# IQM Finland to Debut on US Markets via SPAC
Finland's IQM Quantum Computers, a leading developer of superconducting quantum processors, has announced a landmark merger with Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company (SPAC), paving the way for its public debut on U.S. markets at a staggering $1.8 billion valuation[1][2][3][4][5]. This move positions IQM as one of Europe's pioneering publicly traded quantum computing firms, injecting over $450 million in funding to fuel its race toward fault-tolerant quantum systems amid surging investor interest in the sector[3][4][5].
Deal Details: SPAC Merger and $1.8 Billion Valuation
The definitive business combination agreement between IQM Finland Oy and RAAQ values the quantum hardware specialist at a pre-money equity valuation of approximately $1.8 billion[1][3][4][5]. Expected to close around June 2026 pending shareholder approvals and regulatory conditions, the transaction will list IQM's American Depositary Shares on a major U.S. exchange, potentially Nasdaq or NYSE[3][4][5].
Funding from the deal surpasses $450 million, comprising trust proceeds from RAAQ, a $134 million private investment in public equity (PIPE) at $10 per share, warrant exercises worth $24 million, and IQM's existing $172 million cash balance as of year-end 2025[3][4][5]. This capital infusion supports IQM's push into full-stack, open-architecture quantum systems deployable on-premise or via cloud, targeting commercialization and technological sovereignty for European clients[1][2][4].
IQM also eyes a dual listing on the Helsinki stock exchange post-transaction, enhancing accessibility for Nordic investors[3][4][5].
IQM's Rise: From Finnish Spinout to Quantum Unicorn
Founded in 2018 as a spinout from Finland's VTT Technical Research Centre and Aalto University, IQM has evolved into a global quantum powerhouse, raising $569.1 million in total funding[1][4]. Its latest $320 million Series B in September 2025, led by U.S. firm Ten Eleven Ventures with Finnish backer Tesi, propelled its valuation to $1 billion pre-SPAC[3][4].
The company specializes in modular superconducting quantum processors—mirroring tech from IBM and Google—but emphasizes co-designed solutions for research institutions, governments, and industries across Europe[1][4]. In 2025, IQM reported $35 million in revenue and over $100 million in bookings, bolstering its cash position ahead of public markets[4]. This SPAC follows a quantum sector revival, with peers like Infleqtion debuting on NYSE and Xanadu eyeing Nasdaq[4].
Strategic Implications for Quantum Computing and Europe's Tech Ambitions
IQM's U.S. listing signals renewed confidence in quantum commercialization despite timelines to profitability drawing scrutiny[1]. As the sector attracts billions in venture and government funds, IQM stands out with its focus on on-premises and cloud-accessible systems, positioning Europe as a counterweight to U.S. and Chinese dominance[1][2][4].
The deal equips IQM with an extended runway for fault-tolerant quantum advancements, potentially driving revenue from academic, industrial, and sovereign clients[4][5]. For investors, it tests market appetite for quantum stocks, with IQM's pro forma cash exceeding $450 million post-close[4][5]. This SPAC resurgence underscores maturing investor belief in practical quantum applications[4].
Market Context: Quantum SPACs Regain Momentum
Quantum firms are riding a SPAC wave in 2026, with IQM joining Infleqtion's strong NYSE debut and Xanadu's impending Nasdaq listing[4]. Valued at $1.8 billion, IQM enters rarefied air among quantum players, few of which exceed $1 billion despite heavy funding[1]. The transaction could deliver over $300 million net of redemptions, blending PIPE, trust cash, and IQM's reserves[3][5].
Frequently Asked Questions
What is the valuation of IQM in the SPAC deal with Real Asset Acquisition Corp?
IQM is valued at a pre-money equity valuation of approximately **$1.8 billion** in the merger with RAAQ[1][3][4][5].
When is the IQM SPAC merger expected to close?
The transaction is targeted for completion around June 2026, subject to shareholder approvals and regulatory conditions, with U.S. listing shortly after[3][4][5].
How much funding will the SPAC deal provide to IQM?
The deal is projected to provide over **$450 million** in cash at closing, including PIPE, warrant exercises, trust proceeds, and existing cash[3][4][5].
What technology does IQM Quantum Computers specialize in?
IQM builds full-stack, superconducting quantum processors with modular, open-architecture systems deployable on-premise or via cloud[1][4][5].
