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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- Production Environment Application: The service is already in production at the Leibniz Supercomputing Centre in Germany, where IQM has installed four quantum computers, showcasing its capability to operate in real environments and further solidifying IQM's leadership in the quantum computing sector.
- User-Friendliness Enhancement: By removing integration complexities, users can submit quantum jobs through the same interface used for CPUs and GPUs, allowing them to focus on use-case execution rather than programming new routines, which will significantly improve operational efficiency.
- Market Expansion Plans: IQM plans to go public through a business combination with Real Asset Acquisition Corp., aiming to list on a major U.S. stock exchange while considering a dual listing on the Helsinki Stock Exchange, demonstrating its ambition for global expansion.
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- Regional Expansion: This deployment marks IQM's third quantum computer in the Asia-Pacific region, further expanding its market share and enhancing the company's leadership position in the global quantum computing market, while also supporting the development of technical talent in Japan.
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- Global Presence: Founded in 2018 and headquartered in Finland, IQM operates across Europe, Asia, and North America with over 350 employees, aiming to become the first publicly listed European quantum company on a major U.S. exchange, demonstrating its ambition for global expansion.
- Future Outlook: Post-merger, IQM plans to leverage its leadership in quantum computing to drive the growth of the quantum ecosystem, with expectations of long-term value enhancement through technological innovation and strategic market positioning, attracting increased investor interest.
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See More
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See More
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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.
See More
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- Quantum Integration Service: IQM's newly launched HPC Integration Service allows IQM Radiance quantum computers to operate as slurm nodes within high-performance computing environments, simplifying the integration of quantum and classical computing, which is expected to accelerate adoption of hybrid quantum-classical computing across enterprises and research institutions.
- Production Environment Application: The service is already in production at the Leibniz Supercomputing Centre in Germany, where IQM has installed four quantum computers, showcasing its capability to operate in real environments and further solidifying IQM's leadership in the quantum computing sector.
- User-Friendliness Enhancement: By removing integration complexities, users can submit quantum jobs through the same interface used for CPUs and GPUs, allowing them to focus on use-case execution rather than programming new routines, which will significantly improve operational efficiency.
- Market Expansion Plans: IQM plans to go public through a business combination with Real Asset Acquisition Corp., aiming to list on a major U.S. stock exchange while considering a dual listing on the Helsinki Stock Exchange, demonstrating its ambition for global expansion.
See More
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- Quantum Computer Deployment: IQM Quantum Computers announced the successful deployment of the first enterprise-level 20-qubit quantum computer in Japan in collaboration with TOYO Corporation, marking a significant milestone in Japan's quantum computing landscape and expected to drive advancements in quantum technology applications.
- Technology Integration and Application: The Radiance system will support Japanese enterprises and researchers in developing quantum applications while integrating with high-performance computing infrastructure, aiding Japan in achieving its ambitious quantum strategy goals of 10 million users and 50 trillion yen in quantum-generated production value by 2030.
- Regional Expansion: This deployment marks IQM's third quantum computer in the Asia-Pacific region, further expanding its market share and enhancing the company's leadership position in the global quantum computing market, while also supporting the development of technical talent in Japan.
- Strategic Collaboration: The CEO of TOYO Corporation emphasized that quantum technology is a key area for future economic growth, and this collaboration not only promotes the social implementation of quantum technologies in Japan but also lays the groundwork for practical applications in the industry, reflecting a shared vision for commercializing quantum technology.
See More
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- Merger Progress: IQM Finland Oy and special purpose acquisition company RAAQ have announced the confidential submission of a draft registration statement on Form F-4 to the SEC, marking a significant milestone toward their proposed merger, which is expected to close in mid-2026 pending RAAQ shareholder approval, thus allowing IQM to become a publicly traded company.
- Business Model Advantage: IQM operates a vertically integrated business model with proprietary infrastructure, including chip design tools and quantum chip fabrication, enabling accelerated innovation cycles and best-in-class quantum computing solutions for customers, thereby enhancing its competitive edge in the market.
- Global Presence: Founded in 2018 and headquartered in Finland, IQM operates across Europe, Asia, and North America with over 350 employees, aiming to become the first publicly listed European quantum company on a major U.S. exchange, demonstrating its ambition for global expansion.
- Future Outlook: Post-merger, IQM plans to leverage its leadership in quantum computing to drive the growth of the quantum ecosystem, with expectations of long-term value enhancement through technological innovation and strategic market positioning, attracting increased investor interest.
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
