Finnish quantum computing startup IQM has announced its intention to pursue an initial public offering (IPO) through a merger with a Special Purpose Acquisition Company (SPAC). The company plans to list on a main board in New York. This transaction values IQM at $1.8 billion.

IQM will merge with the SPAC Real Asset Acquisition Corp (RAAQ) to facilitate the New York listing. According to a company statement, the deal assigns an equity valuation of $1.8 billion to IQM, pending shareholder approval and the fulfillment of other regulatory conditions.

The transaction is anticipated to conclude around June of this year, with the listing following shortly thereafter. IQM is also considering a subsequent dual listing on the Helsinki Stock Exchange.

Founded in 2018, IQM completed a $320 million Series B funding round last September, which valued the company at $1 billion. That round was led by US cybersecurity investment firm Ten Eleven Ventures, with participation from Finnish venture capital company Tesi.

IQM is developing full-stack, open-architecture quantum systems that can be deployed on-premises or accessed via the cloud.

Assuming no investor redemptions, the merger is expected to provide IQM with over $300 million in capital. This funding will come from a private investment in public equity (PIPE) and cash held in RAAQ's trust account.

Quantum computing has the potential to perform calculations significantly faster than traditional computers, enabling solutions to more complex problems and the processing of larger datasets. Proponents believe the technology could drive breakthroughs in fields such as pharmaceuticals, scientific research, and finance.

Although the technology is not yet commercially deployed at scale and still faces significant technical hurdles, some analysts remain highly optimistic about the quantum sector. Analysts at UBS wrote in a January report, "Despite slow progress and numerous challenges, we are beginning to see substantial breakthroughs in the quantum field."

Jan Goetz, Co-founder and CEO of IQM, stated, "Quantum computing is no longer just a research project; it has become an industry where customers can own, operate, and develop based on advanced quantum computers."

To date, IQM has sold 21 quantum systems to 13 customers. The company expects unaudited revenue for 2025 to reach at least $35 million.

As some companies aim to commercialize quantum computers before 2030, industry discussions have begun regarding how the technology will integrate with the data center sector.

IQM is one of several quantum computing companies in Europe. UK-based Quantinuum raised a total of $800 million across two funding rounds last year, while Spain's Multiverse Computing secured €189 million in a Series B round last year.

Data from the European Centre for International Political Economy (ECIPE) think tank indicates that China leads in public investment in the field, having committed nearly $18 billion, followed by the European Union.