IQM Quantum Computers Goes Public via SPAC Merger with RAAQ, Offering Investors a New Quantum Computing Play

As investors seek the next transformative technology beyond artificial intelligence, quantum computing is emerging as a promising frontier. IQM Quantum Computers, a European quantum computing company, is set to go public through a business combination with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders are scheduled to vote on the deal on June 25, and the transaction is expected to close shortly thereafter, subject to customary conditions. Upon closing, IQM will trade on the Nasdaq Global Market under the ticker symbol "IQMX" with an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million, prior to any redemptions.

IQM has already established itself in the market, having sold 23 quantum computers, built over 30, and delivered 18 systems globally. In 2025, the company reported revenue of about $36 million, reflecting significant growth from the prior year. Its customer base includes four of the world's top ten supercomputing centers and leading research institutions, such as Oak Ridge National Laboratory in the U.S. This adoption demonstrates that customers are willing to pay for quantum technology today. The company's commercial traction is further evidenced by a revenue backlog of $77 million as of December 31, 2025, which provides visibility into future revenue and reflects ongoing system deployments.

The SPAC merger is supported by a $146 million upsized PIPE transaction, indicating institutional investor confidence. IQM's CEO Jan Goetz noted in a recent interview with CNBC that the company is beyond the technology debate and focused on adoption. "Many people think quantum is still a technology thing and it's not clear which technology wins and how to build a quantum computer. We think we are far beyond that. It's actually about the adoption and putting quantum computing to use," Goetz said.

The broader quantum computing market presents substantial opportunities. According to McKinsey, the technology could unlock up to $2.7 trillion in economic value by 2035. Additionally, quantum computing is increasingly seen as complementary to AI rather than competitive. As AI models grow more complex, quantum computing may help address computational challenges, a trend that could benefit IQM given its established leadership and top-tier customers.

Goetz also expressed confidence in the timing of the public listing: "The technology is ready. The adoption is coming. We have successful sales cases around the world."

With its public debut, IQM offers investors a new way to participate in the quantum computing market, backed by a proven track record and commercial momentum.