Investors seeking the next major technology trend beyond artificial intelligence are increasingly turning their attention to quantum computing, a field with the potential to transform industries such as drug discovery, transportation and cybersecurity. While a handful of publicly traded quantum computing companies have already commanded multi-billion-dollar valuations, other key players have remained private until now.
IQM Quantum Computers, a European quantum computing company, plans to change that by listing on the Nasdaq through a business combination with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders are scheduled to vote on the deal on June 25, with the transaction expected to close shortly thereafter, subject to customary conditions. Upon closing, RAAQ shares will convert on a one-for-one basis into American depositary shares of IQM, which will trade under the ticker symbol IQMX. The combined company is expected to have an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million, before accounting for any redemptions by RAAQ shareholders.
IQM already has a strong commercial footprint. The company reports that it has sold 23 quantum computers, built more than 30, and delivered 18 systems globally. In 2025, IQM generated about $36 million in revenue, representing significant growth 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 United States. The company's ability to secure paying customers addresses a key concern for investors—whether organizations are willing to invest in quantum technology today. This commercial traction may explain why institutional investors participated in a $146 million upsized PIPE transaction conducted concurrently with the SPAC merger.
Top-tier institutions have chosen IQM after evaluating multiple quantum technologies, providing what the company describes as powerful third-party validation that quantum computing is moving beyond research into real-world deployment. As CEO Jan Goetz recently told CNBC, "Many people think quantum is still a technology thing and it's not clear which technology wins and how to build a quantum computer. We think we are far beyond that. It's actually about the adoption and putting quantum computing to use."
IQM also reports a revenue backlog of $77 million as of December 31, 2025, indicating that customers have committed to future spending. This backlog provides visibility into future revenue and reflects a pipeline of system deployments. Beyond IQM, the broader quantum computing market presents a substantial opportunity. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035.
Rather than competing with AI, quantum computing is increasingly seen as a complementary technology. Many leading supercomputing centers and research institutions are investing in both AI and quantum computing to prepare for next-generation computing challenges. IQM systems are already deployed in environments where researchers explore how quantum technologies can complement future AI workloads. As AI models grow larger and computational challenges become more complex, quantum computing is viewed as a complementary capability. For investors looking beyond the current AI cycle, quantum computing is among the areas being watched as a potential next-generation opportunity. Goetz also shared with CNBC that he believes the timing is right: "The technology is ready. The adoption is coming. We have successful sales cases around the world."
