IQM and RAAQ File Form F-4 for Proposed Quantum SPAC Merger

Princeton, NJ and Espoo, Finland -- IQM Finland Oy, a global leader in full-stack superconducting quantum computers, and Real Asset Acquisition Corp. (Nasdaq: RAAQ) have announced the public filing of a Form F-4 registration statement with the U.S. Securities and Exchange Commission (SEC). This filing represents a critical step in the previously announced business combination between the two entities, bringing the company closer to becoming the first European quantum computing firm to go public.

Transaction Details

• The transaction assigns a pre-money equity valuation to IQM of approximately USD 1.8 billion.
• Upon completion, IQM anticipates a cash position of up to EUR 397 million (USD 465 million).
• The combined company expects to list its shares on the Nasdaq Global Exchange under the ticker symbol IQMX.
• IQM also intends to apply for admission to trading on the Nasdaq Helsinki exchange following the merger.

Business Highlights

• IQM has demonstrated strong commercial traction, having sold 23 systems to date, including placements in four of the top 10 supercomputing centers.
• The company operates as a full-stack industrial leader, with 30+ computers built and in-house manufacturing capabilities including a chip factory and quantum data center.
• Financial metrics reported include 2025 revenue of USD 36 million, underscoring the firm's growth trajectory within the high-performance computing sector.

The proposed business combination has received unanimous approval from the boards of directors of both companies. The finalization of the deal remains subject to approval by shareholders of both RAAQ and IQM, as well as the satisfaction of other customary closing conditions.