IQM Quantum Computers, a leader in superconducting quantum systems, has announced a merger with Real Asset Acquisition Corp. to go public. This transaction values the Finnish company at approximately $1.8 billion and will provide it with over $450 million in capital. The deal aims to accelerate IQM's development of fault-tolerant quantum computers for commercial use.
A Landmark Transaction for European Quantum Tech
The business combination establishes IQM as the first European quantum company to go public, a milestone for the region's tech sector. The deal ensures a robust financial footing, with the company's post-transaction cash balance expected to exceed $450 million. This capital is sourced from RAAQ’s trust, a PIPE financing, warrant exercises, and IQM's existing cash reserves.
Solidifying Commercial and Industrial Leadership
IQM has already demonstrated significant commercial traction, selling 21 systems to 13 customers, including four top supercomputing centers. Its industrial leadership is shown by the delivery of 15 on-premise systems, the most publicly disclosed among its peers. The company's momentum is reflected in its outlook, with $35 million in 2025 revenue and over $100 million in bookings.
Differentiated Technology and Vertical Integration
At the core of IQM's success is its vertically integrated model, controlling everything from chip design to its own quantum data centers. This approach allows for rapid innovation, setting it apart from competitors focused on cloud-based access. The company's proprietary qubit designs and error correction codes enable more efficient on-premise solutions for customers.
The company has achieved key technical milestones, including greater than 99.9% fidelity for its single and two-qubit gate operations. This high performance is crucial for building powerful quantum computers capable of solving complex problems. IQM is now on track to deliver its next-generation system, Halocene, to advance its capabilities toward broad commercialization.
A Strategic Vision for Fault-Tolerant Computing
Looking ahead, IQM has an ambitious 12-year roadmap to achieve fault-tolerant quantum computing by 2030. This long-term vision involves scaling its technology to over one million physical qubits and implementing advanced error correction. The strategy is designed to tackle computational challenges beyond the reach of classical supercomputers.
In the shorter term, IQM plans to launch a 100-qubit prototype for research partners and expand partnerships in industries like pharmaceuticals. Following the merger's completion, the company is also considering a dual listing on the Helsinki Stock Exchange. These steps are designed to broaden its market presence and accelerate the adoption of its quantum solutions.
Executive Perspectives on the Merger
Leadership from both companies emphasized the deal's strategic importance for accelerating the industry's maturation. Jan Goetz, CEO of IQM, stated the company's purpose is to put working quantum computers into users' hands now. RAAQ CEO Peter Ort echoed this, highlighting IQM's proven track record of delivering real systems to demanding customers.
The merger between IQM and RAAQ is a pivotal moment, providing the resources and platform to scale its operations globally. This transaction validates IQM's achievements and signals a broader shift for the entire quantum computing field. It positions the company to lead the charge in making quantum infrastructure an accessible tool for solving real-world problems.