Prime Highlights
- Finland-based quantum startup IQM plans to go public in New York through a SPAC merger, targeting a $1.8 billion valuation.
- The move positions IQM among the first European quantum computing companies to enter public markets, signaling strong investor confidence in the sector.
Key Facts
- IQM will merge with Real Asset Acquisition Corp, with the deal expected to bring in more than $300 million in funding, subject to approvals.
- The company has delivered 21 quantum systems to 13 customers and generated at least $35 million in revenue in 2025.
Background
Finland-based quantum computing startup IQM has announced plans to go public in the United States through a merger with Real Asset Acquisition Corp, a special purpose acquisition company (SPAC). The deal values IQM at $1.8 billion and could make it one of Europe’s first publicly listed quantum computing firms. The company intends to pursue a primary listing in New York and is also considering a dual listing on the Helsinki Stock Exchange. The transaction is expected to close around June, subject to shareholder approval and regulatory clearance.
The merger could provide more than $300 million in funding through private investment in public equity and cash held in the SPAC’s trust account, assuming no major investor redemptions. IQM said the fresh capital will support product development and expand its commercial reach.
Founded in 2018, IQM develops full-stack, open-architecture quantum systems that customers can deploy on-site or access via the cloud. The company has sold 21 quantum systems to 13 customers so far and reported at least $35 million in unaudited revenue in 2025.
IQM raised $320 million in a Series B funding round in September last year, valuing the company at $1 billion at the time. The funding round was led by Ten Eleven Ventures, with support from Tesi.
Quantum computing can solve problems faster than regular computers by handling a lot of data. It can be useful in medicine, science, and finance. While it is still developing and faces challenges, investor interest is growing.
Analysts at UBS say the sector is starting to see real progress. At the same time, competition is increasing. According to the European Centre for International Political Economy, China leads in public investment, followed by the European Union.
IQM’s planned listing is an important step for Europe’s quantum industry as it moves closer to wider use.
