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8h ago

IQM Lists on Nasdaq and Nasdaq Helsinki After SPAC Merger

The dual listings provide roughly $450 million in post‑deal cash plus a $1.8–$1.9 billion valuation to fund expansion as the company cautions that broad commercial use of quantum computing may be years away.

IQM-Nasdaq Tower
Image
(IQM Quantum Computers)

Overview

  • IQM began trading American Depositary Shares on Nasdaq on Thursday, July 2 after closing its merger with Real Asset Acquisition Corp., and Nasdaq Helsinki approved ordinary‑share trading to start on July 3.
  • The transaction brings substantial liquidity to IQM, with reported PIPE commitments of about $146 million and pro forma cash that sources place at roughly €337–€406 million (more than $450 million in some reports).
  • Investors showed a tepid response on the Nasdaq debut, where shares slipped below the offering price, a pattern common for companies that enter the market via SPACs without a traditional IPO roadshow.
  • IQM arrives public with modest revenue of €31 million, an order backlog above €67 million and about 18 quantum systems deployed in supercomputing centers, highlighting real commercial traction but a long path to scale.
  • The listings keep IQM headquartered in Finland and include a three‑month market‑making agreement with Lago Kapital to improve liquidity on Nasdaq Helsinki, positioning the company as a leading European quantum hardware player accessing U.S. capital.