Investors looking for the next major technology trend beyond artificial intelligence are increasingly turning to quantum computing, a field seen as complementary to AI with the potential to reshape industries like drug discovery, transportation, and cybersecurity. Until now, public market exposure has been limited to a handful of quantum computing companies with multi-billion-dollar valuations. That is about to change with the planned public debut of IQM Quantum Computers, a European quantum computing company, through a business combination with Real Asset Acquisition Corp. (NASDAQ: 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, all RAAQ shares will convert on a one-for-one basis into American depositary shares of IQM, which will trade on the Nasdaq Global Market under the 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, prior to any redemption rights exercised by RAAQ shareholders.
IQM is already an established player, having sold 23 quantum computers, built more than 30, and delivered 18 globally. In 2025, the company reported about $36 million in revenue, reflecting 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 U.S. This customer base provides third-party validation that quantum computing is moving beyond research into real-world deployment, addressing a key investor concern about willingness to pay for the technology today.
Institutional investors have shown confidence in IQM, investing $146 million in an upsized PIPE transaction conducted concurrently with the SPAC merger. The company also reports $77 million in revenue backlog as of December 31, 2025, indicating commercial momentum and future revenue visibility. CEO Jan Goetz 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."
The broader quantum computing market is poised for significant growth. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. Additionally, quantum computing is increasingly seen as complementary to AI, with leading supercomputing centers and research institutions investing in both technologies. IQM systems are already deployed in advanced computing environments where researchers explore how quantum can complement future AI workloads.
For investors seeking exposure beyond the current AI cycle, IQM's public listing offers a way to invest in a company with a proven track record, top-tier customers, and a substantial backlog. As Goetz told CNBC, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
