Real Asset Acquisition Corp Merge with IQM Quantum for $1.8B

Real Asset Acquisition Corp.
The global deep-tech industry reached a milestone today when IQM Quantum Computers inked a final business combination agreement with Real Asset Acquisition Corp. IQM will become the first European quantum computing company to list on a major exchange with this deal. The Finnish quantum pioneer is worth USD 1.8 billion pre-money equity.
A Huge Investment
The merger with SPAC RAAQ aims to offer IQM a financial boost to accelerate its fault-tolerant quantum computing efforts. The amalgamated entity’s cash should reach USD 450 million after the purchase. This substantial financial “runway” is supported by USD 175 million from RAAQ’s trust account, USD 134 million from a $10.00 per share PIPE, and USD 24 million from warrant cash exercises.
New and established institutional investors have supported the PIPE financing, showing market confidence in IQM’s plan. All significant owners have signed a lock-up agreement, confirming their long-term commitment to the company’s goal. Current IQM shareholders will not sell shares or receive any payment in this transaction.
The Benefit of Vertical Integration
In the highly competitive quantum industry, IQM’s full-stack, vertically integrated business strategy has stood out. The Espoo-based corporation controls the entire value chain, unlike competitors who focus on certain technological layers. The company operates assembly lines, a quantum chip fab, a quantum data center, and proprietary chip design tools.
Vertical integration allows IQM to offer “open-architecture” technologies that may be used on its cloud platform or on-premise at customer sites, speeding up innovation cycles. Spark and Radiance systems are now available, but Halocene, its next-generation system, is coming soon. It seeks extensive commercialization. Technically, IQM processors exceed 99.9% gate and readout dependability, a vital benchmark for future expansion.
Incredible Commercial Momentum
Even though many quantum startups are still working out how to go from lab research to commercial viability, IQM has experienced great success. It has sold 21 systems to 13 clients globally, including four of the top 10 supercomputing facilities. IQM has supplied 15 on-premises systems, more than IBM, D-Wave, IonQ, and Rigetti.
With at least USD 35 million in unaudited 2025 sales, the company entered 2026 strong. Bookings and visibility exceeded $100 million in 2025. Quantum and AI value chain commercial growth is boosted by strategic integrations with NVIDIA, AWS, HPE, Toyo Corporation, and Bechtle AG.
Leader Vision
“We built IQM from the beginning for one purpose—to put working quantum computers in the hands of the people who will use them to solve real problems,” said CEO and co-founder Jan Goetz. Science projects no longer include quantum computing. Customers in this industry run and expand quantum computers. IQM allows that.
RAAQ CEO and Co-Chairman Peter Ort agreed, citing IQM’s performance. Ort said, “IQM has built and delivered more on-premises quantum systems than any other competitor to some of the most demanding research institutions on earth. He added that the transaction will “accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.”
global reach and sovereignty
IQM has a global impact with over 300 employees and locations in France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singapore, South Korea, Taiwan, the UK, and the US. This global presence supports its goal of developing “sovereign infrastructure” to enable regional quantum ecosystems to flourish freely.
The company may dual-list on the Helsinki stock exchange, but its main listing will be American Depositary Shares on a major U.S. exchange. “Going public is not a change of direction but rather an acceleration,” said IQM Board Chairman Sierk Poetting, who saw the IPO as a natural next step.
Advisors and Next Steps
The deal involves prominent advisors. TD Cowen and Cohen & Company Capital Markets advise RAAQ, while J.P. Morgan SE and Rothschild & Co. advise IQM on finance and capital markets. Perkins Coie LLP, Borenius Attorneys Ltd., and Cooley LLP provide legal counsel.
The business merger must be approved by RAAQ and IQM shareholders and meet other regulatory conditions before closing. IQM’s public listing reinforces European technological leadership in the worldwide fight for quantum supremacy and positions the Finnish innovator as a vital participant in future computing.








