IQM on Ramp To Publicly List

IQM Finland Oy has delivered 15 quantum computing systems, representing the largest number publicly disclosed by any company in the field and establishing a lead in hardware deployment beyond research initiatives. The company’s commercial progress is supported by revenue of USD 36 million, equivalent to over EUR 31 million, and a client base that includes four of the top ten supercomputing centers globally. This momentum coincides with a pending listing on Nasdaq Helsinki, following a filing with the U.S. Securities and Exchange Commission to become the first European quantum computing company to go public. “This filing is a milestone we have worked hard to reach, and it signals our readiness to operate at a new level,” said Jan Goetz, Chief Executive Officer and Co-Founder, IQM, as the company aims to accelerate development toward fault-tolerant quantum computing at scale.

• This filing marks an important milestone in the transaction, moving IQM closer to becoming the first European quantum computing company to go public.
• Global commercial leader with 23 systems sold to customers to date – including 4 out of the top 10 supercomputing centres and increasing adoption by enterprise customers.
• Industrial leader with 15 systems delivered (largest number publicly disclosed by selected quantum companies¹), 30+ computers built, own chip factory, assembly line and quantum data centre.
• The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 billion.
• With the close of this transaction, IQM’s cash position is expected to be up to EUR 397 million (USD 465 million).²
• Significant business momentum, with 2025 revenue of USD 36 million³ or over EUR 31 million.
• IQM intends to apply for admission of its shares to trading on Nasdaq Helsinki following the Business Combination.

IQM and RAAQ Announce Form F-4 Filing with the SEC

IQM filed a Form F-4 registration statement with the U.S. Securities and Exchange Commission alongside Real Asset Acquisition Corp. This filing demonstrates IQM’s position as a commercial leader, having already sold 23 quantum systems to a diverse customer base. The company has deployed 15 systems, the largest number publicly reported by any quantum computing firm, showing a focus on translating research into tangible hardware. IQM’s operations are supported by established infrastructure, including a dedicated chip factory, assembly line, and quantum data center, with construction underway on over 30 quantum computers. The proposed business combination values IQM at a pre-money equity valuation of approximately USD 1.8 billion and is expected to provide access to up to EUR 397 million in cash, fueling further development toward fault-tolerant quantum computing. Peter Ort, Principal Executive Officer and Co-Chairman of Real Asset Acquisition Corp, added, “We are proud to be partnered with IQM as we reach this important milestone.” IQM intends to seek admission to trading on Nasdaq Helsinki following completion of the transaction.

IQM is establishing itself as a significant player in the quantum computing market, moving beyond academic demonstrations with a growing base of commercial clients and a scaling manufacturing capability. This customer base is supported by substantial revenue; IQM reported over EUR 31 million (approximately USD 36 million) in revenue, indicating a shift from reliance on research grants to commercial income.

USD 1.8 Billion Valuation & Projected Funding of Up to USD 465 Million

The company is valued at USD 1.8 billion. This financial milestone follows the filing of a Form F-4 registration statement with the U.S. Securities and Exchange Commission, a crucial step toward completing a business combination with Real Asset Acquisition Corp. Beyond the listing, IQM anticipates a substantial influx of capital, projecting access to up to USD 465 million (EUR 397 million) upon closing the transaction. This figure includes approximately USD 175 million from RAAQ’s trust account, USD 134 million in proceeds from a PIPE financing from new, existing, and institutional investors, and an expected USD 24 million from warrant exercises, to IQM’s existing USD 172 million (EUR 146 million) cash reserves. IQM’s technology has gained acceptance among major high-performance computing centers, with four of the top ten supercomputing facilities now listed as customers.