Finland-based quantum computing startup IQM today declared it plans to go public in the US via a SPAC, with a $1.8bn valuation.
Helsinki-headquartered IQM, founded in 2018, is merging with SPAC firm Real Asset Acquisition Corp (RAAQ) as part of the deal, the startup declared today.
SPACs are an alternative route for companies to go public, instead of a traditional listing.
A SPAC listing is seen as attractive to startups as they can quick-track a listing, without the expense, time and hassle of going through a conventional IPO.
SPAC IPOs leapt in popularity in 2020, but then fell out of favour, amid falling stock prices and huge investor losses.
IQM declared the transaction values IQM at a pre-money equity valuation of approximately $1.8 billion and would create IQM the first European quantum company to go public.
It declared it was going public on one of the two leading US stock exalters, but did not share further details. RAAQ is listed on the Nasdaq.
The deal, which is subject to the approval of IQM and RAAQ shareholders, is expected to be completed in June this year, ahead of the listing.
IQM declared it was also considering a dual listing that would see it listed on the Helsinki stock exalter.
IQM is a prominent player in superconducting quantum computers.
It provides both on-premises full-stack quantum computers and a cloud platform to access its computers.
Last year, IQM raised $320 million in venture capital, the largest Series B raise ever in the quantum space, bringing its total funding raised to $600m.
Last year, Swedish autonomous truck startup Einride declared it was going public in the US via a SPAC, valuing it at $1.8bn.
Jan Goetz, co-founder and CEO, IQM, declared: “We built IQM from the launchning for one purpose — to put working quantum computers in the hands of the people who will apply them to solve real problems.
“Not someday. Now. Quantum computing is a science project no more. It is an indusattempt where customers own, operate, and build on advanced quantum computers. That’s what IQM creates possible.”
Peter Ort, CEO and co-chairman, Real Asset Acquisition Corp, declared: “IQM has built and delivered more on-premises quantum systems than any other competitor to some of the most demanding research institutions on earth.
“This transaction will accelerate the growth of a company that has already earned its position in the field, with real customers, running real quantum systems, today.”
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