IQM Quantum Computers, a European quantum computing company, is set to make its public market debut through a business combination with Real Asset Acquisition Corp. (RAAQ), a SPAC. The merger, which will be voted on by RAAQ shareholders on June 25, is expected to close shortly thereafter, subject to conditions. Upon closing, IQM will have an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million. American depositary shares of IQM will trade on the Nasdaq Global Market under the symbol IQMX.
This move offers investors a new way to gain exposure to quantum computing, a technology increasingly seen as complementary to artificial intelligence (AI) and capable of reshaping industries such as drug discovery, transportation, and cybersecurity. While publicly traded quantum computing companies have commanded multi-billion-dollar valuations, IQM represents a significant player that has until now remained private.
IQM has already demonstrated commercial traction, having sold 23 quantum computers, built more than 30, and delivered 18 globally. In 2025, the company reported about $36 million in revenue, a substantial increase 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 U.S. This customer base provides validation that quantum computing is moving beyond research into real-world deployment.
The company also reported a revenue backlog of approximately $77 million as of December 31, 2025, indicating future revenue visibility and commercial momentum. Institutional investors have shown confidence in IQM, investing $146 million in an upsized PIPE transaction conducted concurrently with the SPAC merger.
CEO Jan Goetz emphasized the company's readiness, stating in a recent CNBC interview, "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." He added, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
The broader quantum computing market is poised for significant growth. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. Moreover, quantum computing is increasingly viewed as complementary to AI rather than a competitor. Many leading supercomputing centers and research institutions are investing in both technologies, and IQM systems are already deployed in environments where researchers explore how quantum can complement future AI workloads.
For investors looking beyond the current AI cycle, quantum computing represents a next-generation opportunity. IQM's public listing provides a direct way to participate in this emerging market, backed by a proven track record, top-tier customers, and a substantial revenue backlog.
