IQM Finland Oy, a global leader in full-stack superconducting quantum computers, announced that it has increased commitments to its PIPE financing to more than $146 million in connection with its planned business combination with Real Asset Acquisition Corp.
The additional commitment comes from Ilmarinen, one of Finland’s largest private earnings-related pension insurance companies, joining a group of leading institutional investors that had previously committed $134 million. The upsized PIPE will provide additional capital to accelerate IQM’s technology and commercial development efforts as the company advances toward fault-tolerant quantum computing.
The transaction values IQM at a pre-money equity valuation of approximately $1.8 billion and is expected to result in a cash position of up to €406 million ($477 million) following the completion of the merger.
Founded in Finland, IQM develops full-stack, open-architecture superconducting quantum computers that can be deployed on-premise or accessed through the cloud. The company operates a vertically integrated model that spans chip design, software development platforms, quantum chip fabrication, assembly, and data center operations. This approach enables IQM to accelerate innovation cycles while delivering quantum computing systems to customers across research and commercial applications.
The company reported 2025 revenue of €31 million ($36 million), reflecting growing commercial adoption of its quantum computing technology. IQM plans to list its American Depositary Shares on Nasdaq and its ordinary shares on the Helsinki Stock Exchange upon completion of the transaction with Real Asset Acquisition Corp.
According to the companies, the additional capital will support continued product development, commercial expansion, and scaling efforts as IQM seeks to strengthen its position in the rapidly evolving quantum computing market.
KEY QUOTES:
“We’re pleased to see such strong investor demand, particularly with the addition of Ilmarinen. This upsized commitment from one of Finland’s largest private earnings-related pension insurance companies underscores confidence in our technology roadmap and the progress we’re making with our Production Quantum – a model where our customers own the system, operate it, and grow with it. This commitment signals that the market recognizes our product readiness and the real value we’re delivering to customers tackling some of the world’s most complex problems.”
Jan Goetz, Co-Founder and Chief Executive Officer, IQM
“We reopened the PIPE because the demand is there from institutional investors who recognize what IQM has built — operational quantum computers, active customer deployments, and a commercial foundation that most of the quantum sector has yet to achieve. This capital positions us to scale aggressively into that lead.”
Peter Ort, Chief Executive Officer and Co-Chairman, Real Asset Acquisition Corp.
