As investors seek the next major technology trend beyond AI, quantum computing is gaining attention for its potential to reshape industries from drug discovery to cybersecurity. IQM Quantum Computers, a European quantum computing company, is set to go public through a SPAC merger with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders will vote on the deal on June 25, and the transaction is expected to close shortly thereafter. Upon closing, IQM will have an implied valuation of about $1.9 billion and pro forma cash of up to $477 million. IQM American depositary shares will trade on the Nasdaq under the symbol IQMX.
IQM has already sold 23 quantum computers, built over 30, and delivered 18 globally. In 2025, IQM reported about $36 million in revenue, growing significantly from the prior year. Its customers include four of the world's top ten supercomputing centers and leading research institutions, such as Oak Ridge National Laboratory in the U.S. This customer base provides third-party validation that quantum computing is moving beyond research into real-world deployment. CEO Jan Goetz told CNBC, "Many people think quantum is still a technology thing... We think we are far beyond that. It's actually about the adoption and putting quantum computing to use."
IQM reports about $77 million in revenue backlog as of December 31, 2025, indicating customers are willing to pay for quantum computing and locking in future revenue. For investors, this backlog highlights commercial momentum and provides visibility into future system deployments. The broader quantum computing market could unlock up to $2.7 trillion in economic value by 2035, according to McKinsey.
While AI dominates investment themes, many leading supercomputing centers are investing in both AI and quantum computing. IQM systems are already deployed in environments where researchers explore how quantum technologies can complement AI workloads. As AI models grow larger, quantum computing is increasingly viewed as a complementary capability. For investors looking beyond today's AI cycle, quantum computing is a potential next-generation opportunity. Goetz also told CNBC, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
Institutional investors demonstrated confidence by investing $146 million in IQM's upsized PIPE transaction conducted concurrently with the SPAC merger. This financial backing, combined with IQM's proven track record and backlog, positions the company as a significant player in the evolving quantum computing landscape.
