Finnish Quantum Computing Startup Plans IPO via SPAC

Written by Emily J. Thompson, Senior Investment Analyst

Source: Newsfilter

Updated: Feb 23 2026

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Source: Newsfilter

IPO Announcement: Finnish quantum computing startup IQM has announced plans for an initial public offering via a special purpose acquisition company (SPAC), with the transaction expected to close around June this year, giving the company an initial valuation of $1.8 billion and marking it as one of the first publicly listed firms in Europe's quantum sector.
Funding Potential: The merger could provide IQM with over $300 million in funding, primarily through private investment in public equity financing and cash held in RAAQ's trust account, assuming no investor redemptions, which will be crucial for accelerating the development and commercialization of its quantum systems.
Market Outlook: Although quantum computing has yet to see widespread commercial deployment, its potential to solve complex problems and process large volumes of data is significant; IQM has sold 21 quantum systems to 13 customers and anticipates at least $35 million in unaudited revenue by 2025.
Industry Competition: IQM is positioned as a leader in the European quantum computing market, facing competition from U.K.-based Quantinuum and Spain's Multiverse Computing, which raised $800 million and €189 million respectively last year, highlighting the growing investment interest in this sector.

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About RAAQ

Real Asset Acquisition Corp. is a blank check company. The Company is formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an initial business combination in any industry, sector or geographic region. The Company intends to focus its search initially on identifying companies in sectors underpinned by real assets, including metals and mining, real estate, infrastructure and adjacent sectors. The Company has not generated any operating revenues.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

Quantum Computing Inc. Shares Surge 8% Amid Unclear Market Dynamics

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Unexplained Price Surge: Quantum Computing Inc. (QUBT) shares rose 8% on Wednesday afternoon despite a lack of significant news or events, indicating unpredictable market sentiment.
IQM's Listing Plans: Finnish quantum startup IQM announced it will become Europe's first publicly listed quantum computing company through a reverse merger with Real Asset Acquisition Corp, anticipating a valuation of $1.8 billion.
Valuation Comparison: With IQM's annual revenue at $35 million and a price-to-sales ratio of 51.4, Quantum Computing's market cap of $1.8 billion against its $546,000 sales over the past year results in a staggering P/S ratio exceeding 3,600, highlighting extreme valuation discrepancies.
Investor Sentiment Impact: Although Quantum Computing's stock price increased, its fundamentals suggest an unreasonable overvaluation, as applying IQM's valuation metrics would imply a mere $28 million value for Quantum Computing, potentially raising investor concerns about its future performance.

Quantum Computing Stock Rises for Unclear Reasons

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Stock Price Surge: Quantum Computing Inc. (NASDAQ: QUBT) saw its stock rise by 8% on Wednesday, despite the absence of significant news, indicating speculative interest in the stock.
Emerging Competitor: Finnish start-up IQM announced plans to become Europe's first publicly listed quantum computing company through a merger with SPAC Real Asset Acquisition Corp (NASDAQ: RAAQ), with an anticipated valuation of $1.8 billion, highlighting increasing competition in the quantum computing sector.
Valuation Comparison: IQM's price-to-sales ratio of 51.4 contrasts sharply with Quantum Computing's staggering 3,600 ratio, as the latter reported only $546,000 in sales over the past year, suggesting a significant disconnect between market valuation and actual performance.
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Finnish Quantum Computing Startup IQM Plans U.S. IPO via SPAC Merger

Feb 23 2026seekingalpha

IPO Plans: Finnish quantum computing startup IQM has entered into a merger agreement with SPAC Real Asset Acquisition to go public in the U.S., with a pre-money valuation of $1.8 billion, making it the first European quantum company to list in the U.S.
Financial Position: Post-transaction, IQM's cash position is expected to exceed $450 million, including $175 million from Real Asset's trust account and proceeds from financing, indicating robust financial backing for future growth.
Market Performance: IQM has sold 21 quantum computing systems to 13 customers, including four of the top 10 supercomputing centers globally, and anticipates at least $35 million in unaudited revenue for 2025, showcasing its competitive edge in the quantum computing sector.
Dual Listing Consideration: Following the U.S. listing, IQM is considering a dual listing on the Helsinki stock exchange, which would further enhance its market presence and broaden its investor base.

Finnish Quantum Startup IQM Plans to Go Public

Feb 23 2026CNBC

Merger and Listing Plans: Finnish quantum computing startup IQM announced plans to merge with special purpose acquisition company RAAQ, with an initial equity valuation of $1.8 billion, aiming to complete the transaction by June pending shareholder approval, marking a significant milestone for the European quantum computing sector.
Funding Prospects: The merger could provide IQM with over $300 million in funding, primarily from private investment in public equity and cash in RAAQ's trust account, which will accelerate technology development and market expansion if no investors redeem their shares.
Market Potential: IQM has sold 21 quantum systems to 13 customers, with projected unaudited revenue of $35 million in 2025, indicating the commercial application potential of quantum computing in fields like medicine, science, and finance, despite significant technical challenges.
Industry Competition: IQM is positioned as a leader in the European quantum computing market, facing competition from UK-based Quantinuum and Spain's Multiverse Computing, which raised $800 million and €189 million respectively last year, highlighting the investment surge in this sector.