingdom, and the United States, IQM has a significant global effect. Its objective of creating “sovereign infrastructure” that permits regional quantum ecosystems to develop autonomously is supported by this global presence.
The company is thinking of dual listing on the Helsinki stock exchange, but the principal listing will entail American Depositary Shares on a major U.S. exchange. “Going public is not a change of direction but rather an acceleration,” said Sierk Poetting, Chairman of IQM’s Board of Directors, who saw the IPO as a natural next step.
Advisors and Next Steps
A powerful group of advisors are involved in the deal. TD Cowen and Cohen & Company Capital Markets are assisting RAAQ, while J.P. Morgan SE and Rothschild & Co. are advising IQM on financial and capital market matters. Firms like Cooley LLP, Borenius Attorneys Ltd, and Perkins Coie LLP offer legal advice.
The shareholders of RAAQ and IQM must approve the business combination before it may close, in addition to other standard regulatory requirements. IQM’s move to become a publicly traded business is a significant step for European technical leadership as the race for quantum supremacy heats up globally, establishing the Finnish innovator as a key player in the computing landscape of the future.
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