IQM Finland (IQM Quantum Computers), a developer of superconducting quantum computers, is set to go public via a merger with Real Asset Acquisition Corp. (RAAQ), a Nasdaq-listed special purpose acquisition company (SPAC).
The transaction assigns IQM a pre-money equity valuation of approximately $1.8bn, making it the first European quantum computing company to go public.
Following completion, American Depositary Shares (ADS) of the merged entity are expected to be listed on one of the two principal US stock exchanges.
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The combined entity’s cash position is projected to exceed $450m, providing capital for continued research, product development and commercial scaling.
IQM, which is headquartered in Espoo, Finland, is also evaluating a potential dual listing on the Helsinki stock exchange after the completion of the US public debut.
Founded in 2018, IQM designs and manufactures full stack, open-architecture superconducting quantum computers for both on-premises deployment and cloud-based access.
Its vertically integrated model encompasses proprietary chip design tools, a software developer platform, an in-house quantum chip fabrication plant, assembly facilities and data centre operations. This enables rapid iteration and rollout of hardware and software updates across customer environments.
IQM has installed more than 15 systems across enterprise, academic and research customers and has built over thirty quantum computers since inception.
To date, IQM counts 21 system sales to thirteen customers including four of the world’s top ten supercomputing centres. The company serves high-performance computing centres, research institutions, universities and several multinational corporations that require direct access to quantum hardware and software stacks.
The company’s technical milestones include achieving single-qubit and two-qubit gate fidelities above 99.9% in its processors. IQM has reported unaudited figures indicating at least $35m in expected revenue for fiscal year 2025 and over $100m in booking visibility as of year-end 2025.
The next generation system rollout under the Halocene platform is planned as part of its strategy to advance towards fault-tolerant quantum computing.
IQM maintains global operations with more than 300 employees distributed across Finland, France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singapore, South Korea, Taiwan, the UK and the US.
The firm claims close integration with high-performance computing and enterprise platforms including collaborations with Nvidia, Hewlett Packard Enterprise (HPE), Amazon Web Services (AWS), Toyo, and Bechtle.
IQM co-founder and CEO Jan Goetz said: “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. Not someday. Now.
“Quantum computing is a science project no more. It is an industry where customers own, operate, and build on advanced quantum computers. That’s what IQM makes possible.”
Under the terms of the agreement, existing IQM shareholders will not sell any shares or receive cash as part of the transaction and all major shareholders have signed customary lock-up agreements effective at closing.
The boards of directors for both IQM and RAAQ have unanimously approved the merger, but finalisation remains subject to approval by both sets of shareholders and satisfaction of other common closing requirements.
RAAQ CEO and co-chairman Peter Ort said: “IQM has built and delivered more on-premises quantum systems than any other competitor — to some of the most demanding research institutions on earth. This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.”
The transaction’s funding structure consists of approximately $175m in cash currently held in RAAQ’s trust account, subject to no redemptions.
It also includes about $134m in private investment in public equity (PIPE) financing at $10 per share from institutional investors, an estimated $24m from warrant exercises before closing, and roughly $172m in unaudited cash already on IQM’s balance sheet as of year-end 2025.
Earlier this month, Euro-Q-Exa became operational at Leibniz Supercomputing Centre (LRZ) in Germany, the first EuroHPC Joint Undertaking quantum computer deployed in the country. The system runs on IQM’s Radiance platform with a 54-qubit superconducting processor.
Plans are underway for a further system incorporating 150 qubits by late 2026 to expand European quantum computational resources.
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