# IQM Finland Oy (IQMXW) — merger/spac_merger [pending]
Source: SEC API (secapi.ai) · situation sit_5f567447f4630b6dd876 · retrieved 2026-08-11T16:15:06.943Z

## Overview
IQM Finland Oy develops quantum computing hardware and software infrastructure for sovereign quantum ecosystems.

IQM Finland Oy is acquiring Real Asset Acquisition Corp. (RAAQ), a Nasdaq-listed SPAC, in a business combination transaction. At RAAQ's $10 share price, the transaction implies an $1.8 billion equity value for IQM. The transaction will result in RAAQ shareholders receiving one share of IQM per RAAQ share held at closing. RAAQ has $175 million in cash held in trust, which will become proceeds to IQM post-closing to the extent RAAQ shareholders do not redeem their shares. A PIPE (private investment in public equity) will close concurrently with the business combination.

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

## Key dates
- Announced 2026-06-02

## Timeline
- 2026-02-24 · 425 (0001193125-26-064772): 425 - IQM Finland Oy — *IQM Finland Oy is a global leader in superconducting quantum computers, providing both on-premises full-stack quantum computers and a cloud platform to access its systems; it has over 300 employees with headquarters in Finland and global presence across multiple countries.* IQM Finland Oy announced a definitive merger agreement with Real Asset Acquisition Corp. (Nasdaq: RAAQ), a publicly traded special purpose acquisition company, to create a publicly listed quantum computing company. The business combination values IQM at an approximate $1.8 billion pre-money equity valuation. 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, which are expected to take a few months. IQM will file a registration statement on Form F-4 with the SEC, and RAAQ shareholders will vote at an extraordinary general meeting.
  https://www.sec.gov/Archives/edgar/data/2113060/0001193125-26-064772.txt
- 2026-02-24 · 425 (0001193125-26-064848): 425 - IQM Finland Oy — *IQM Finland Oy is a quantum computing company developing quantum computing technologies and solutions.* On February 22, 2026, Real Asset Acquisition Corp. (RAAQ), a Cayman Islands exempted company, entered into a business combination agreement with IQM Finland Oy, a Finnish limited liability company, and IQM's subsidiaries IQM US LLC and Eclipse QC S.à r.l. Under the transaction, RAAQ will merge with IQM US LLC, with the merger subsidiary surviving as an indirect wholly owned subsidiary of IQM. Each RAAQ Class A Ordinary Share will be cancelled in exchange for one American depositary share (ADS) of IQM, with each ADS representing one IQM Ordinary Share. Concurrently, IQM is raising approximately $134 million through a private placement of approximately 13.4 million IQM ADSs at $10.00 per ADS from institutional and accredited investors (the PIPE Investment). The transaction is subject to customary closing conditions, including RAAQ and IQM shareholder approvals, SEC effectiveness of the registration statement, Nasdaq listing approval, and a minimum cash condition of $150 million in aggregate transaction proceeds.
  https://www.sec.gov/Archives/edgar/data/2113060/0001193125-26-064848.txt
- 2026-02-24 · 425 (0001193125-26-064788): 425 - IQM Finland Oy — *IQM Finland Oy is a quantum computing company building sovereign infrastructure for quantum ecosystems to grow, with hardware and software commercialization capabilities.* 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. Under the transaction, RAAQ will become an indirect wholly-owned subsidiary of IQM. IQM intends to file a registration statement on Form F-4 with the SEC, which will include a proxy statement/prospectus for RAAQ shareholders to vote on the proposed business combination at an extraordinary general meeting.
  https://www.sec.gov/Archives/edgar/data/2113060/0001193125-26-064788.txt
- 2026-03-02 · 425 (0001193125-26-083720): 425 - IQM Finland Oy — *IQM Finland Oy is a quantum computing company pursuing emerging quantum technology infrastructure and commercialization of quantum hardware and software.* On February 22, 2026, Real Asset Acquisition Corp. (RAAQ), a Cayman Islands exempted company, IQM Finland Oy, a Finnish limited liability company, IQM US LLC (an indirect wholly owned subsidiary of IQM), and Eclipse QC S.à r.l. (a Luxembourg subsidiary of IQM) entered into a business combination agreement. The transaction will result in IQM becoming a publicly traded company. On February 27, 2026, IQM and RAAQ issued a joint press release announcing a conference call to discuss the transaction and its highlights. IQM intends to file a registration statement on Form F-4 with the SEC, and RAAQ will mail a definitive proxy statement/prospectus to shareholders for voting at an extraordinary general meeting.
  https://www.sec.gov/Archives/edgar/data/2113060/0001193125-26-083720.txt
- 2026-03-10 · 425 (0001193125-26-099175): 425 - IQM Finland Oy — *IQM Finland Oy is a quantum computing company building sovereign infrastructure for quantum ecosystems.* IQM Finland Oy announced a business combination with Real Asset Acquisition Corp. (RAAQ), a Nasdaq-listed SPAC. At RAAQ's $10 share price, the transaction implies an $1.8 billion equity value for IQM. The transaction will include $175 million in cash from RAAQ's trust account, with all trust proceeds flowing to IQM post-closing. Upon closing, RAAQ shareholders will receive one share of IQM for each RAAQ share held. RAAQ shares are freely tradeable with no lockup post-closing. A PIPE (private investment in public equity) will close concurrently with the business combination.
  https://www.sec.gov/Archives/edgar/data/2113060/0001193125-26-099175.txt
- 2026-03-10 · 425 (0001193125-26-099180): 425 - IQM Finland Oy — *IQM Finland Oy develops quantum computing hardware and software infrastructure for sovereign quantum ecosystems.* IQM Finland Oy is acquiring Real Asset Acquisition Corp. (RAAQ), a Nasdaq-listed SPAC, in a business combination transaction. At RAAQ's $10 share price, the transaction implies an $1.8 billion equity value for IQM. The transaction will result in RAAQ shareholders receiving one share of IQM per RAAQ share held at closing. RAAQ has $175 million in cash held in trust, which will become proceeds to IQM post-closing to the extent RAAQ shareholders do not redeem their shares. A PIPE (private investment in public equity) will close concurrently with the business combination.
  https://www.sec.gov/Archives/edgar/data/2113060/0001193125-26-099180.txt
- 2026-06-02 · 425 (0001213900-26-064163): 425 - IQM Finland Oy — *IQM Finland Oy is a global leader in full-stack superconducting quantum computers, operating a vertically integrated business model with proprietary infrastructure including chip design tools, software developer platforms, quantum chip fabrication, assembly lines, and data centers.* IQM Finland Oy, a superconducting quantum computing company, entered into a business combination agreement with Real Asset Acquisition Corp. (RAAQ), a Nasdaq-listed SPAC, on February 22, 2026, to become a publicly traded company. On June 2, 2026, IQM and RAAQ 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 a cash position expected to be 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/2113060/0001213900-26-064163.txt

## Citations
- 0001193125-26-064772 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526064772
- 0001193125-26-064848 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526064848
- 0001193125-26-064788 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526064788
- 0001193125-26-083720 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526083720
- 0001193125-26-099175 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526099175
- 0001193125-26-099180 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000119312526099180
- 0001213900-26-064163 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000121390026064163