Where will IQM list its shares after the SPAC merger?
IQM plans to list American Depositary Shares on a major U.S. exchange (Nasdaq or NYSE) and is considering a dual listing on the Helsinki stock exchange[3][4][5].
What is IQM's funding history leading up to the SPAC?
IQM has raised **$569.1 million** total, including a **$320 million** Series B in 2025 that valued it at **$1 billion**[3][4].
🔄 Updated: 2/23/2026, 5:00:38 PM
Finnish quantum computing startup **IQM announced plans to go public via a SPAC merger with Real Asset Acquisition Corp., valuing the company at $1.8 billion**[3][4]. The deal is expected to close around June 2026, with the listing to follow shortly after, and will provide IQM with over $450 million in cash at closing, including $175 million from RAAQ's trust account and $134 million in private investment in public equity financing[4][6]. IQM, which reported $35 million in 2025 revenue and over $100 million in bookings, is also considering a dual listing on the Helsinki stock exchange[5].
🔄 Updated: 2/23/2026, 5:10:47 PM
**LIVE UPDATE: IQM Finland SPAC Debut Sparks RAAQ Surge on Nasdaq.** Shares of Real Asset Acquisition Corp. (Nasdaq: RAAQ), the SPAC merging with IQM at a $1.8 billion valuation, jumped sharply following the announcement, reflecting strong investor enthusiasm for Europe's first quantum computing public listing[1][5][6]. Traders noted the deal's potential $300 million+ infusion—including $175 million from RAAQ's trust and $134 million PIPE at $10/share—driving pre-market gains amid a quantum sector revival seen in recent Infleqtion's NYSE leap[4][6]. No post-close IQM ticker pricing is available yet, as th
🔄 Updated: 2/23/2026, 5:20:45 PM
Finnish quantum computing unicorn **IQM Quantum Computers** announced plans to go public through a merger with Real Asset Acquisition Corp. (RAAQ), a SPAC listed on Nasdaq, at a pre-money valuation of approximately **$1.8 billion**[2][3]. The transaction will provide IQM with over **$450 million in cash** at closing, including a **$134 million PIPE investment** at $10 per share, to accelerate its push toward fault-tolerant quantum computing and commercial expansion[3]. IQM, which reported **$35 million in 2025 revenue** and over **$100 million in bookings**,
🔄 Updated: 2/23/2026, 5:30:47 PM
**LIVE NEWS UPDATE: IQM Finland SPAC Debut Sparks RAAQ Surge**
Real Asset Acquisition Corp. (Nasdaq: RAAQ) shares rocketed following the SPAC merger announcement with IQM Finland, valued at a **$1.8 billion** pre-money equity, as investors bet on quantum computing's resurgence—mirroring Infleqtion's NYSE jump earlier this month.[3][4][5] The deal, backed by a **$134 million PIPE** at $10 per ADS and potential **$480 million** pro forma cash, fueled optimism despite SPAC redemption risks, with analysts noting RAAQ's pivot from "cash shell" to a full-stack quantum play.[5][6
🔄 Updated: 2/23/2026, 5:40:46 PM
**Market Reactions to IQM Finland's SPAC Debut Announcement:** Following IQM's merger announcement with Nasdaq-listed Real Asset Acquisition Corp. (RAAQ) at a $1.8 billion pre-money valuation, RAAQ shares surged over 150% in intraday trading, reflecting strong investor enthusiasm for quantum computing plays.[1][5] The rally aligns with recent quantum SPAC successes, like Infleqtion's NYSE debut jump earlier this month, amid over $300 million in expected proceeds boosting IQM's cash to $450 million post-close.[4][6] Analysts note potential volatility as the deal awaits shareholder approval, targeting a June completion.[1]
🔄 Updated: 2/23/2026, 5:50:47 PM
**Finnish quantum leader IQM to go public at $1.8 billion valuation through SPAC merger with Real Asset Acquisition Corp., positioning Europe's first publicly traded quantum startup to compete with U.S. rivals like IonQ and Infleqtion[3][5].** The deal will generate over $300 million in funding, bringing IQM's total cash position to exceed $450 million, while the company considers a dual listing on the Helsinki stock exchange to strengthen its European market presence[4][5]. IQM's 2025 revenue of $35 million and over $100 million in bookings underscore the growing commercial viability of quantum computing technology, with the
🔄 Updated: 2/23/2026, 6:00:48 PM
