Key Takeaways:
- SEC declared IQM's registration statement effective on June 5
- RAAQ shareholders to vote on the merger June 25
- PIPE upsized to USD 146 million with Ilmarinen commitment
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IQM's SPAC merger clears SEC hurdle ahead of June 25 vote
IQM Quantum Computers cleared the final regulatory hurdle for its public listing after the SEC declared its registration statement effective, setting a June 25 shareholder vote on its merger with Real Asset Acquisition Corp. The deal includes a USD 146 million PIPE, upsized from USD 134 million after Finland's Ilmarinen joined as a new investor.
"The SEC effectiveness marks a key milestone as we prepare to become the first listed European quantum company," said Jan Goetz, co-founder and chief executive officer of IQM. "This capital positions us to accelerate our technology roadmap toward fault-tolerant quantum computing while scaling our Production Quantum model, where customers own and operate their systems."
IQM has sold 23 quantum computers, with 18 delivered to customer premises — the largest publicly disclosed on-premises delivery count among selected quantum companies including IBM, IonQ and Rigetti, according to the company's filings. The firm reported audited revenue of EUR 31 million (USD 36 million) in 2025 and employs more than 400 people across Europe, Asia and North America.
The transaction will list IQM's American Depositary Shares on the Nasdaq Global Exchange under the ticker IQMX, with a secondary listing on Nasdaq Helsinki expected to follow. J.P. Morgan SE and TD Cowen served as PIPE placement agents, while Rothschild & Co advised IQM's board. The deal requires approval from RAAQ's shareholders at the extraordinary general meeting scheduled for June 25, with closing expected shortly after conditions are satisfied.
IQM builds full-stack superconducting quantum computers deployed on-premises or via the cloud, operating a vertically integrated model spanning chip design, fabrication, assembly and data center operations. The company was founded in 2018 and is headquartered in Espoo, Finland, with major operations in Munich.
This article is for informational purposes only and does not constitute investment advice.
[1] IQM and Real Asset Acquisition Corp. Announce Effectiveness of Registration Statement for Proposed Business Combination[2] IQM, a Global Leader in Quantum Computing, and Real Asset Acquisition Corp. Announce Upsized USD 146 million PIPE with New Commitment from Ilmarinen[3] Quantum computer maker IQM clears SEC step toward Nasdaq listing - Stock Titan[4] IQM and Real Asset Acquisition Corp. Announce Effectiveness of Registration Statement for Proposed Business Combination – Company Announcement - FT.com - Financial Times[5] IQM and Real Asset Acquisition Corp. Announce Effectiveness of Registration Statement for Proposed Business Combination - The Joplin Globe
