A Finnish quantum computing company just finished a months long process of becoming a publicly traded business in the United States. IQM Quantum Computers Plc and Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company, completed the business combination they had agreed to back in February. Shares will begin trading on the Nasdaq Global Select Market on July 2, 2026.
A special purpose acquisition company, often called a SPAC, is a shell company that raises money from investors and then searches for a private business to merge with. Once the merger closes, the private company effectively becomes public without going through a traditional initial public offering. In this case, RAAQ merged into IQM US LLC, an indirect subsidiary of IQM, and IQM shareholders approved the deal at a June 25th meeting of RAAQ investors.
IQM itself builds superconducting quantum computers, full systems that include the hardware and the software layer needed to run them. Founded in 2018 and based in Espoo, Finland, with a major operations hub in Munich, Germany, the company employs more than 400 people and sells its systems to enterprises, universities, research institutions, high performance computing centers, and national laboratories across Europe, North America, and Asia. By its own account, IQM has sold 23 quantum computers and delivered 18 of them to customer sites, and it reported audited revenue of $36 million (EUR 31 million) in 2025.
As part of the closing, IQM’s board issued 14,381,747 existing shares to former RAAQ shareholders. Those shares arrive in the form of American depositary shares, or ADSs, with each ADS representing one IQM share. The Bank of New York Mellon (NYSE: BNY) is acting as depositary bank, issuing and distributing the ADSs. Warrants that RAAQ investors previously held were also assumed by IQM, giving holders the right to buy one IQM share per ADS at $11.50 each, with as many as 12,530,975 shares potentially issued if all warrants are exercised.
Alongside the merger, IQM raised additional capital through a private placement to institutional and other accredited investors, issuing 14,548,000 shares at $10.00 apiece for a combined purchase price of $145.5 million (EUR 127.7 million). Counting that private placement together with the funds remaining in RAAQ’s trust account, IQM ended up with roughly $233.5 million (EUR 198.7 million) in net proceeds from the overall transaction.
IQM’s chief executive and co-founder, Jan Goetz, described the milestone as validation of an idea the company was built on: that quantum computing would eventually become essential infrastructure for governments, research institutions, and industry, and that customers are now backing that belief with real spending. Peter Ort, who leads RAAQ, pointed to IQM’s technical track record and its established base of customers around the world as reasons the SPAC pursued this partnership (IQM Quantum Computers Plc stock exchange release).
Quantum computing remains an early stage industry, with most companies still working to prove their technology can scale and generate consistent revenue. IQM’s listing gives public market investors one more way to gain direct exposure to that experiment and gives IQM itself fresh capital and a higher public profile as it competes for customers and research partnerships worldwide.
