IQM Quantum Computers, a European quantum computing company, is set to go public through a business combination with Real Asset Acquisition Corp. (NASDAQ: RAAQ). Shareholders of RAAQ are scheduled to vote on the deal on June 25, with the transaction expected to close shortly thereafter. Upon closing, RAAQ shares will convert into American depositary shares of IQM, which will trade on the Nasdaq Global Market under the symbol IQMX. The combined entity is expected to have an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million.
This move comes as quantum computing garners increasing attention from investors seeking the next major technology trend beyond artificial intelligence. The technology is viewed as complementary to AI, with potential applications in drug discovery, transportation, and cybersecurity. According to a report by McKinsey, quantum computing could unlock up to $2.7 trillion in economic value by 2035.
IQM distinguishes itself from other quantum computing players by already demonstrating commercial viability. The company has sold 23 quantum computers, built over 30, and delivered 18 systems globally. Its customers include four of the world's top ten supercomputing centers and leading research institutions, such as Oak Ridge National Laboratory in the U.S. In 2025, IQM reported approximately $36 million in revenue, a significant increase from the prior year. Additionally, it had a revenue backlog of about $77 million as of December 31, 2025, indicating future revenue visibility and customer commitment.
The company's ability to attract institutional investors is underscored by the $146 million upsized PIPE transaction conducted concurrently with the SPAC merger. This investment reflects confidence in IQM's technology and market position. CEO Jan Goetz emphasized the company's focus on adoption and real-world deployment, stating in an interview with CNBC, "Many people think quantum is still a technology thing... It's actually about the adoption and putting quantum computing to use."
The timing of IQM's public debut aligns with growing interest in quantum computing as a complement to AI. Leading supercomputing centers and research institutions are investing in both technologies, and IQM's systems are already deployed in environments where researchers explore how quantum can enhance AI workloads. As AI models become more complex, quantum computing is increasingly seen as a necessary tool for future computational challenges.
For investors, IQM offers a new way to participate in the quantum computing market beyond the few publicly traded companies that currently dominate the space. With a proven track record, top-tier customers, and a substantial backlog, IQM presents a case for commercial momentum in an industry often viewed as nascent. Goetz summed up the company's outlook: "The technology is ready. The adoption is coming. We have successful sales cases around the world."
