IQM Quantum Computers, a European quantum computing company, is set to go public through a business combination with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders will vote on the deal on June 25, and the transaction is expected to close shortly thereafter. Upon closing, IQM will trade on the Nasdaq Global Market under the symbol IQMX, with an implied valuation of about $1.9 billion and pro forma cash of up to $477 million. This move gives investors a new way to gain exposure to the quantum computing sector, which is increasingly seen as a complementary technology to AI.
IQM has already sold 23 quantum computers, built more than 30, and delivered 18 systems globally. In 2025, the company reported approximately $36 million in revenue, a significant increase from the prior year. Its customers include four of the world's top ten supercomputing centers and leading research institutions such as Oak Ridge National Laboratory. This commercial traction addresses a key question in the industry: whether customers are willing to pay for quantum computing today. The company also has a revenue backlog of $77 million as of December 31, 2025, indicating strong future demand.
The quantum computing market is poised for substantial growth, with McKinsey estimating it could unlock up to $2.7 trillion in economic value by 2035. As AI models become more complex, quantum computing is increasingly viewed as a complementary capability. IQM's systems are already deployed in advanced computing environments where researchers explore how quantum technologies can enhance AI workloads. CEO Jan Goetz told CNBC, "Many people think quantum is still a technology thing... We think we are far beyond that. It's actually about the adoption and putting quantum computing to use."
Investors have historically focused on a small group of publicly traded quantum computing companies with multi-billion-dollar valuations. IQM's public debut offers an alternative, backed by institutional support: the company upsized its PIPE transaction to $146 million. The company's established customer base and revenue backlog provide visibility into future revenue. For those looking beyond the current AI cycle, quantum computing represents a next-generation opportunity, and IQM positions itself as a leader with a proven track record. As Goetz stated, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
