IQM to go public in business combination, Toronto Sun reports

Toronto Sun reports that IQM and Real Asset Acquisition Corp. have signed a definitive business combination that values IQM at about USD 1.8 billion pre-money and is expected to leave the company with more than USD 450 million in cash at closing.

IQM and a U.S. special purpose acquisition company have announced a definitive business combination intended to take IQM public. The transaction was reported from Princeton, N.J., and Espoo, Finland, and is structured to list American Depositary Shares on a leading U.S. exchange. The company is described as a full‑stack superconducting quantum computer developer with both commercial and industrial deployments. The deal is presented as funding to support further technical and commercial development toward fault‑tolerant quantum computing. Key details: - The transaction is reported to value IQM at approximately USD 1.8 billion on a pre‑money basis and would make IQM the first European quantum company to go public, as described in the announcement. - IQM is reported to have sold 21 systems to 13 customers, including installations at four of the top 10 supercomputing centres globally, and to have delivered 15 systems with 30+ computers built. - The firm is said to own a chip factory and a quantum data centre, and to have technical results exceeding 99.9% fidelity for single‑ and two‑qubit gates and readouts in its processors. - With the close of the transaction, IQM's cash position is expected to exceed USD 450 million, and the company reported at least USD 35 million in unaudited 2025 revenue and over USD 100 million in bookings or visibility as of year‑end 2025. - The announcement notes commercial integrations with high‑performance computing and enterprise platforms such as NVIDIA, Hewlett Packard Enterprise, AWS, Toyo Corporation and Bechtle AG, and references a next‑generation system called Halocene. Summary: The reported combination would provide IQM with additional capital and a public listing to support its stated aim of accelerating commercialization and progress toward fault‑tolerant quantum computing. The transaction is presented as a step to expand the company’s technical and commercial development, and listing of American Depositary Shares on a major U.S. exchange is planned as part of the agreement.