IQM Quantum Computers, a European quantum computing company, is set to go public through a business combination with Real Asset Acquisition Corp. (RAAQ), a SPAC. RAAQ shareholders are scheduled to vote on the deal on June 25, with the transaction expected to close soon after, subject to conditions. Upon closing, all RAAQ shares will convert into American depositary shares of IQM, which will trade on the Nasdaq Global Market under the ticker IQMX. The combined entity is expected to have an implied valuation of about $1.9 billion and pro forma cash of up to $477 million, before any shareholder redemptions.
This public debut comes as quantum computing attracts increasing attention from investors seeking the next major technology trend beyond artificial intelligence. IQM has already established a commercial footprint, having sold 23 quantum computers, built more than 30, and delivered 18 globally. In 2025, the company reported approximately $36 million in revenue, marking significant growth from the prior year. Its customers include four of the world's top ten supercomputing centers and leading research institutions, such as Oak Ridge National Laboratory in the United States.
CEO Jan Goetz told CNBC, "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." This sentiment is backed by IQM's $77 million revenue backlog as of December 31, 2025, indicating customer willingness to commit to the technology and providing visibility into future revenue.
The broader quantum computing market presents a substantial opportunity. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. IQM also highlights the complementary relationship between quantum computing and AI. As AI models grow larger and more complex, quantum computing is increasingly viewed as a complementary capability, not a competitor. IQM's systems are already deployed in advanced computing environments where researchers explore how quantum technologies can enhance future AI workloads.
Institutional investors have shown confidence in IQM, investing $146 million in an upsized PIPE transaction conducted concurrently with the SPAC merger. The company's selection by top-tier institutions after rigorous evaluations provides third-party validation that quantum computing is moving beyond research into real-world deployment. Goetz added, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
For investors looking beyond the current AI cycle, quantum computing is among the areas being watched as a potential next-generation opportunity. IQM's proven track record, established customer base, and commercial momentum position it as a notable player in the space.
