Sovereign hardware developer IQM Quantum Computers and special purpose acquisition company Real Asset Acquisition Corp. (Nasdaq: RAAQ) have announced that their Form F-4 registration statement has been declared effective by the U.S. Securities and Exchange Commission (SEC). This regulatory milestone clears the path to transition IQM into a publicly traded entity, positioning it to become the first European quantum computing company to list on a major U.S. stock exchange. The corporate transaction is headed toward a final shareholder vote, with the combined company intending to trade its American Depositary Shares on the Nasdaq Global Exchange under the designated ticker symbol IQMX.
Shareholder Meeting Scheduling and Capitalization Structure
Following the SEC clearance, RAAQ has scheduled an Extraordinary General Meeting for June 25, 2026, where shareholders of record as of June 3, 2026, will vote on the proposed business combination. The transacting entities recently expanded their financial foundation by upsizing private investment in public equity (PIPE) capital commitments to over 146 million USD—anchored by institutional backers like Finnish pension insurer Ilmarinen. This vehicle, paired with roughly 175 million USD held in RAAQ’s trust account and IQM’s existing balance sheet assets, provides a post-merger cash runway of up to 465 million USD. Upon successful execution of the business combination, the newly public entity also plans to apply for a secondary dual listing on the Nasdaq Helsinki exchange under the matching symbol IQMX.
Commercial Metrics and Sovereign On-Premises Delivery Pipelines
The final proxy disclosures highlight IQM’s commercial scale within the superconducting quantum hardware sector, revealing audited 2025 financial revenues of 31 million EUR (approximately 36 million USD). Operating a vertically integrated business model that spans custom chip design tools, a native fabrication facility, assembly lines, and dedicated quantum data centers, the company has logged 23 total hardware system sales. Of these, 18 full-stack, open-architecture quantum computers have already been delivered and installed directly on-premises at customer sites, including four of the world’s top ten supercomputing centers. This delivery volume marks the largest publicly disclosed on-premises deployment track record among leading quantum hardware developers, supporting IQM’s strategic roadmap to supply sovereign infrastructure to regional research labs and defense networks.
The official joint transaction statement and definitive proxy prospectus data sheets can be reviewed directly via the active newsroom hosted by IQM Quantum Computers here. Continuous market coverage tracking this transaction can be explored across the Quantum Computing Report archives, spanning the initial U.S. merger announcement here, subsequent BlackRock expansion facility funding here , the foundational Form F-4 registration entry here, and the recent Ilmarinen upsized PIPE financing round here.
June 10, 2026
