🇫🇮 IQM to become the first listed European quantum company through merger with Real Asset Acquisition Corp

• Global commercial leader with 21 systems sold to 13 customers to date—including 4 out of the top 10 supercomputing centres globally.
• Industrial leader with 15 systems delivered (largest number publicly disclosed by selected quantum companies), 30+ computers built, own chip factory and quantum data centre.
• The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 billion and makes IQM the first European quantum company to go public.
• With the close of this transaction, IQM’s cash position expected to exceed USD 450 million.
• Significant business momentum, with at least USD 35 million 2025 revenue (unaudited) and over USD 100 million bookings/visibility as of year-end 2025.
• Strong commercial integrations with high-performance computing and enterprise platforms across the quantum/AI value chain such as NVIDIA, Hewlett Packard Enterprise, AWS, Toyo Corporation and Bechtle AG.
• Technical successes, achieving greater than 99.9% fidelity for single-qubit and two-qubit gates and readouts in their processors, and on track to deliver broad commercialization with the release of its next generation system, Halocene.

Princeton, NJ & Espoo, Finland | 23 February 2026 – IQM Finland Oy, a global leader in full-stack superconducting quantum computers, and Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company, today announced they have entered into a definitive business combination agreement, which will result in IQM becoming a public company and listing American Depositary Shares on one of the two leading U.S. stock exchanges. The transaction provides funding with the aim to accelerate IQM’s technology and commercial development towards fault-tolerance quantum computing, further advancing its position as a leading provider of quantum computers.

Headquartered in Finland, IQM is also considering a dual listing that would see the trading of IQM’s ordinary shares on the Helsinki stock exchange, which would be expected to take place following the completion of this transaction.

IQM is a quantum computing company that builds full stack, open-architecture systems that can be deployed on-premise or accessed via the cloud. IQM operates a vertically integrated business model, boasting a unique combination of proprietary infrastructure from their own chip design tool and software developer platform, to a quantum chip fab, assembly line and data centre, allowing the company to accelerate its innovation cycles, deliver best-in-class quantum computing to its customers and enabling the quantum ecosystem to grow.

Transaction highlights

Following completion of the transaction, IQM’s cash on its balance sheet is expected to be in excess of USD 450 million cash at closing (including IQM’s existing cash), providing runway for continued broad commercial advantage:

• Approximately USD 175 million of cash held in RAAQ’s trust account (based on the current amount in the trust account and assuming no redemptions);
• Approximately USD 134 million in proceeds from a PIPE financing at USD 10.00 per share from leading new and existing and institutional investors, to close concurrently with the business combination, subject to the satisfaction of certain customary closing conditions;
• Expected USD 24 million in proceeds from the cash exercise of outstanding IQM warrants prior to the closing;
• Existing cash on IQM’s balance sheet of USD 172 million (unaudited as of year-end 2025); and
• The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 billion.

Jan Goetz, co-founder and chief executive officer, IQM, said:

“We built IQM from the beginning for one purpose—to put working quantum computers in the hands of the people who will use them to solve real problems. Not someday. Now. Quantum computing is a science project no more. It is an industry where customers own, operate, and build on advanced quantum computers. That’s what IQM makes possible.”

Peter Ort, chief executive officer and co-chairman, Real Asset Acquisition Corp, said:

“IQM has built and delivered more on-premises quantum systems than any other competitor—to some of the most demanding research institutions on earth. This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.”

Sierk Poetting, chairman of IQM’s board of directors, said:

“Going public is not a change of direction but is rather an acceleration. The board stands fully behind IQM’s mission and goals to make quantum infrastructure as foundational and accessible as classical computing.”

The existing IQM shareholders will not sell any shares or receive any cash consideration as part of the transaction and all material IQM shareholders have committed to a customary lock-up agreement at close of this transaction.

The board of directors of both IQM and RAAQ have each unanimously approved the proposed business combination. The closing of the proposed business combination is subject to, among other things, the approval by shareholders of RAAQ and IQM of the business combination agreement and the satisfaction of other customary closing conditions.

Additional information about the proposed business combination, including a copy of the business combination agreement, will be provided in a Current Report on Form 8-K to be filed by RAAQ with the Securities and Exchange Commission (the “SEC”).

The securities being sold in the PIPE financing have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and accordingly may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities being offered in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Contacts

Media contact:

Michael Bruce
PR manager
[email protected]

Investor contact:

Blair Robertson
VP, strategy
[email protected]

Management of IQM and RAAQ will host an investor conference call to discuss the proposed transaction and review an investor presentation, with exact details to be updated and confirmed with a follow-up announcement. Interested investors will be able to access a recording of the conference call by visiting https://meetiqm.com/investors/. A transcript of the call will also be filed by RAAQ with the SEC.

About Real Asset Acquisition Corp.

Based in Princeton, NJ, Real Asset Acquisition Corp. is a Nasdaq-listed (Nasdaq: RAAQ) special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The RAAQ team includes seasoned quantum computing experts with deep technical and industry experience.

About IQM Quantum Computers

IQM Finland Oy is a global leader in superconducting quantum computers. IQM provides both on-premises full-stack quantum computers and a cloud platform to access its systems. IQM customers include leading high-performance computing centres, research laboratories, universities, and enterprises that require full access to quantum hardware and software.

IQM has over 300 employees, with headquarters in Finland and a global presence including France, Germany, Italy, Japan, Poland, Saudi Arabia, Spain, Singapore, South Korea, Taiwan, UK and the United States.

IQM media contact
+358 (0) 50 479 0845

IQM investor contact

For more information, visit meetiqm.com.

Originally published on February 23, 2026 by IQM Quantum Computers.