IQM to List on U.S. Exchange via Merger with Real Asset Acquisition Corp. - Quantum Computing Report

IQM to List on U.S. Exchange via Merger with Real Asset Acquisition Corp. IQM Finland Oy and Real Asset Acquisition Corp. (Nasdaq: RAAQ) have entered into a definitive business combination agreement, positioning IQM as the first European quantum computing company to list on a U.S. stock exchange. The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 billion. Upon closing, the combined entity is expected to hold a cash position exceeding USD 450 million, including USD 175 million from RAAQ’s trust account, USD 134 million from PIPE financing, and USD 172 million in existing cash reserves. The company operates a vertically integrated model for superconducting quantum computers, maintaining an internal chip fabrication facility, assembly line, and quantum data center. For the fiscal year 2025, IQM reported unaudited revenue of at least USD 35 million, with bookings and visibility exceeding USD 100 million. Commercially, the company has sold 21 systems to 13 customers, including four of the world’s top ten supercomputing centers. Technical benchmarks include achieving >99.9% fidelity for single-qubit and two-qubit gates and readouts, with the next-generation Halocene system currently in development. IQM’s hardware is integrated into high-performance computing (HPC) and enterprise platforms through partnerships with NVIDIA, Hewlett Packard Enterprise, and AWS. The company is headquartered in Espoo, Finland, and is considering a dual listing on the Helsinki stock exchange following the completion of the U.S. transaction. The proceeds are intended to accelerate the development of fault-tolerant quantum architectures and expand the delivery of on-premises systems to research and industrial stakeholders. For further financial and technical details, consult the official press release here, explore IQM’s hardware roadmap here, or view the RAAQ investor relations portal here.