Finnish quantum computing pioneer IQM aims to merge with Real Asset Acquisition Corp. to the US stock exchange.
• Transaction values IQM at a pre-money equity value in the billions
• Expected liquidity of over $450 million upon transaction completion
• In addition to listing in the USA, IQM is considering additional listing of the common shares on the Helsinki Stock Exchange
The superconducting quantum computer specialist IQM Finland Oy, founded in Finland in 2018, is aiming to merge with the special purpose acquisition company (SPAC) Real Asset Acquisition Corp. to the US stock exchange. The aim of the transaction is to accelerate the development of fault-tolerant quantum systems and expand market leadership, as IQM announced on Monday.
Strategic direction and stock exchange listing
After the merger is completed, IQM will be listed as a listed company. The listing will take place via American Depositary Shares on one of the major US trading venues, according to the IQM press release. In addition, the company headquartered in Finland, which has also had a location in Munich since 2020, is examining a dual listing of its ordinary shares on the Helsinki stock exchange, which could be implemented shortly after the transaction.
According to its own statements, IQM is characterized by a vertically integrated business model. The company controls the entire value chain – from its own chip design tools and its own manufacturing facility to software platforms and data centers. These “full-stack” systems are offered both for use on-site at the customer’s premises and via cloud solutions.
Financial key points of the transaction
The merger values IQM at an equity value of approximately $1.8 billion before including the new funds. Post-closing balance sheet is expected to have cash of more than $450 million, consisting of approximately $175 million of Real Asset Acquisition escrow balances (assuming no redemptions), approximately $134 million of proceeds from an accompanying PIPE financing from institutional investors ($10.00 per share), $172 million of IQM’s existing cash as of end-2025, and 24 million US dollars expected cash inflows from the exercise of warrants.
The existing shareholders of IQM will not sell any shares as part of this process and have committed themselves to a standard holding period.
Voices from the management level
Jan Goetz, CEO of IQM, emphasizes the shift in technology from pure science to an application-oriented industry: “Quantum computing is no longer a scientific project. It is an industry in which customers own, operate and build on advanced quantum computers. That is what makes IQM possible,” he is quoted in the press release.
Peter Ort, CEO of Real Asset Acquisition, pointed to the operational strength of IQM, which has already delivered more local systems to research institutions than the competition. The chairman of the board of directors, Sierk Poetting, does not describe the IPO as a change in strategy, but as an “acceleration” to make quantum infrastructure just as accessible as classic computer systems.
Next Steps
The boards of both companies have already unanimously approved the merger. The closing is still subject to the approval of the respective shareholders and other usual regulatory conditions. Detailed documents will be filed with the US Securities and Exchange Commission (SEC).
Editorial team finanzen.net
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