Finnish Quantum Firm IQM Eyes SPAC IPO
IQM Quantum Computers, a Finnish company specializing in superconducting quantum systems, is reportedly exploring a potential IPO via a special-purpose acquisition company (SPAC). The move could signal a revival of SPACs as a viable path to public markets for European deeptech and quantum computing firms. This provides a potential liquidity pathway for a capital-intensive sector.
Founded in 2018 as a spin-off from Aalto University and VTT Technical Research Centre of Finland, IQM has quickly become a global leader in superconducting quantum computers. The company's co-founder, Dr. Jan Goetz, recently took over as sole CEO in January 2026 to streamline leadership for global expansion. IQM has raised over €600 million in total capital, making it one of Europe's most well-funded quantum computing firms. Its largest private funding round was a €275 million Series B in September 2025, led by the US-based cybersecurity investor Ten Eleven Ventures and the Finnish state's investment fund, Tesi. The company has secured commercial contracts with high-performance computing centers, including providing a 20-qubit quantum computer to the US Department of Energy's Oak Ridge National Laboratory. IQM is also leading a consortium to build Germany's first quantum computer integrated into a supercomputer and is building Finland's first commercial 54-qubit quantum computer with VTT. The proposed merger with Real Asset Acquisition Corp. (RAAQ) is expected to value IQM at $1.8 billion. The transaction will convert existing IQM shares into publicly listed ones and provide IQM with the approximately $175 million held in RAAQ's trust account, assuming no redemptions. This public listing is aimed at funding IQM's roadmap towards developing large-scale, fault-tolerant quantum computers. The company has already established partnerships with major tech players like NVIDIA and Hewlett Packard Enterprise to integrate quantum-AI workflows. While the listing will be on a U.S. exchange, CEO Jan Goetz has affirmed that IQM will remain a Finnish company headquartered in Finland, and is also considering a secondary listing in its home country. This move represents a significant liquidity event for the European deep tech scene and could pave the way for other capital-intensive startups.
