IQM, a Finnish quantum computing company, is gearing up for a major milestone. It plans to become the first European quantum firm listed on Nasdaq. This move follows a merger with Real Asset Acquisition Corp., a special purpose acquisition company based in New Jersey.

The deal values IQM at $1.8 billion. It will give the company a primary listing on Nasdaq and a possible dual listing in Helsinki. The U.S. Securities and Exchange Commission approved the registration statement in early June. A shareholder vote is scheduled for June 25 to finalize the merger.

IQM’s growth has caught the eye of big investors. Finnish pension insurer Ilmarinen recently joined its funding round. This boosted the private investment in public equity (PIPE) to $146 million. Combined with cash from the SPAC and prior financing rounds, IQM expects over $450 million in cash at closing.

Building Quantum Hardware for Real Customers

Unlike many competitors that offer cloud-only quantum access, IQM builds full-stack superconducting quantum computers. These systems can be installed on customer premises. This means clients own the hardware directly, not just access it through APIs.

IQM has sold 23 quantum computers, delivering 18 to customers worldwide. Its clients include some of the largest supercomputing centers. The company claims it ships about 15% of all publicly known quantum systems globally. In 2025, IQM reported €31 million ($36 million) in revenue and over $100 million in confirmed sales orders.

IQM’s technology covers the entire quantum stack. This includes chip design, fabrication, software, and cloud platforms. Its partnerships with Nvidia, Hewlett Packard Enterprise, and AWS highlight its ecosystem reach. IQM’s Garnet processor, for example, became the first quantum system available through AWS cloud in the European Union.

New Board Member Boosts Public Market Readiness

As IQM prepares to go public, it appointed Barbara Venneman to its board. Venneman brings over 30 years of experience in digital transformation and enterprise technology. She currently sits on Vanguard’s board and formerly led Deloitte Digital globally.

Her background in AI, technology commercialization, and governance aligns well with IQM’s growth plans. The company’s board chair praised her ability to guide companies through major transformations. CEO and co-founder Jan Goetz also joined the board as the founder representative, consolidating leadership ahead of the public listing.

Venneman said she was attracted to IQM’s commitment to building a scalable quantum ecosystem. She sees the company as well positioned to bring quantum computing from research labs to real-world applications. Her role will support IQM’s expansion in the U.S. and global markets.

Looking Ahead to Quantum’s Commercial Future

The broader quantum computing market is heating up. Several firms are taking the SPAC route to go public. IQM will be one of the few hardware companies with real revenue and strong institutional backing to do so. This contrasts with many startups that have yet to prove commercial traction.

IQM’s vertical integration offers tighter control over innovation and customer deployment. Its on-premises model appeals to institutions wanting direct control over quantum infrastructure. With its Nasdaq debut, IQM could set a new standard for European quantum startups aiming at global markets.

As governments and industries look for next-generation computing power, IQM’s timing seems right. The company’s technology targets complex problems in materials science, cybersecurity, and optimization. The coming months will show if IQM can deliver on its promise and thrive as a public company.

For now, IQM’s quantum leap toward Nasdaq marks a key step in Europe’s journey to lead in quantum technology.