IQM Finland and RAAQ Submit Merger Registration Statement
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 07 2026
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Should l Buy RAAQ?
IQM Finland and Real Asset Acquisition Corp. announced the confidential submission of the draft registration statement on Form F-4 filed by IQM with the U.S. Securities and Exchange Commission relating to their proposed business combination. The submission of the Registration Statement marks an important milestone toward the completion of the proposed business combination, which will result in IQM becoming a publicly traded company. The business combination remains subject to approval by RAAQ shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions. The business combination is expected to close in mid-2026.
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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.
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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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- 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.
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- 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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- 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.
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See More
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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.
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
