en.Wedoany.com Reported - Finnish quantum computing company IQM Finland Oy officially filed an F-4 registration statement with the U.S. Securities and Exchange Commission on May 14, advancing its planned merger and listing with special purpose acquisition company Real Asset Acquisition Corp. If the transaction is completed successfully, IQM will list on the Nasdaq Global Market, becoming the first European quantum computing company to go public on a U.S. stock exchange, while also achieving a dual listing on the Nasdaq Helsinki Stock Exchange, with the ticker symbol "IQMX" for both.
This merger transaction was first announced on February 23, 2026, with a pre-money equity valuation of approximately $1.8 billion. Upon completion, the company's cash position is expected to exceed $450 million, and IQM's current management and founders will continue to lead the company's operations. According to previous disclosures, in March 2026, funds and accounts managed by BlackRock provided IQM with a €50 million financing package, supplementing funding for the IPO process.
Quantum computing is currently in a critical window period, evolving from the Noisy Intermediate-Scale Quantum (NISQ) stage towards fault-tolerant quantum computing. Founded in 2018 and headquartered in Espoo, Finland, IQM's core technology roadmap is full-stack superconducting quantum computing, building vertically integrated capabilities covering chip design and manufacturing, quantum processors, cryogenic control systems, and quantum software. The company's unaudited revenue for 2025 was at least $35 million. By the end of that year, it had cumulatively sold 21 quantum systems to 13 customers, with its annual order backlog exceeding $100 million. Contracts with major European quantum computing procurers such as France's Atos and Germany's Leibniz Supercomputing Centre total tens of millions of euros.
Regarding its technology product line, IQM launched its new Halocene quantum computer product line for error correction R&D in November 2025. The first model is a 150-qubit superconducting system, expected for delivery by the end of 2026, with subsequent upgrades planned to reach 1,000 qubits. In the same year, IQM won a project with Finland's VTT Technical Research Centre to deliver two quantum computers, a 150-qubit and a 300-qubit system, between 2026 and 2027, with the 300-qubit system driven by the interconnection of two 150-qubit processors. In October 2024, the European High-Performance Computing Joint Undertaking (EuroHPC) signed a procurement agreement with IQM to deploy 54-qubit and 150-qubit systems at the Leibniz Supercomputing Centre. In March 2026, IQM, in collaboration with Quanscient, completed the first quantum lattice Boltzmann simulation of a three-dimensional convection-diffusion process on its 54-qubit Emerald processor, validating the engineering feasibility of superconducting quantum chips for fluid dynamics simulations.
The latest breakthrough in quantum information readout and measurement also comes from an IQM collaborative team. On May 14, 2026, a joint research team from Aalto University, IQM, and VTT announced the first-ever measurement of an energy signal below one zeptojoule, with a measured value of 0.83 zeptojoules, setting a new record for direct thermal measurement sensitivity in humans and providing core technological support for qubit state readout and dark matter detection.
IQM's choice to list on Nasdaq via the SPAC route carries a threefold strategic objective: First, the mass production line for superconducting quantum chips and the next-generation thousand-qubit error correction system require massive capital investment, and the $450 million cash position provides a research and development buffer for over three years. Second, as the first European quantum computing company to list on a U.S. stock exchange, IQM needs to establish an observable valuation benchmark, completing the first public pricing anchor for the European quantum hardware sector. Third, U.S. institutional investors have a higher risk tolerance and valuation multiples for frontier technology than the European domestic market, and the Nasdaq platform will directly bring IQM closer to the global quantitative allocation capital pool.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
