IQM Finland Oy and Real Asset Acquisition Corp. (RAAQ), a special purpose acquisition company, 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 US stock exchanges.
The transaction provides funding with the aim to accelerate IQM’s technology and commercial development towards fault-tolerance quantum computing.
Headquartered in Finland, IQM is also considering a dual listing that would see the trading of IQM’s ordinary shares on the Helsinki stock exchange, which would be expected to take place following the completion of this transaction.
IQM is a quantum computing company that builds full stack, open-architecture systems that can be deployed on-premise or accessed via the cloud.
The company operates a vertically integrated business model, boasting a unique combination of proprietary infrastructure from their own chip design tool and software developer platform, to a quantum chip fab, assembly line and data centre.
Following completion of the transaction, IQM’s cash on its balance sheet is expected to be in excess of US$450 million cash at closing (including IQM’s existing cash), providing runway for continued broad commercial advantage.
The transaction values IQM at a pre-money equity valuation of about US$1.8 billion.
“We built IQM from the beginning for one purpose — to put working quantum computers in the hands of the people who will use them to solve real problems. Not someday. Now,” said Jan Goetz, co-founder and CEO of IQM.
Goetz said quantum computing is no longer a science project, but an industry where customers own, operate, and build on advanced quantum computers.
Peter Ort, CEO and co-chairman of RAAQ, said IQM has built and delivered more on-premises quantum systems than any other competitor5 — to some of the most demanding research institutions in the world.
“This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today,” said Ort.
Sierk Poetting, chairman of IQM’s board of directors, said going public is not a change of direction but an acceleration.
“The board stands fully behind IQM’s mission and goals to make quantum infrastructure as foundational and accessible as classical computing,” said Poetting.
The existing IQM shareholders will not sell any shares or receive any cash consideration as part of the transaction and all material IQM shareholders have committed to a customary lock-up agreement at close of this transaction.
The board of directors of both IQM and RAAQ have each unanimously approved the proposed business combination. The closing of the proposed business combination is subject to, among other things, the approval by shareholders of RAAQ and IQM of the business combination agreement and the satisfaction of other customary closing conditions.
