Overview
- The Finnish‑German quantum hardware maker announced a planned summer 2026 public listing via a merger with Nasdaq‑listed SPAC RAAQ.
- IQM targets approximately 450 million in new proceeds and a $1.8 billion enterprise valuation at listing.
- The company expects a primary listing on either the NYSE or Nasdaq with a secondary listing in Helsinki.
- IQM reports 2025 revenue of $35 million, an order backlog of about $100 million, and sales of 21 systems to 13 customers including four top‑ten supercomputing centers.
- Recent milestones include bringing the Euro‑Q‑Exa system online at the Leibniz center near Munich, a 2025 €275 million financing round, and an ongoing partnership with Nvidia.