IQM Quantum Computers to go public via $1.8bn SPAC deal

Core Viewpoint - IQM Finland is set to go public through a merger with Real Asset Acquisition Corp, achieving a pre-money equity valuation of approximately $1.8 billion, marking it as the first European quantum computing company to enter the public market [1][2]. Company Overview - Founded in 2018, IQM designs and manufactures superconducting quantum computers with a full stack, open-architecture approach for both on-premises and cloud-based deployment [3]. - The company operates a vertically integrated model that includes proprietary chip design tools, a software developer platform, an in-house quantum chip fabrication plant, assembly facilities, and data center operations, allowing for rapid hardware and software updates [3]. Market Position and Sales - IQM has installed over 15 systems and built more than 30 quantum computers, with 21 system sales to 13 customers, including four of the world's top ten supercomputing centers [4]. - The customer base includes high-performance computing centers, research institutions, universities, and multinational corporations requiring direct access to quantum hardware and software [4]. Technical Achievements - The company has achieved single-qubit and two-qubit gate fidelities above 99.9% in its processors [5]. - Expected revenue for fiscal year 2025 is projected to be at least $35 million, with over $100 million in booking visibility by year-end 2025 [5]. Financial Position and Future Plans - Post-merger, the combined entity is expected to have a cash position exceeding $450 million, which will support ongoing research, product development, and commercial scaling [2]. - IQM is also considering a dual listing on the Helsinki stock exchange following its US public debut [2]. Global Operations - IQM employs over 300 people across various countries, including Finland, France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singapore, South Korea, Taiwan, the UK, and the US [6]. - The company collaborates closely with high-performance computing and enterprise platforms, including partnerships with Nvidia, Hewlett Packard Enterprise, Amazon Web Services, Toyo, and Bechtle [6].