IQM Quantum Computers, a European quantum computing company, is preparing to go public through a business combination with Real Asset Acquisition Corp. (RAAQ). Shareholders of RAAQ are scheduled to vote on the merger on June 25, with the transaction expected to close shortly thereafter. Upon completion, IQM will have an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million, before any redemptions. IQM's American depositary shares will trade on the Nasdaq Global Market under the symbol IQMX.
This move provides investors with a new avenue to participate in the quantum computing market, which is increasingly seen as a complementary technology to artificial intelligence. According to McKinsey, quantum computing could unlock up to $2.7 trillion in economic value by 2035. IQM has already demonstrated commercial viability, having sold 23 quantum computers, built more than 30, and delivered 18 systems globally. In 2025, the company reported revenue of about $36 million, a significant 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.
The company's revenue backlog stood at $77 million as of December 31, 2025, indicating strong customer demand and future revenue visibility. Institutional investors have shown confidence in IQM, participating in a $146 million upsized PIPE transaction conducted concurrently with the SPAC merger. CEO Jan Goetz emphasized that quantum computing is moving beyond research into real-world deployment, telling CNBC, "Many people think quantum is still a technology thing... It's actually about the adoption and putting quantum computing to use."
IQM systems are already deployed in advanced computing environments where researchers are exploring how quantum technologies can complement AI workloads. As AI models grow in complexity, quantum computing is increasingly viewed as a complementary capability rather than a competing technology. For investors looking beyond the current AI cycle, quantum computing represents a potential next-generation opportunity, and IQM's public listing offers a direct way to gain exposure to this emerging sector.
