IQM Quantum Computers Completes Business Combination with Real Asset Acquisition Corp., Nasdaq Trading to Begin July 2

What's happening

IQM Quantum Computers completed its business combination with Real Asset Acquisition Corp. (RAAQ) on July 1, 2026, marking the Finnish quantum computing company's transition to a publicly traded entity. The definitive business combination agreement was first announced on February 22, 2026, and RAAQ shareholders formally approved the transaction on June 25, 2026. Trading in IQM's American Depositary Shares under the Nasdaq ticker 'IQMX' and IQM Warrants under 'IQMX WS' is scheduled to commence on July 2, 2026.

The capital structure of the transaction involved two concurrent components. IQM issued 14,381,747 existing shares as consideration to RAAQ shareholders in the form of ADSs. Simultaneously, IQM completed a PIPE Investment in which it issued 14,548,000 existing shares at a price of USD 10.00 per share, generating aggregate proceeds of EUR 127.7 million (USD 145.5 million). Combined with proceeds from the Business Combination itself, IQM received total net proceeds of approximately EUR 198.7 million (USD 233.5 million). The company also assumed IQM Warrants carrying an exercise price of USD 11.50 per share, with a maximum of 12,530,975 shares eligible for subscription under those warrants.

Why it matters for markets

The completion of this transaction gives IQM direct access to U.S. public capital markets for the first time, with net proceeds of approximately EUR 198.7 million (USD 233.5 million) available to fund commercialization of its superconducting quantum systems and cloud access platform. For a capital-intensive hardware company operating in a sector that requires sustained investment in research, manufacturing, and global deployment, the scale of this capital raise represents a material shift in financial resources. The PIPE component alone — EUR 127.7 million (USD 145.5 million) at USD 10.00 per share — signals that institutional investors committed capital at a defined price point ahead of public trading.

The assumed warrant structure introduces a secondary capital mechanism: if IQM's ADS price exceeds the USD 11.50 exercise price, up to 12,530,975 additional shares could be issued, potentially generating further proceeds while also creating dilution for existing shareholders. This warrant overhang is a standard feature of SPAC-derived transactions and represents a variable that investors and analysts will monitor as the company establishes its post-listing trading range. The transaction structure — a SPAC merger rather than a traditional IPO — reflects a pathway that has been used by several technology and deep-tech companies seeking to access public markets with greater speed and pricing certainty.

IQM CEO and Co-Founder Jan Goetz stated that 'quantum computing is increasingly being viewed as strategic infrastructure, and customers around the world are investing accordingly,' framing the public listing as an enabler of long-term global expansion and continued full-stack quantum system delivery. Peter Ort, Principal Executive Officer and Co-Chairman of RAAQ, cited IQM's 'technological leadership, global customer footprint, and proven ability to deliver quantum systems into production environments' as the basis for the partnership.

Sectors and assets to watch

The quantum computing sector now includes an additional publicly traded pure-play hardware company with IQM's Nasdaq debut. IQM's focus on superconducting quantum systems and full-stack delivery places it in direct technological proximity to other publicly listed quantum computing companies, including those developing superconducting, trapped-ion, and photonic architectures. The sector has attracted increasing attention from national governments and large enterprises treating quantum capability as strategic infrastructure, a framing that IQM's own leadership has explicitly adopted.

Beyond the quantum computing segment itself, IQM's listing is relevant to the broader universe of deep-tech and frontier-technology companies that have pursued or are considering SPAC-based routes to public markets. The transaction's PIPE size and the involvement of Real Asset Acquisition Corp. as the SPAC vehicle may serve as a reference point for structuring future transactions in capital-intensive technology sectors. Investors and analysts tracking the quantum computing space will now have an additional publicly traded data point — trading under 'IQMX' on Nasdaq — through which to assess sector valuation and commercial progress.

What to watch next

Key developments to monitor in the near term include the establishment of IQM's initial trading range for its ADSs under 'IQMX' beginning July 2, 2026, and the trading activity in IQM Warrants under 'IQMX WS,' particularly relative to the USD 11.50 exercise price threshold. Analysts and investors will also be watching for IQM's first disclosures as a public company, including any updates on customer deployments, system delivery milestones, and the allocation of the approximately EUR 198.7 million (USD 233.5 million) in net proceeds toward its stated commercialization and global expansion objectives. The warrant structure — covering a maximum of 12,530,975 shares — will remain a standing variable in the company's capital structure throughout the warrant exercise period.