As investors seek the next major technology trend beyond artificial intelligence, quantum computing is gaining attention for its potential to reshape industries from drug discovery to cybersecurity. IQM Quantum Computers, a European quantum computing company, is set to go public through a business combination with Real Asset Acquisition Corp. (NASDAQ: RAAQ), offering a new way to invest in the quantum computing market. RAAQ shareholders are scheduled to vote on the deal on June 25, and the transaction is expected to close shortly thereafter, subject to customary closing conditions. Upon closing, IQM will have an implied valuation of approximately $1.9 billion and pro forma cash of up to $477 million, prior to any redemption rights. IQM's American depositary shares will trade on the Nasdaq Global Market under the symbol IQMX.
IQM is already well-established in the quantum computing market, having sold 23 quantum computers, built more than 30, and delivered 18 systems globally. In 2025, the company reported revenue of about $36 million, representing significant growth from the previous year. IQM's 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 is significant because it addresses a key question in the quantum computing industry: whether customers are willing to pay for the technology today. The company's traction may also explain why institutional investors committed $146 million in an upsized PIPE transaction conducted concurrently with the SPAC merger.
Top-tier institutions have chosen IQM after evaluating multiple technologies and making long-term infrastructure commitments, providing what the company calls powerful third-party validation that quantum computing is moving beyond research into real-world deployment. As CEO Jan Goetz told CNBC, 'Many people think quantum is still a technology thing and it's not clear which technology wins and how to build a quantum computer. We think we are far beyond that. It's actually about the adoption and putting quantum computing to use.' IQM also reported a revenue backlog of approximately $77 million as of December 31, 2025, indicating customers willing to pay for quantum computing and locking in future revenue. For investors, this backlog highlights commercial momentum, provides visibility into future revenue, and reflects a runway of future system deployments.
The broader quantum computing market opportunity extends beyond IQM. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. While AI has become the defining technology investment theme of the decade, many leading supercomputing centers and research institutions are investing in both AI and quantum computing as they prepare for the next generation of computing. IQM systems are already deployed in advanced computing environments where researchers are exploring how quantum technologies can complement future AI workloads. As AI models become larger and computational challenges more complex, quantum computing is increasingly viewed as a complementary capability rather than a competing technology. For investors looking beyond today's AI cycle, quantum computing is among the areas being watched as a potential next-generation opportunity.
Instead of competing with AI for investment dollars, quantum computing is increasingly complementing it, a trend that could bode well for IQM given its established leadership, proven track record, top-tier customers, and $77 million backlog. Goetz also shared with CNBC that he believes the timing is right: 'The technology is ready. The adoption is coming. We have successful sales cases around the world.'
