IQM Quantum Computers, a pioneer in superconducting quantum computing from Finland, is poised to enter the public market. This significant development will occur through a merger with Real Asset Acquisition Corp. (RAAQ), a special purpose acquisition company listed on Nasdaq. The deal values IQM at an impressive pre-money equity valuation of approximately $1.8 billion, positioning it as the first European quantum computing enterprise to achieve public listing. This strategic financial maneuver is anticipated to inject over $450 million into the combined entity's cash reserves, fueling continuous research, product innovation, and commercial scalability. IQM also contemplates a dual listing on the Helsinki stock exchange following its U.S. public debut.
Details of IQM's Public Market Entry and Future Vision
Founded in 2018 and headquartered in Espoo, Finland, IQM Quantum Computers has distinguished itself by designing and manufacturing comprehensive, open-architecture superconducting quantum computers. These systems are adaptable for both on-premises deployment and cloud-based access. The company's vertically integrated approach encompasses proprietary chip design tools, a sophisticated software developer platform, an in-house quantum chip fabrication facility, advanced assembly operations, and robust data center management. This comprehensive model enables rapid iteration and seamless deployment of hardware and software enhancements across diverse customer environments.
As of late 2025, IQM had successfully installed more than 15 quantum computing systems and built over 30 units since its inception. The company boasts 21 system sales to 13 distinct clients, including four of the world's leading supercomputing centers. Its clientele spans high-performance computing centers, esteemed research institutions, universities, and various multinational corporations that require direct access to cutting-edge quantum hardware and software stacks. Technologically, IQM has achieved significant milestones, demonstrating single-qubit and two-qubit gate fidelities exceeding 99.9% in its processors. Unaudited figures project IQM's revenue for fiscal year 2025 to surpass $35 million, with booking visibility exceeding $100 million by year-end 2025. The company's future roadmap includes the rollout of its next-generation system under the Halocene platform, a crucial step towards achieving fault-tolerant quantum computing.
IQM maintains a global operational footprint, with over 300 employees distributed across Finland, France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singapore, South Korea, Taiwan, the UK, and the US. The firm actively collaborates with industry leaders such as Nvidia, Hewlett Packard Enterprise (HPE), Amazon Web Services (AWS), Toyo, and Bechtle, ensuring deep integration with high-performance computing and enterprise platforms. Under the terms of the merger agreement, existing IQM shareholders will retain their shares and will not receive cash from the transaction. Major shareholders have entered into customary lock-up agreements, effective upon closing. Both IQM and RAAQ's boards of directors have unanimously approved the merger, with finalization contingent on shareholder approvals and other standard closing conditions. Peter Ort, CEO and co-chairman of RAAQ, lauded IQM's proven track record of delivering more on-premises quantum systems than any other competitor, emphasizing that this transaction will accelerate the growth of a company already established with real customers utilizing functional quantum systems today. The transaction's funding structure includes approximately $175 million from RAAQ's trust account (assuming no redemptions), $134 million in private investment in public equity (PIPE) financing from institutional investors, an estimated $24 million from warrant exercises prior to closing, and roughly $172 million in unaudited cash already held by IQM as of year-end 2025. Recently, the Euro-Q-Exa system, powered by IQM’s Radiance platform with a 54-qubit superconducting processor, became operational at the Leibniz Supercomputing Centre (LRZ) in Germany, marking the first EuroHPC Joint Undertaking quantum computer in the country. Plans are underway to expand European quantum computational resources with a 150-qubit system by late 2026.
This public listing by IQM Quantum Computers represents a pivotal moment not only for the company but also for the broader quantum computing industry. It signals a shift from theoretical exploration to practical, commercial application. As a journalist, I find this development particularly exciting because it underscores the growing maturity of quantum technology. The significant capital infusion and public scrutiny will undoubtedly accelerate innovation, pushing the boundaries of what quantum computers can achieve. Moreover, IQM's commitment to open-architecture and vertically integrated solutions suggests a future where quantum computing becomes more accessible and adaptable, potentially transforming various sectors from healthcare to finance. This move could inspire other quantum tech firms to follow suit, fostering a more competitive and dynamic ecosystem that benefits end-users and drives technological progress forward. It's a clear indication that quantum computing is no longer a distant dream but a tangible reality with immense potential.