As investors seek the next major technology trend beyond AI, quantum computing is gaining attention for its potential to transform industries such as drug discovery, transportation, and cybersecurity. The technology is increasingly viewed as complementary to AI, and its market is poised for significant growth. IQM Quantum Computers, a European leader in quantum computing, is set to go public through a business combination with Real Asset Acquisition Corp. (RAAQ), providing a new investment avenue in this space.
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, 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 well-established, having sold 23 quantum computers, built over 30, and delivered 18 globally. In 2025, the company reported revenue of about $36 million, reflecting significant growth. 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 validation that quantum computing is moving beyond research into real-world deployment.
Institutional investors have shown confidence in IQM, contributing $146 million in an upsized PIPE transaction concurrent with the SPAC merger. The company also reported a revenue backlog of $77 million 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... We think we are far beyond that. It's actually about the adoption and putting quantum computing to use."
The broader quantum computing market presents substantial opportunities. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. Moreover, quantum computing is increasingly seen as complementary to AI, as leading supercomputing centers invest in both technologies for next-generation computing. IQM systems are already deployed in environments where researchers explore how quantum technologies can complement AI workloads.
For investors looking beyond the current AI cycle, quantum computing represents a potential next-generation opportunity. With a proven track record, top-tier customers, and a substantial backlog, IQM positions itself as a key player in this evolving landscape. As Goetz stated, "The technology is ready. The adoption is coming. We have successful sales cases around the world."
