The global race for quantum supremacy is hitting the public markets.
Finnish-headquartered IQM Quantum Computers has announced plans to list on the U.S. stock market through a merger with SPAC Real Asset Acquisition Corp (RAAQ.O). The deal gives the quantum hardware leader an initial equity valuation of $1.8 billion, paving the way for it to become the first listed European quantum computing company.
⚛️ THE DEAL METRICS:
- Valuation: $1.8 billion.
- The Vehicle: Real Asset Acquisition Corp will control roughly 10% of the combined company.
- Timeline: The transaction is expected to close around June.
- Dual Listing: IQM plans to keep its HQ in Finland and pursue a secondary listing in Helsinki to cement its European identity.
🛡️ THE GEOPOLITICAL ANGLE: Quantum computing isn’t just about processing speed; it is a critical “dual-use” national security asset.
- The Threat: As IQM CEO Jan Goetz noted, large-scale quantum computers will eventually be able to break current encryption protocols.
- The Backers: IQM is already backed by the Finnish and German governments, as well as the European Innovation Council.
- The Strategy: While the U.S. administration is reportedly considering taking equity stakes in domestic quantum firms for federal funding, IQM is bypassing U.S. federal projects in favor of tapping American capital markets directly for visibility and scale.
💡 ANALYST TAKEAWAY: This deal signals two major shifts. First, the SPAC is back—but this time, it’s being used as a strategic bridge for highly vetted, capital-intensive deep tech rather than speculative software. Second, Europe is proving it can build foundational, multi-billion-dollar hardware companies. By dual-listing in the US and Helsinki, IQM is successfully threading the needle between tapping Wall Street’s massive liquidity pool and satisfying Europe’s desire for technological sovereignty.
👇 Deep Tech Investors: Does the $1.8B valuation for IQM signal a broader revival for hardware SPACs in 2026, or is Quantum a unique exception due to its national security implications?