Finland's IQM to become one of Europe's first listed quantum companies at $1.8 billion valuation

Finland's quantum computing startup IQM has announced its ambitious plan to become one of the first publicly traded companies in Europe within the quantum sector. The company will merge with Real Asset Acquisition Corp, a special purpose acquisition company (SPAC), to facilitate this listing in New York. This merger is expected to establish an initial equity valuation of approximately $1.8 billion, pending approval from shareholders and the fulfillment of regulatory requirements. The company anticipates completing the transaction by June, with the public listing to follow soon after. Additionally, IQM is contemplating a dual listing on the Helsinki stock exchange. Established in 2018, IQM secured $320 million in a Series B funding round in September, which valued the company at $1 billion. This funding round was led by Ten Eleven Ventures, a U.S.-based investment firm focused on cybersecurity, alongside contributions from Finnish venture capital firm Tesi. IQM is dedicated to developing full-stack, open-architecture quantum systems that can be utilized on-site or accessed through the cloud. The merger could yield over $300 million in funding, combining private investment in public equity financing with cash held in RAAQ's trust account, assuming there are no withdrawals from investors prior to the listing. Quantum computing holds the potential to perform calculations at speeds far surpassing those of classical computers, enabling the resolution of more intricate problems and the management of larger data sets. Advocates for the technology argue that it could lead to significant advancements in fields such as medicine, science, and finance, despite the fact that commercial deployment remains in the early stages. Analysts are expressing optimism about the quantum sector, noting that while progress has been gradual and numerous challenges persist, significant breakthroughs are beginning to emerge. "Quantum computing is no longer just a scientific endeavor," stated Jan Goetz, co-founder and CEO of IQM. "It has evolved into an industry where customers can own, operate, and build upon advanced quantum computers." To date, IQM has successfully sold 21 quantum systems to 13 clients, generating at least $35 million in unaudited revenue in 2025. As businesses begin to consider commercial deployment of quantum computers by the end of the decade, discussions are underway regarding their integration into data center operations. IQM stands among several European contenders in the quantum computing arena, with the U.K.'s Quantinuum raising $800 million across two funding rounds last year and Spain's Multiverse Computing securing 189 million euros in a Series B funding round. Notably, China leads in public investment in the quantum sector, contributing nearly $18 billion, closely followed by the European Union, according to the European Centre for International Political Economy (ECIPE).