Finland-based quantum computing startup IQM, headquartered in Helsinki and founded in 2018, announced its plans to go public in the US via a SPAC (Special Purpose Acquisition Company). The company will merge with Real Asset Acquisition Corp (RAAC) in a deal valuing it at approximately $1.8 billion.

SPACs represent an alternative route for companies looking to go public, avoiding the lengthy and complex procedures of a traditional IPO (Initial Public Offering). This type of listing saw a peak in popularity in 2020, before declining due to disappointing performance and investor losses.

IQM stated that the transaction, subject to the approval of shareholders of both companies, is expected to be completed by June. The company is also considering a dual listing that would see it listed on the Helsinki stock exchange.

IQM is a prominent player in the field of superconducting quantum computers. It provides both on-premises full-stack quantum computers and a cloud platform to access them. Over the past year, IQM raised $320 million in venture capital, bringing its total funding raised to $600 million.

Jan Goetz, co-founder and CEO of IQM, stated: "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. Quantum computing is a science project no more. It is an industry where customers own, operate, and develop advanced quantum computers. That’s what IQM makes possible."

Peter Ort, CEO and co-chairman of Real Asset Acquisition Corp, added: "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."