As investors search for the next major technology trend beyond AI, quantum computing is attracting growing attention for its potential to reshape industries ranging from drug discovery and transportation to cybersecurity. The technology is increasingly seen as complementary to AI, and players like IQM Quantum Computers are moving to tap public markets. IQM plans to list through a SPAC merger with Real Asset Acquisition Corp. (RAAQ), with a shareholder vote scheduled for June 25. Upon closing, IQM is expected to have an implied valuation of about $1.9 billion and pro forma cash of up to $477 million, trading under the symbol IQMX on Nasdaq.
IQM is already established, having sold 23 quantum computers, built more than 30, and delivered 18 globally. In 2025, the company reported about $36 million in revenue, growing significantly from the prior year. Its customers include four of the world's top ten supercomputing centers and leading research institutions, such as Oak Ridge National Laboratory. This customer base provides third-party validation that quantum computing is moving beyond research into real-world deployment. As CEO Jan Goetz told CNBC, 'Many people think quantum is still a technology thing... It's actually about the adoption and putting quantum computing to use.'
IQM also reported a $77 million revenue backlog as of December 31, 2025, highlighting commercial momentum and future revenue visibility. The broader quantum computing market could unlock up to $2.7 trillion in economic value by 2035, according to McKinsey. IQM's systems are deployed in environments where researchers explore how quantum can complement AI workloads. As AI models grow, quantum computing is viewed as a complementary capability, and IQM's established track record positions it well for this next-generation opportunity.
