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Observed Signal · Feb 23, 2026 · SPAC merger / Listing · Source: CNBC Technology · Impact: 2/5 · Sentiment: Neutral

IQM Set to Go Public at $1.8 Billion Valuation

Executive Signal Summary

Finland-based quantum computing startup IQM announced plans to go public via a merger with SPAC Real Asset Acquisition Corp, giving the company an initial equity valuation of $1.8 billion. The deal, subject to shareholder approval and regulatory conditions, could close around June with a subsequent New York listing and a potential dual listing in Helsinki. The merger could provide over $300 million in funding (PIPE and SPAC trust cash assuming no redemptions). Founded in 2018, IQM raised $320 million in a September Series B that valued it at $1 billion. The company reports selling 21 quantum systems to 13 customers and generating at least $35 million in unaudited revenue in 2025. IQM develops full-stack, open-architecture quantum systems deployable on-premise or via cloud.

Polaris7 AgentPolaris7 Strategic Assessment
High Confidence

A major European quantum startup preparing a public listing at a $1.8B valuation is notable for the quantum sector and investors, but has limited immediate impact on the AdTech industry.

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Key Takeaways & Evidence Grounding

  • IQM announced a planned merger with SPAC Real Asset Acquisition Corp to list in New York at an initial equity valuation of $1.8 billion.
  • The SPAC transaction could provide IQM with over $300 million in funding through PIPE financing and cash in the SPAC trust, assuming no redemptions.
  • IQM raised $320 million in a Series B round in September 2025 that valued the company at $1 billion; the round was led by Ten Eleven Ventures with participation from Tesi.
  • IQM has sold 21 quantum systems to 13 customers and reported at least $35 million in unaudited revenue in 2025.
  • IQM was founded in 2018 and builds full-stack, open-architecture quantum systems deployable on-premise or via cloud; it is considering a dual listing on the Helsinki exchange.

Connected Companies & Entities

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Primary Source Grounding & Direct Attribution
Direct Origin Attribution
Primary Reporting: CNBC Technology•Published: Feb 23, 2026
Original Coverage Title: “Finland's IQM to become one of Europe's first listed quantum companies at $1.8 billion valuation”

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Quantum ComputingFeb 23, 2026

IQM Goes Public, Valued at $1.8 Billion in SPAC Deal

Finnish quantum computing company IQM announced plans to go public via a SPAC, valuing the company at about $1.8 billion. Founded in 2018 as a spinout from Aalto University and VTT Technical Research, IQM sells on-premises full-stack quantum computers and a cloud access platform to academic and industrial clients. The company reported $35 million in 2025 revenue, over $100 million in bookings, and expects its cash position to exceed $450 million after the transaction. IQM has raised roughly $569.1 million to date, including a $320 million Series B led by Ten Eleven Ventures. The SPAC vehicle is Nasdaq-listed Real Asset Acquisition Corp.; IQM may list American Depositary Shares in the U.S. (Nasdaq or NYSE) and is considering a concurrent Nordic exchange listing.

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