As investors look beyond artificial intelligence for the next major technology trend, quantum computing is gaining traction for its potential to transform industries such as drug discovery, transportation and cybersecurity. The technology is increasingly seen as complementary to AI, and one European player, IQM Quantum Computers, is set to go public through a SPAC merger with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders are scheduled to vote on the deal on June 25, and the transaction is expected to close shortly after, subject to conditions. Upon closing, IQM will trade on the Nasdaq under the symbol IQMX with an implied valuation of approximately $1.9 billion and up to $477 million in pro forma cash.
IQM is not a newcomer; it has already sold 23 quantum computers, built more than 30, and delivered 18 systems globally. In 2025, the company reported about $36 million in revenue, a significant increase from the prior year. Its customers include four of the world's top ten supercomputing centers and leading research institutions like Oak Ridge National Laboratory. This customer base addresses a key question in the quantum computing space: whether companies are willing to pay for the technology today. The strong institutional interest is further evidenced by a $146 million upsized PIPE transaction concurrent with the SPAC merger.
Top-tier institutions have chosen IQM after evaluating multiple technologies, providing third-party validation that quantum computing is moving beyond research to real-world deployment. CEO Jan Goetz told CNBC, "Many people think quantum is still a technology thing and it's not clear which technology wins and how to build a quantum computer. We think we are far beyond that. It's actually about the adoption and putting quantum computing to use."
IQM also reported a revenue backlog of approximately $77 million as of December 31, 2025, indicating paying customers and locked-in future revenue. For investors, this backlog signals commercial momentum and provides visibility into future system deployments. Beyond IQM, the broader quantum computing market is poised for growth, with McKinsey estimating the technology could unlock up to $2.7 trillion in economic value by 2035.
While AI dominates current investment themes, many leading supercomputing centers are investing in both AI and quantum computing. IQM systems are already deployed in environments where researchers explore how quantum technologies can complement AI workloads. As AI models grow larger and computational challenges become more complex, quantum computing is increasingly viewed as a complementary capability. For investors seeking opportunities beyond today's AI cycle, quantum computing represents a potential next-generation opportunity. With a proven track record, top-tier customers, and $77 million in backlog, IQM is positioned to capitalize on this trend.
