Finland's IQM to go public at $1.8B in first European quantum listing
What's the deal? Finnish quantum computing company IQM is going public through a merger with US-based SPAC Real Asset Acquisition Corp. The deal values IQM at $1.8 billion and is expected to close around June.
The transaction will leave IQM with over $450 million in cash. It is also considering a dual listing in Helsinki, which would make it the first European quantum computing company to go public.
Why now? SPACs staged a comeback last year after a prolonged lull, offering a faster route to public markets than traditional IPOs. Quantum computing has drawn fresh attention from governments and tech giants worried about cybersecurity.
In October, quantum stocks jumped after reports the US administration was considering taking stakes in such companies. IQM chief executive Jan GoetzDealroom has a profile for this one. Try Dealroom → said his company isn't involved in any US federal funding projects but expects the listing to bring visibility and new business.
IQM raised $320 million in a Series B round in September 2025, valuing it at $1 billion. It has since sold 21 quantum systems to 13 customers and delivered 15 — the most publicly disclosed by any quantum company.
What could go wrong? Quantum computing remains an emerging technology with significant technical hurdles. Commercial deployment isn't expected until the end of the decade.
SPAC deals carry risks too. If RAAQ investors redeem their shares before the merger closes, IQM could end up with less cash than projected.
The signal: Europe is making a serious bid in the global quantum race. China leads with nearly $18 billion in public investment, followed closely by the EU, according to the European Centre for International Political Economy.
Other European players are scaling up. UK-based Quantinuum raised $800 million last year, while Spain's Multiverse Computing secured €189 million in a Series B.
US-based Infleqtion announced its own $1.8 billion SPAC deal in September 2025 — a sign that public markets are opening up for quantum startups despite the technology's early stage.
Sources:
Reuters
Business Wire
Quantum Insider
CNBC
IQM
Reuters (Infleqtion SPAC)
B.S.
