Finnish quantum computer specialist IQM: via SPAC to the NYSE

Princ­ton, NJ & Eepoo, Finland — IQM Finland Oy, a global leader in full-stack super­con­duc­ting quan­tum compu­ters (“IQM”, “IQM Quan­tum Compu­ters”) and Real Asset Acqui­si­tion Corp (Nasdaq: RAAQ), a Special Purpose Acqui­si­tion Company (SPAC), announ­ced that they have ente­red into a defi­ni­tive merger agree­ment wher­eby IQM will become a publicly traded company and have Ameri­can Depo­si­tary Shares listed on one of the two leading U.S. stock exch­an­ges. The tran­sac­tion values IQM at a pre-money equity value of appro­xi­m­ately USD 1.8 billion. 

The tran­sac­tion will provide funding to acce­le­rate IQM’s tech­no­lo­gi­cal and commer­cial deve­lo­p­ment towards fault-tole­rant quan­tum compu­ting, further streng­thening its posi­tion as a leading quan­tum compu­ter provider.

IQM, which is head­quar­te­red in Finland, is also conside­ring a dual listing wher­eby IQM’s ordi­nary shares would be traded on the Helsinki Stock Exch­ange. This listing is expec­ted to take place after comple­tion of this tran­sac­tion. — With a turno­ver of at least 35 million euros in 2025 and over 20 systems sold, IQM under­lines its claim to be the market leader for full-stack quan­tum systems at the IQM Quan­tum Compu­ter IPO 2026.

IQM is a quan­tum compu­ting company that deve­lops full-stack, open archi­tec­ture systems that can be deployed on-premise or utili­zed via the cloud. IQM pursues a verti­cally inte­gra­ted busi­ness model and has a unique combi­na­tion of proprie­tary infra­struc­ture ranging from its own chip design tool and soft­ware deve­lo­p­ment plat­form to a quan­tum chip factory, produc­tion line and data center. This enables the company to acce­le­rate its inno­va­tion cycles, provide best-in-class quan­tum compu­ting solu­ti­ons to its custo­mers and foster the growth of the quan­tum ecosystem. 

Tran­sac­tion highlights

Follo­wing comple­tion of the tran­sac­tion, IQM’s cash on balance sheet at closing is expec­ted to be in excess of US$450 million (inclu­ding IQM’s exis­ting cash), provi­ding scope for further broad econo­mic benefits:

Appro­xi­m­ately $175 million of cash in RAAQ’s escrow account (based on the current amount in escrow and assum­ing no redemptions);
Appro­xi­m­ately $134 million of proceeds from a PIPE finan­cing at a price of $10.00 per share from leading new and exis­ting insti­tu­tio­nal inves­tors to be comple­ted concurr­ently with the busi­ness combi­na­tion, subject to satis­fac­tion of certain custo­mary closing conditions;

Expec­ted proceeds of USD 24 million from the cash exer­cise of outstan­ding IQM warrants prior to closing; Exis­ting cash on IQM’s balance sheet of USD 172 million (unau­di­ted at year-end 2025).
The tran­sac­tion values IQM at a pre-money equity value of around USD 1.8 billion, reflec­ting its enorm­ous growth potential.

Jan Goetz, co-foun­­der and Chief Execu­tive Offi­cer of IQM (photo: IQM), said: “We built IQM from the ground up with one goal in mind: to put working quan­tum compu­ters into the hands of people who will use them to solve real-world problems. Not some­day. Now. Quan­tum compu­ting is no longer a scien­ti­fic project. It’s an indus­try where custo­mers own, operate and build on advan­ced quan­tum compu­ters. That’s what IQM makes possible.”

Peter Ort, Chief Execu­tive Offi­cer and Co-Chair­­man of Real Asset Acqui­si­tion Corp, said: “IQM has built and deli­vered more local quan­tum systems than any other competitor5 — to some of the most deman­ding rese­arch insti­tu­ti­ons in the world. This tran­sac­tion will acce­le­rate the growth of a company that has alre­ady estab­lished a posi­tion in this space with real custo­mers and opera­ting real quan­tum systems.”

Sierk Poet­ting, Chair­man of IQM’s Board of Direc­tors, said: “The IPO is not a change of direc­tion, but rather an acce­le­ra­tion. The Board of Direc­tors is fully commit­ted to IQM’s mission and goals of making quan­tum infra­struc­ture as funda­men­tal and acces­si­ble as clas­si­cal computing.”

Exis­ting IQM share­hol­ders will not sell any shares or receive any cash payments as part of the tran­sac­tion and all signi­fi­cant IQM share­hol­ders have ente­red into a custo­mary lock-up agree­ment to complete this transaction.

The Boards of Direc­tors of IQM and RAAQ have each unani­mously appro­ved the propo­sed merger. The comple­tion of the propo­sed merger is subject to, among other things, the appr­oval of the merger agree­ment by the share­hol­ders of RAAQ and IQM and the satis­fac­tion of other custo­mary closing conditions. 

Addi­tio­nal infor­ma­tion about the propo­sed busi­ness combi­na­tion, inclu­ding a copy of the busi­ness combi­na­tion agree­ment, will be provi­ded in a Current Report on Form 8‑K to be filed by RAAQ with the Secu­ri­ties and Exch­ange Commis­sion (the “SEC”).

Consul­tant from IQM

J.P. Morgan SE acts as finan­cial advi­sor and capi­tal markets advi­sor to IQM.
J.P. Morgan Secu­ri­ties LLC and TD Cowen are acting as PIPE place­ment agents for IQM.
Roth­schild & Co. acts as finan­cial and capi­tal markets advi­sor to IQM and its Manage­ment Board.
TD Cowen acts as finan­cial advi­sor and capi­tal markets advi­sor to RAAQ.
Cohen & Company Capi­tal Markets is acting as capi­tal markets advi­sor to RAAQ.
Cooley LLP and Boren­ius Attor­neys Ltd are acting as legal advi­sors to IQM;

Perkins Coie LLP, Kroge­rus Attor­neys Ltd and Cony­ers Dill & Pear­man LLP are acting as legal advi­sors to RAAQ.DLA Piper LLP (US) is acting as legal advi­sor to J.P. Morgan Secu­ri­ties LLC and TD Cowen.

The Blue­shirt Group acts as inves­tor rela­ti­ons advi­sor to IQM.

About Real Asset Acqui­si­tion Corp.

Real Asset Acqui­si­tion Corp., based in Prince­ton, New Jersey, is a Nasdaq-listed (Nasdaq: RAAQ) special purpose entity formed for the purpose of effec­ting a merger, stock exch­ange, asset acqui­si­tion, stock purchase, reor­ga­niza­tion or simi­lar busi­ness combi­na­tion with one or more compa­nies. RAAQ’s team consists of expe­ri­en­ced quan­tum compu­ting experts with in-depth tech­ni­cal and indus­­try-speci­­fic knowledge. 

About IQM Quan­tum Computers

IQM Finland Oy (“IQM”, “IQM Quan­tum Compu­ters”, “Company”) is a leading global provi­der of super­con­duc­ting quan­tum compu­ters. IQM offers both local full-stack quan­tum compu­ters and a cloud plat­form for acces­sing its systems. IQM’s custo­mers include leading high-perfor­­mance compu­ting centers, rese­arch labs, univer­si­ties and enter­pri­ses that require unrest­ric­ted access to quan­tum hard­ware and software. 

IQM has over 300 employees and is head­quar­te­red in Finland with offices in France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singa­pore, South Korea, Taiwan, the United King­dom and the United States. — https://meetiqm.com/