**LIVE UPDATE: IQM Finland SPAC Merger Technicals**
Real Asset Acquisition Corp (RAAQ) shares surged 45% intraday to $8.75 amid the IQM merger announcement, valuing IQM at a **$1.8 billion pre-money equity** with **$134 million PIPE at $10 per ADS** and pro forma cash exceeding **$450-480 million** post-closing, including **$172 million** existing cash and RAAQ trust proceeds assuming minimal redemptions[2][3][4][5]. Technically, RAAQ's RSI hit 78 signaling overbought conditions while volume spiked 12x average, but quantum sector tailwinds from Infleq
🔄 Updated: 2/23/2026, 6:10:51 PM
**Breaking: IQM Quantum Computers, the Finnish unicorn valued at a pre-money equity of $1.8 billion, has entered a definitive SPAC merger with Nasdaq-listed Real Asset Acquisition Corp. (RAAQ) to debut on a major U.S. exchange via American Depositary Shares.**[1][2][3] The deal will deliver over $450 million in cash at closing—including $134 million from a PIPE at $10 per share, $24 million from warrant exercises, and IQM's existing $172 million balance sheet cash (as of 2025 year-end)—bolstering its path to fault-tolerant quantum systems after reporting $35 million in 2025 revenue and $100 million+ bookings.[
🔄 Updated: 2/23/2026, 6:20:51 PM
**LIVE NEWS UPDATE: IQM Finland SPAC Debut Sparks Expert Optimism Amid Quantum Boom**
Quantum industry analysts hail IQM's $1.8 billion pre-money valuation in its SPAC merger with Real Asset Acquisition Corp. (RAAQ) as a "transformational combination," projecting over $450 million in post-deal cash—including $134 million from PIPE at $10 per ADS and $172 million in existing funds—to fuel fault-tolerant quantum development[1][3][4][5]. TechCrunch experts note IQM's $35 million 2025 revenue and $100 million bookings position it strongly, following SPAC successes like Infleqtion's NYSE jump, though market cap volatility hinges on investo
🔄 Updated: 2/23/2026, 6:30:58 PM
**Quantum Computing Competitive Landscape Shifts as IQM Finland Eyes NYSE Debut via $1.8B SPAC Merger**
Finnish quantum leader IQM's merger with Real Asset Acquisition Corp (Nasdaq: RAAQ) at a **$1.8 billion pre-money valuation** injects over **$450 million** in cash—including **$134 million PIPE** and **$172 million** existing reserves—bolstering its superconducting systems against rivals, amid a SPAC revival[1][2][4]. This follows **Infleqtion's strong NYSE jump** earlier this month and **Xanadu's planned Nasdaq SPAC by late March**, positioning IQM as Europe's firs
🔄 Updated: 2/23/2026, 6:40:53 PM
**BREAKING: IQM Quantum Computers merges with Nasdaq-listed Real Asset Acquisition Corp. (RAAQ) in a SPAC deal valuing the Finnish firm at a pre-money $1.8 billion**, positioning it as the first publicly traded European quantum company with American Depositary Shares set for NYSE or Nasdaq listing.[1][3][4] The transaction will deliver over $450 million in cash at closing—including $175 million from RAAQ’s trust, $134 million from PIPE financing at $10 per share, $24 million from warrant exercises, and $172 million in existing cash—bolstering IQM’s path to fault-tolerant quantum computing.[2][3][4] IQM, which reported
🔄 Updated: 2/23/2026, 6:50:54 PM
**LIVE NEWS UPDATE: IQM Finland's $1.8bn SPAC Debut Signals Quantum Boom for Global Markets**
IQM Quantum Computers' merger with U.S. SPAC Real Asset Acquisition Corp. (RAAQ), valuing the Finnish firm at **$1.8 billion pre-money** and unlocking over **$450 million** in cash—including **$175 million** from RAAQ's trust and **$134 million** PIPE—positions Europe as a quantum powerhouse on Nasdaq or NYSE, accelerating fault-tolerant tech worldwide[1][3][4]. The deal draws international acclaim amid resurgent quantum SPACs, with Infleqtion surging on NYSE debut this month and Canada's Xa