IQM and Real Asset Enter Definitive Merger Agreement
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 23 2026
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Should l Buy RAAQ?
IQM Finland and Real Asset Acquisition announced they have entered into a definitive business combination agreement, which will result in IQM becoming a public company and listing American depositary shares. The transaction provides funding with the aim to accelerate IQM's technology and commercial development towards fault-tolerance quantum computing. Headquartered in Finland, IQM is also considering a dual listing that would see the trading of IQM's ordinary shares on the Helsinki stock exchange, which would be expected to take place following the completion of this transaction. Following completion of the transaction, IQM's cash on its balance sheet is expected to be in excess of $450M cash at closing. The transaction values IQM at a pre-money equity valuation of approximately $1.8B. The existing IQM shareholders will not sell any shares or receive any cash consideration as part of the transaction and all material IQM shareholders have committed to a customary lock-up agreement at close of this transaction. The board of directors of both IQM and Real Asset Acquisition have each unanimously approved the proposed business combination. The closing of the proposed business combination is subject to, among other things, the approval by shareholders of Real Asset Acquisition and IQM of the business combination agreement and the satisfaction of other customary closing conditions.
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Analyst Views on RAAQ
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.
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- 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.
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- 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.
- Investment Advice: Analysts have noted that Quantum Computing is not included in the current list of the top 10 stocks to buy, urging investors to carefully consider the stock's investment value, particularly given its inflated valuation relative to its sales figures.
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- 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.
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- 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.
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- 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.
See More
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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.
See More
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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.
- Investment Advice: Analysts have noted that Quantum Computing is not included in the current list of the top 10 stocks to buy, urging investors to carefully consider the stock's investment value, particularly given its inflated valuation relative to its sales figures.
See More
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- 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.
See More
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- 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.
See More
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- 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.
See More
