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 being seen as complementary to AI, and one European player, IQM Quantum Computers, is set to make its public debut via a SPAC merger with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders will vote to approve the deal on June 25, and upon closing, IQM is expected to have an implied valuation of about $1.9 billion and pro forma cash of up to $477 million. IQM American depositary shares will trade on the Nasdaq Global Market under the symbol IQMX.
IQM is already well-established, having sold 23 quantum computers, built more than 30, and delivered 18 globally. In 2025, IQM 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 in the U.S. This customer base underscores that institutions are willing to pay for quantum technology today, a key question for the industry. Institutional investors also demonstrated confidence by investing $146 million in IQM’s upsized PIPE transaction conducted concurrently with the SPAC merger.
Top-tier institutions chose IQM after evaluating multiple technologies, providing powerful 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 reports about $77 million in revenue backlog as of December 31, 2025, highlighting commercial momentum and providing visibility into future revenue.
The quantum computing market opportunity extends beyond IQM. McKinsey estimates the technology could unlock up to $2.7 trillion in economic value by 2035. While AI dominates current technology investment, many leading supercomputing centers are investing in both AI and quantum computing, viewing quantum as a complementary capability. IQM systems are already deployed in advanced computing environments where researchers explore how quantum can complement future AI workloads. For investors looking beyond today's AI cycle, quantum computing is a potential next-generation opportunity, and IQM’s proven track record, top-tier customers, and $77 million backlog position it strongly.
