IQM Quantum Computers, a European quantum computing company, is poised to enter the public markets through a business combination with Real Asset Acquisition Corp. (RAAQ), a SPAC. RAAQ shareholders are scheduled to vote on the deal on June 25, and the transaction is expected to close shortly thereafter, subject to customary conditions. Upon closing, all RAAQ shares will convert into American depositary shares of IQM, which will trade on the Nasdaq Global Market under the ticker symbol IQMX. The combined company is expected to have an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million, prior to any shareholder redemptions.
This move provides investors with a new avenue to gain exposure to the quantum computing sector, which is increasingly seen as a complementary technology to artificial intelligence (AI). According to McKinsey, quantum computing could unlock up to $2.7 trillion in economic value by 2035. IQM’s public debut comes at a time when quantum computing is transitioning from research to real-world deployment, as evidenced by the company's commercial traction. IQM has already sold 23 quantum computers, built over 30, and delivered 18 systems globally. In 2025, the company generated 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.
One of the key indicators of market demand is IQM's revenue backlog, which stood at about $77 million as of December 31, 2025. This backlog represents committed future revenue from customers who have evaluated multiple technologies before making long-term infrastructure commitments, providing third-party validation that quantum computing is moving beyond the lab. Institutional investors have also shown confidence, with a $146 million upsized PIPE transaction conducted concurrently with the SPAC merger.
CEO Jan Goetz emphasized the company's readiness for commercial adoption, stating in a 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 intersection of AI and quantum computing is a key theme driving interest in the sector. As AI models grow in complexity, quantum computing is increasingly viewed as a complementary capability rather than a competing technology. IQM systems are already deployed in advanced computing environments where researchers explore how quantum technologies can enhance future AI workloads. This synergy could position IQM favorably as investors look beyond the current AI cycle toward next-generation opportunities.
The news matters because it offers a publicly traded avenue for investors to participate in the quantum computing market, which has historically been dominated by a small group of multi-billion-dollar companies. IQM's established track record, top-tier customer base, and significant backlog suggest that quantum computing is gaining commercial momentum. The successful closing of the SPAC merger could pave the way for broader adoption and investment in the sector, potentially reshaping industries from drug discovery to cybersecurity.
