SPAC

IQM: Finnish Quantum Unicorn Goes Public; Valuation at $1.8 Billion

co-written by newsrooms.ai23. February 2026, 13:40

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Finnish quantum computer company IQM Quantum Computers will become the first European quantum computing company to go public. With a pre-money valuation of approximately 1.8 billion US dollars, IQM has signed a merger agreement with the shell company Real Asset Acquisition Corp. (RAAQ).

Upon completion of the transaction, American Depositary Shares are to be listed on one of the two leading US stock exchanges. Additionally, the company based in Espoo is considering a dual listing on the Helsinki Stock Exchange.

The SPAC Process: How IQM Goes Public

IQM is choosing the SPAC merger route (Special Purpose Acquisition Company) for its IPO. This process differs fundamentally from a traditional IPO. Real Asset Acquisition Corp. is an already publicly listed shell company with no operating business, created exclusively for the purpose of acquiring a company and bringing it to market.

The transaction works as follows: IQM merges with RAAQ, with existing IQM shareholders not selling shares and receiving no cash payment. Instead, their shares are converted into publicly listed shares. RAAQ has a trust account with approximately 175 million US dollars (based on the current account balance and assuming no redemptions), which will be available to IQM after the merger.

Financing: Over 450 Million US Dollars in Liquidity

Upon completion of the transaction, IQM will have liquidity of more than 450 million US dollars. This comprises several sources:

Approximately 175 million US dollars from RAAQ’s trust account
Approximately 134 million US dollars from PIPE financing (Private Investment in Public Equity) at 10.00 US dollars per share from leading institutional investors
Expected 24 million US dollars from the exercise of outstanding IQM warrants prior to closing
Existing liquidity of 172 million US dollars on the IQM balance sheet (unaudited, as of year-end 2025)

All material IQM shareholders have committed to a customary lock-up agreement that restricts the sale of their shares for a specified period following transaction closing.

Market Position: Industry Leader with 21 Systems Sold

IQM positions itself as the global commercial market leader in quantum computing. According to the company, it has sold 21 systems to 13 customers, including four of the ten largest supercomputing centers worldwide. With 15 delivered systems (the largest publicly disclosed number among selected quantum computer companies) and over 30 built computers, IQM operates its own chip fabrication facility and quantum computing center.

The business model is vertically integrated: from proprietary chip design tools and software developer platforms through quantum chip manufacturing to assembly lines and computing centers, IQM controls the entire value chain. This infrastructure enables faster innovation cycles and the delivery of quantum computers that can be installed on-site or accessed via the cloud.

Business Development and Technical Achievements

IQM is experiencing significant business momentum. For 2025, the company expects revenue of at least 35 million US dollars (unaudited) as well as order intake and visibility of over 100 million US dollars by year-end 2025.

Technically, IQM has achieved important milestones: the company’s processors achieve fidelity of over 99.9 percent for single-qubit and two-qubit gates as well as for readout operations. With the release of the next-generation system, Halocene, broad commercialization is to be advanced.

Strategic Partnerships in the Quantum-AI Ecosystem

IQM has built strong commercial integrations with leading companies in the high-performance computing and enterprise sectors. Partners along the quantum-AI value chain include NVIDIA, Hewlett Packard Enterprise, AWS, Toyo Corporation, and Bechtle AG.

“We built IQM from the beginning for one purpose: to put working quantum computers into the hands of people who will use them to solve real problems. Not someday. Now. Quantum computing is no longer a science project. It is an industry where customers own, operate, and build on advanced quantum computers. IQM makes that possible,” says Jan Goetz, co-founder and CEO of IQM.

And further: “IQM has built and delivered more on-premise quantum systems than any other competitor, to some of the world’s most demanding research institutions. This transaction will accelerate the growth of a company that has already earned its position in the market, with real customers operating real quantum systems today,” says Peter Ort, CEO and Co-Chairman of Real Asset Acquisition Corp.

Next Steps and Approval Process

The boards of directors of IQM and RAAQ have each unanimously approved the planned merger. Completion of the transaction is still subject to approval by the shareholders of both companies as well as other customary closing conditions. Upon successful approval, IQM will become the first European quantum computing company to be publicly traded.

The potential dual listing on the Helsinki Stock Exchange would likely take place following completion of the US transaction and would make IQM accessible to both European and American investors.