IQM Quantum Computers, a European quantum computing company, is preparing to go public through a business combination with Real Asset Acquisition Corp. (RAAQ), a SPAC. The deal, which will be voted on by RAAQ shareholders on June 25, values IQM at approximately $1.9 billion and will provide the company with up to $477 million in cash. Upon closing, IQM's American depositary shares will trade on the Nasdaq Global Market under the symbol IQMX.
IQM has already sold 23 quantum computers, built more than 30, and delivered 18 systems globally. The company generated about $36 million in revenue in 2025, a significant increase from the previous 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 success suggests that customers are willing to pay for quantum computing technology today.
The company's pipeline reflects strong demand, with a revenue backlog of $77 million as of December 31, 2025. This backlog indicates future revenue and system deployments, highlighting commercial momentum. Additionally, institutional investors have shown confidence by investing $146 million in IQM's upsized PIPE transaction conducted concurrently with the SPAC merger.
Quantum computing is increasingly seen as a complementary technology to artificial intelligence (AI). As AI models grow larger and computational challenges become more complex, quantum computing may enhance AI workloads. IQM's systems are already deployed in advanced computing environments where researchers explore how quantum technologies can complement AI. This trend could benefit IQM, which is established with a proven track record and top-tier customers.
McKinsey estimates that quantum computing could unlock up to $2.7 trillion in economic value by 2035, underscoring the technology's potential. IQM CEO Jan Goetz told CNBC, "Many people think quantum is still a technology thing... It's actually about the adoption and putting quantum computing to use." He added that the technology is ready and adoption is coming, citing successful sales cases worldwide.
For investors seeking exposure to quantum computing beyond the few publicly traded companies with multi-billion-dollar valuations, IQM's public debut via the SPAC merger offers a new opportunity. The company's commercial traction, customer base, and financial backing from institutional investors position it as a significant player in the evolving quantum computing landscape.
