IQM Quantum Computers and Real Asset Acquisition Corp. (RAAQ) have announced the public filing of a Form F-4 Registration Statement with the SEC. This filing is a critical procedural requirement for their proposed business combination, moving IQM toward becoming the first European quantum computing company to list on a major U.S. exchange. The transaction, first announced in February 2026, values IQM at a pre-money equity valuation of $1.8 billion. Upon completion, the combined entity will list American Depositary Shares on the Nasdaq Global Exchange under the ticker symbol “IQMX”, with a potential dual listing on Nasdaq Helsinki to follow.

Financial and Operational Strength

The filing highlights IQM’s significant commercial momentum and industrial infrastructure. The company reported 2025 revenue of $36 million and over $100 million in bookings as of year-end. Key operational metrics include:

  • Global Sales: 23 systems sold to date, including four of the world’s top 10 supercomputing centers.
  • Deliveries: 15 systems delivered, which IQM notes is the largest publicly disclosed number of on-premises deliveries in the industry.
  • Vertical Integration: IQM maintains its own chip factory, assembly line, and quantum data center to ensure full-stack sovereignty for its customers.

Transaction Capital and Growth Strategy

The merger is expected to leave IQM with a cash position of up to $465 million (EUR 397 million). This includes approximately $175 million from RAAQ’s trust account, $134 million from a PIPE (Private Investment in Public Equity) financing at $10.00 per share, and $172 million in existing cash from IQM’s balance sheet. CEO Jan Goetz stated that the transition to public markets will provide the stable capital platform necessary to accelerate the company’s roadmap toward large-scale, fault-tolerant quantum computing. The transaction is expected to close in late Q2 or early Q3 2026, subject to shareholder approval and final SEC review.

You can find the official announcement regarding the Form F-4 filing here and access the full SEC filing here. For a review of the initial merger announcement, see our previous coverage here.

May 14, 2026

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