This week, IQM Quantum Computers, the Finnish quantum computing hardware and software maker, announced that it’s going public via a SPAC merger with Real Asset Acquisition Corp., valuing the business at about $1.8 billion.

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If you’re unfamiliar, Quantum computing has been the technology sector that Wall Street talks about as “the next big thing,” but few companies have actually scaled far enough to list publicly. 

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Now, IQM’s move does change that narrative by positioning itself as potentially the first European quantum computing company to trade on U.S. public markets, and possibly dual-list in Helsinki afterward.

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IQM builds full-stack, superconducting quantum computers (hardware and software) that can be deployed on-premises or accessed through the cloud. It’s the kind of tech that could be integral to the development of next-generation AI, cryptography, materials science, and complex industrial optimization long before classical computers catch up.

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And in terms of the deal, it’s actually quite compelling: 

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  • IQM is expected to have more than $450 million in cash at closing, combining SPAC trust funds, private investment, warrant exercises, and existing balance sheet strength.

  • The valuation clocks in at roughly $1.8 billion pre-money.  This is a big figure for a European quantum hardware company.

  • The company already has real revenue (about $41.4 million in 2025) and strong order visibility heading into the transaction close.

  • IQM has shipped quantum systems to real customers and operates its own chip fab and quantum data center, meaning it’s building and selling hardware today, not just promising future science.

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The deal still requires shareholder and regulatory approvals, and a final close isn’t anticipated until mid-2026. But once it clears, IQM will join the ranks of a small group of publicly traded quantum hardware firms, including …

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  • IonQ (NYSE: IONQ) - A leader in trapped-ion quantum computers, offering systems like the Forte and Tempo (reaching AQ64) via major cloud platforms.
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  • D-Wave Quantum (NYSE: QBTS): Specializes in quantum annealing systems for optimization and machine learning applications.
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  • Rigetti Computing (NASDAQ: RGTI): Builds superconducting quantum processors and provides hybrid cloud services.
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  • ‍Quantum Computing Inc. (NASDAQ: QUBT): Develops photonic-based quantum systems, including entropy quantum computers (EQC).

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This is not bad company to be in!

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