As investors seek the next major technology trend beyond AI, quantum computing is gaining traction for its potential to reshape industries from drug discovery to cybersecurity. IQM Quantum Computers, a European quantum computing company, is set to go public through a SPAC merger 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 under the symbol IQMX, with an implied valuation of about $1.9 billion and pro forma cash of up to $477 million.
IQM is already established in the market, having sold 23 quantum computers, built over 30, and delivered 18 globally. In 2025, IQM generated 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 like Oak Ridge National Laboratory in the U.S. This provides validation that customers are willing to pay for quantum technology today. Institutional investors have also shown confidence, investing $146 million in IQM’s upsized PIPE transaction conducted concurrently with the SPAC merger.
As CEO Jan Goetz told CNBC, "Many people think quantum is still a technology thing and it's not clear which technology wins and how to build a quantum computer. We think we are far beyond that. It's actually about the adoption and putting quantum computing to use." IQM reports $77 million in revenue backlog as of December 31, 2025, highlighting commercial momentum and visibility into future revenue. The broader quantum computing market could unlock up to $2.7 trillion in economic value by 2035, according to McKinsey.
Quantum computing is also being seen as complementary to AI, with many supercomputing centers investing in both technologies. IQM systems are deployed in environments where researchers explore how quantum can complement AI workloads. As Goetz noted, "The technology is ready. The adoption is coming. We have successful sales cases around the world." For investors, IQM offers a way to play the quantum computing market with a company that has a proven track record, top-tier customers, and a substantial backlog.
