IQM Quantum Computers Set for Public Debut via SPAC Merger, Offering Investors a New Quantum Play

Quantum computing is emerging as the next frontier for investors seeking transformative technology beyond artificial intelligence, and a forthcoming public listing by IQM Quantum Computers could offer a new avenue to participate in the space. The European quantum computing company is set to go public via a merger with Real Asset Acquisition Corp. (RAAQ), with a shareholder vote scheduled for June 25. Upon approval, the transaction is expected to close shortly thereafter, giving IQM an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million. IQM American depositary shares would then trade on the Nasdaq Global Market under the symbol IQMX.

IQM’s entry into public markets comes at a time when quantum computing is increasingly viewed as complementary to AI rather than a competitor. According to McKinsey, the technology could unlock up to $2.7 trillion in economic value by 2035. IQM 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.”

The company already boasts a track record of commercial deployment, having sold 23 quantum computers, built more than 30, and delivered 18 globally. In 2025, IQM reported approximately $36 million in revenue, 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. This customer base provides third-party validation that quantum computing is moving beyond the lab and into practical application, according to the company.

Investor interest appears robust: institutional investors committed $146 million in an upsized PIPE transaction conducted alongside the SPAC merger. IQM also reported a revenue backlog of about $77 million as of December 31, 2025, indicating customer willingness to commit to future system deployments. This backlog provides visibility into future revenue and underscores commercial momentum.

The timing of IQM’s public debut aligns with growing recognition that quantum computing and AI are better together. As AI models grow larger and more computationally demanding, quantum computing is seen as a complementary capability that could enhance performance. IQM’s systems are already deployed in advanced computing environments where researchers explore how quantum technologies can support future AI workloads.

For investors, IQM offers a chance to invest in a company that has moved beyond the research phase and is generating revenue from real-world deployments. As Goetz stated, “The technology is ready. The adoption is coming. We have successful sales cases around the world.”

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