IQM is Set to Become the First Listed European Quantum Company, through a Merger with Real Asset Acquisition Corp

IQM, a global leader in full-stack superconducting quantum computers (“IQM”, “IQM Quantum Computers” or the “Company”), led by Jan Goetz, and Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company (“RAAQ”), have announced they have entered into a definitive business combination agreement, which will result in IQM becoming a public company and listing American Depositary Shares on one of the two leading U.S. stock exchanges.

The transaction delivers funding intended to accelerate IQM’s technological and commercial development toward fault-tolerant quantum computing, further strengthening its position as a leading provider of quantum computers.

Headquartered in Finland, IQM is evaluating a potential dual listing that would enable the trading of its ordinary shares on the Helsinki Stock Exchange, expected to occur following completion of the transaction.

IQM develops full-stack, open-architecture quantum computing systems available on-premise or via the cloud. Its vertically integrated model, spanning chip design tools, fabrication, assembly, and data infrastructure, enables faster innovation and supports the growth of the quantum ecosystem.

Transaction Highlights:

Following completion of the transaction, IQM’s cash on its balance sheet is expected to be in excess of USD 450 million cash at closing (including IQM’s existing cash), providing runway for continued broad commercial advantage:

• Approximately USD 175 million of cash held in RAAQ’s trust account (based on the current amount in the trust account and assuming no redemptions);

• Approximately USD 134 million in proceeds from a PIPE financing at USD 10.00 per share from leading new and existing, and institutional investors, to close concurrently with the business combination, subject to the satisfaction of certain customary closing conditions;

• Expected USD 24 million in proceeds from the cash exercise of outstanding IQM warrants prior to the closing;

• Existing cash on IQM’s balance sheet of USD 172 million (unaudited as of year-end 2025); and

• The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 billion.

Jan Goetz, Co-Founder and Chief Executive Officer of IQM, stated that the company was established with a clear objective: delivering operational quantum computers to those solving real-world problems today. Quantum computing has moved beyond experimentation into a commercial industry where customers own, operate, and build on advanced quantum systems, an evolution enabled by IQM’s technology.

Peter Ort, Chief Executive Officer and Co-Chairman of Real Asset Acquisition Corp, stated that IQM has built and delivered more on-premises quantum systems than any competitor to some of the world’s most demanding research institutions. The transaction is expected to accelerate the growth of a company that has already secured a strong position in the field, serving real customers operating live quantum systems today.

Sierk Poetting, Chairman of IQM’s Board of Directors, stated that becoming a public company represents an acceleration rather than a shift in direction. The board fully supports IQM’s mission to make quantum infrastructure as foundational and accessible as classical computing.

Existing IQM shareholders will neither sell shares nor receive any cash consideration as part of the transaction, and all material shareholders have agreed to customary lock-up arrangements effective upon closing.

The boards of directors of IQM and RAAQ have unanimously approved the proposed business combination. Completion of the transaction remains subject to shareholder approval of the business combination agreement by both companies, along with the fulfillment of customary closing conditions.