IQM to Become First Public European Quantum Company via $1.8 Billion Merger

IQM Finland Oy and Real Asset Acquisition Corp. (Nasdaq: RAAQ) announced a definitive merger agreement on February 23, 2026. This transaction values the Espoo-based leader at a pre-money equity valuation of $1.8 billion. It marks a historic moment as IQM becomes the first European quantum computing firm to list on a major U.S. stock exchange.

The business combination is expected to leave the company with a cash position exceeding $450 million. These funds include proceeds from a $134 million PIPE financing and $175 million from the RAAQ trust account. This capital injection will accelerate the development of fault-tolerant systems and support global commercial scaling.

IQM operates a vertically integrated business model, building full-stack superconducting quantum computers from the ground up. The company owns its own chip fabrication facility and quantum data center. To date, it has sold 21 systems to 13 customers, including four of the world's top ten supercomputing centers.

The company's latest hardware, the Halocene system, is designed specifically for quantum error correction. CEO Jan Goetz stated that IQM aims to put working computers in the hands of people solving real-world problems today. This on-premise approach allows institutions to maintain data sovereignty while utilizing advanced hardware.

While the primary listing will be in the United States, IQM is also exploring a dual listing on the Helsinki stock exchange. Existing shareholders are rolling all their equity into the new entity, signaling strong confidence in the long-term vision. The transaction has received unanimous approval from both boards of directors.

This milestone places IQM at the forefront of the race toward commercial quantum advantage. By integrating with partners like NVIDIA and Hewlett Packard Enterprise, the company is solidifying its place in the AI and high-performance computing value chain. More information can be found at meetiqm.com.