Finland-based IQM Quantum Computers has announced plans to become one of Europe’s first listed companies in its sector.
IQM will merge with a special purpose acquisition company (SPAC) called Real Asset Acquisition Corp as part of its proposed listing.
The transaction, which gives IQM an initial equity valuation of $1.8 billion, is pending shareholder approval and regulatory conditions.
The company said in a statement: “IQM Finland Oy, a global leader in full-stack superconducting quantum computers, and Real Asset Acquisition Corp. (Nasdaq: RAAQ), a special purpose acquisition company … 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 provides funding with the aim to accelerate IQM’s technology and commercial development towards fault-tolerance quantum computing, further advancing its position as a leading provider of quantum computers.
“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.
“IQM 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, allowing the company to accelerate its innovation cycles, deliver best-in-class quantum computing to its customers and enabling the quantum ecosystem to grow.”
Jan Goetz, Co-Founder and Chief Executive Officer, IQM, said: “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. Quantum computing is a science project no more. It is an industry where customers own, operate, and build on advanced quantum computers. That’s what IQM makes possible.”
Peter Ort, Chief Executive Officer and Co-Chairman, Real Asset Acquisition Corp, said: “IQM has built and delivered more on-premises quantum systems than any other competitor — to some of the most demanding research institutions on earth. 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.”
Sierk Poetting, Chairman of IQM’s Board of Directors, said: “Going public is not a change of direction but is rather an acceleration. The board stands fully behind IQM’s mission and goals to make quantum infrastructure as foundational and accessible as classical computing.”
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.