# Real Asset Acquisition Corp. (RAAQW) — merger/spac_merger [completed]
Source: SEC API (secapi.ai) · situation sit_5b2b3f3c5f1c58971fe8 · retrieved 2026-08-11T16:16:04.138Z

## Overview
IQM Finland Oy is a global leader in full-stack superconducting quantum computers, operating a vertically integrated business model that includes proprietary chip design, a quantum chip fabrication facility, assembly operations, and a data center for cloud access; the company has delivered more than 20 quantum computers to customers globally and has over 300 employees across multiple countries.

IQM Finland Oy, a superconducting quantum computing company, entered into a definitive business combination agreement with Real Asset Acquisition Corp. (Nasdaq: RAAQ) on February 22, 2026, to become a publicly traded company. The transaction values IQM at $1.8 billion pre-money and includes $134 million in PIPE funding from leading institutional investors. IQM has over $170 million in cash from its last private round, and the combined company is expected to have approximately $480 million in cash at closing. IQM intends to list American Depositary Shares on one of the two leading U.S. stock exchanges and is also considering a dual listing on the Helsinki stock exchange.

## Terms
- Counterparty: Real Asset Acquisition Corp. · Deal value: $1.80B · Consideration: mixed · Stake: 100% · Price/share: $10

## Key dates
- Announced 2026-06-02 · Completed 2026-07-08

## Timeline
- 2026-02-23 · 425 (0001213900-26-019392): 425 - Real Asset Acquisition Corp. — *Real Asset Acquisition Corp. is a blank-check company incorporated in the Cayman Islands.* On February 22, 2026, Real Asset Acquisition Corp. (RAAQ), a Cayman Islands exempted company, and IQM Finland Oy, a Finnish limited liability company, entered into a business combination agreement. Upon consummation, RAAQ will become an indirect wholly-owned subsidiary of IQM. IQM intends to file a Form F-4 registration statement with the SEC, which will include a preliminary proxy statement/prospectus. RAAQ shareholders will vote on the transaction at an extraordinary general meeting, with a record date to be established.
  https://www.sec.gov/Archives/edgar/data/2052161/0001213900-26-019392.txt
- 2026-02-23 · 425 (0001213900-26-019389): 425 - Real Asset Acquisition Corp. — *IQM Finland Oy is a global leader in superconducting quantum computers, providing on-premises full-stack quantum computers and a cloud platform to access its systems for high-performance computing centres, research laboratories, universities, and enterprises.* On February 22, 2026, Real Asset Acquisition Corp. (RAAQ), a Nasdaq-listed special purpose acquisition company, and IQM Finland Oy entered into a definitive business combination agreement. The transaction values IQM at an approximate $1.8 billion pre-money equity valuation. Upon consummation, RAAQ will become an indirect wholly-owned subsidiary of IQM. IQM intends to pursue a dual listing on a leading U.S. stock exchange (Nasdaq or NYSE) and on Nasdaq Helsinki in Finland. The transaction is subject to SEC review and shareholder approvals, with a registration statement on Form F-4 to be filed.
  https://www.sec.gov/Archives/edgar/data/2052161/0001213900-26-019389.txt
- 2026-02-23 · 425 (0001213900-26-019012): 425 - Real Asset Acquisition Corp. — *IQM Finland Oy develops scalable hardware for quantum computers, along with adjacent software and services.* On February 22, 2026, Real Asset Acquisition Corp. (RAAQ), a Cayman Islands SPAC, entered into a business combination agreement with IQM Finland Oy, a Finnish quantum computing hardware developer, and IQM's subsidiaries IQM US LLC and Eclipse QC S.à r.l. Under the transaction, RAAQ will merge with and into IQM US LLC, with IQM US LLC surviving as an indirect wholly owned subsidiary of IQM. Each RAAQ Class A Ordinary Share will be converted into one IQM American Depositary Share (ADS), with each ADS representing one IQM Ordinary Share. Concurrently, IQM has secured approximately $134 million in PIPE investment from institutional and accredited investors at $10.00 per ADS, representing approximately 13.4 million IQM ADSs. The transaction is subject to RAAQ and IQM shareholder approvals, regulatory approvals, and a minimum cash condition of $150 million in aggregate transaction proceeds.
  https://www.sec.gov/Archives/edgar/data/2052161/0001213900-26-019012.txt
- 2026-02-27 · 425 (0001213900-26-021813): 425 - Real Asset Acquisition Corp. — *IQM Finland Oy is a global leader in full-stack superconducting quantum computers, operating a vertically integrated business model that includes proprietary chip design, a quantum chip fabrication facility, assembly operations, and a data center for cloud access; the company has delivered more than 20 quantum computers to customers globally and has over 300 employees across multiple countries.* IQM Finland Oy, a superconducting quantum computing company, entered into a definitive business combination agreement with Real Asset Acquisition Corp. (Nasdaq: RAAQ) on February 22, 2026, to become a publicly traded company. The transaction values IQM at $1.8 billion pre-money and includes $134 million in PIPE funding from leading institutional investors. IQM has over $170 million in cash from its last private round, and the combined company is expected to have approximately $480 million in cash at closing. IQM intends to list American Depositary Shares on one of the two leading U.S. stock exchanges and is also considering a dual listing on the Helsinki stock exchange.
  https://www.sec.gov/Archives/edgar/data/2052161/0001213900-26-021813.txt
- 2026-06-02 · 425 (0001213900-26-064160): 425 - Real Asset Acquisition Corp. — *IQM Finland Oy is a global leader in full-stack superconducting quantum computers with a vertically integrated business model including proprietary chip design tools, software developer platforms, quantum chip fabrication, assembly, and data center operations; it reported 2025 revenue of EUR 31 million (USD 36 million).* Real Asset Acquisition Corp. (RAAQ), a Cayman Islands SPAC, and IQM Finland Oy, a Finnish quantum computing company, entered into a business combination agreement on February 22, 2026, with IQM to become publicly traded. On June 2, 2026, the parties announced an additional USD 12 million PIPE commitment from Ilmarinen, Finland's largest private earnings-related pension insurance company, bringing total PIPE commitments to over USD 146 million. The transaction values IQM at a pre-money equity valuation of approximately USD 1.8 billion and an expected cash position of up to EUR 406 million (USD 477 million). IQM plans to list American Depositary Shares on Nasdaq and ordinary shares on the Helsinki stock exchange upon completion.
  https://www.sec.gov/Archives/edgar/data/2052161/0001213900-26-064160.txt
- 2026-07-08 · 8-K (0001213900-26-076453): 8-K CURRENT REPORT
  https://www.sec.gov/Archives/edgar/data/2052161/000121390026076453/ea0297426-8k_real.htm

## Citations
- 0001213900-26-019392 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026019392
- 0001213900-26-019389 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026019389
- 0001213900-26-019012 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026019012
- 0001213900-26-021813 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026021813
- 0001213900-26-064160 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026064160
- 0001213900-26-076453 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026076453