Real Asset Acquisition to Merge with IQM Finland

The latest announcement is out from Real Asset Acquisition Corporation Class A ( (RAAQ) ).

On February 22, 2026, Real Asset Acquisition Corp. and IQM Finland Oy signed a definitive business combination agreement that will merge the SPAC into an IQM subsidiary, with IQM issuing American depositary shares to RAAQ shareholders and assuming RAAQ’s warrants. IQM will establish an ADS program and seek a U.S. listing, while both companies’ boards have unanimously approved the deal, which is subject to shareholder approvals, regulatory clearances, Nasdaq listing of the ADSs and a minimum cash condition of $150 million.

Financing for the transaction includes RAAQ’s roughly $175 million trust (assuming no redemptions) and a $134 million PIPE for IQM ADSs at $10 per share, alongside expected warrant exercises and IQM’s existing cash, implying more than $450 million of cash at closing and valuing IQM at about $1.8 billion pre‑money. Sponsor and IQM shareholder support, lock‑ups and registration rights agreements are in place, while the sponsor has agreed to forfeit a significant portion of founder shares and warrants depending on redemptions, underscoring alignment with public investors as IQM aims to become the first listed European quantum company.

The structure features customary covenants, including cooperation on an F‑4 registration statement, restrictions on alternative transactions and board composition commitments such as a RAAQ‑designated director and a member with semiconductor or quantum industry experience. The deal can be terminated under standard conditions, including failure to obtain shareholder approvals or deliver required financial statements, and IQM has also lined up a warrant assignment to assume RAAQ’s warrant agreement and a post‑closing resale registration for PIPE investors, shaping governance and liquidity for the combined company.

On February 23, 2026, the parties announced the agreement via a joint press release and investor presentation outlining IQM’s technology, commercial integrations with partners such as NVIDIA, Hewlett Packard Enterprise and AWS, and plans to accelerate development toward fault‑tolerant quantum computing. Existing IQM shareholders will roll all their equity and accept customary lock‑ups, signaling confidence in the company’s trajectory as it prepares for U.S. public markets and explores a potential dual listing on the Helsinki exchange.

More about Real Asset Acquisition Corporation Class A

IQM Finland Oy is a global leader in superconducting quantum computers, providing full‑stack, open‑architecture systems that can be deployed on‑premise or accessed via the cloud. Its customers include high‑performance computing centers, research labs, universities and enterprises, and it operates a vertically integrated model with its own chip fab, assembly line and quantum data center.

Real Asset Acquisition Corp., based in Princeton, N.J., is a Nasdaq‑listed special purpose acquisition company formed to pursue mergers or similar business combinations. Its team includes quantum computing specialists, positioning the vehicle to target advanced computing and related technology businesses such as IQM.

IQM reported strong commercial traction ahead of the deal, with 21 systems sold to 13 customers, including four of the world’s top 10 supercomputing centers. It has delivered 15 systems, built more than 30 computers and achieved technical milestones such as greater than 99.9% fidelity for single‑ and two‑qubit gates and readouts in its processors.

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Technical Sentiment Signal: Hold

Current Market Cap: $236.2M

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