Finnish quantum computing company IQM will list on the New York Stock Exchange through a merger with a special purpose acquisition company, valuing the business at 1.8 billion dollars.<\/p>\n
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The Espoo-based group will combine with the listed SPAC Real Asset Acquisition Corp. The transaction gives IQM access to US public markets. The deal requires approval from shareholders and regulators before completion.<\/p>\n
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The valuation equals about 1.5 to 1.6 billion euros, according to figures released on Monday.<\/p>\n
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SPAC vehicles raise funds from investors to acquire a private company. After the merger, the target company becomes publicly traded.<\/p>\n
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Under the proposed arrangement, the combined company expects to hold more than 460 million dollars in cash to fund product development and commercial expansion. IQM also considers a dual listing on the Helsinki Stock Exchange.<\/p>\n
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IQM employs more than 300 staff and maintains its headquarters in Espoo. The company develops and builds quantum computers for research institutions and industry.<\/p>\n
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According to financial figures released by the company, revenue reached at least 35 million dollars last year. The numbers remain unaudited. At the end of the year, IQM reported an order backlog or revenue visibility of about 100 million dollars.<\/p>\n
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IQM raised 320 million dollars in growth financing last autumn, when investors valued the company at one billion dollars.<\/p>\n
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The company has played a central role in Finland\u2019s quantum computing efforts. In 2021, IQM and the Technical Research Centre of Finland VTT completed the country\u2019s first quantum computer.<\/p>\n
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