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 shortly thereafter. Upon closing, IQM will trade on the Nasdaq Global Market under the symbol IQMX. The merger implies a valuation of approximately $1.9 billion for IQM and will provide pro forma cash of up to $477 million, subject to shareholder redemptions.
IQM has already established itself in the quantum computing market, having sold 23 quantum computers, built over 30, and delivered 18 systems globally. In 2025, IQM reported revenue of about $36 million, reflecting 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 U.S. This commercial traction is notable because it addresses a key question surrounding quantum computing: whether customers are willing to pay for the technology today. Institutional investors have shown confidence, investing $146 million in IQM's upsized PIPE transaction conducted concurrently with the SPAC merger.
The company's backlog of $77 million in revenue as of December 31, 2025, further underscores commercial momentum, providing visibility into future revenue and reflecting a pipeline of system deployments. CEO Jan Goetz highlighted the company's progress in a recent CNBC interview, stating, "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."
Beyond IQM's specific progress, the broader quantum computing market is poised for growth. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. Quantum computing is increasingly seen as a complementary technology to AI, with leading supercomputing centers and research institutions investing in both. IQM's systems are already deployed in advanced computing environments where researchers explore how quantum technologies can complement future AI workloads. As AI models grow larger and computational challenges become more complex, quantum computing offers a potential next-generation opportunity.
For investors seeking exposure beyond the current AI cycle, IQM's public listing provides a new avenue to invest in quantum computing. With a proven track record, top-tier customers, and a substantial backlog, IQM positions itself as a leader in the space. As Goetz told CNBC, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
