The Helsinki-based company, which builds and sells full-stack superconducting quantum computers for on-premises deployment, disclosed the financing today. It was secured before the February announcement of IQM’s SPAC merger with Real Asset Acquisition Corp at a $1.8B valuation.
IQM Quantum Computers has secured a €50 million financing package, approximately $57.6 million, from funds and accounts managed by BlackRock, the company announced on Monday.
The investment strengthens IQM’s balance sheet as it prepares for what would be the first public listing by a European quantum computing company on a major US stock exchange.
The facility, IQM said, was structured to lower the company’s overall cost of capital and improve the flexibility and diversity of its capital base. Notably, it was secured prior to the February 2026 announcement of IQM’s planned merger with Real Asset Acquisition Corp (RAAQ), a Nasdaq-listed special purpose acquisition company.
That deal, which values IQM at a pre-money equity valuation of approximately $1.8 billion, is expected to close around June 2026 and would give IQM a primary listing on a leading US exchange, with a potential dual listing on the Helsinki Stock Exchange under consideration.
IQM was founded in 2018 as a spinout from Aalto University and VTT Technical Research Centre of Finland by Jan Goetz, Mikko Möttönen, Kuan Yen Tan, and Juha Vartiainen.
Jan Goetz, who serves as CEO, described the BlackRock financing as arriving at a pivotal moment: “This financing further strengthens our capital structure, increasing the resources available to enable us to execute on our technology vision and expand into new markets.”
The company, headquartered in Espoo, employs more than 350 people and has operations across Europe, Asia, and North America.
IQM’s commercial model differentiates it from cloud-only quantum providers. The company builds full-stack superconducting quantum computers for on-premises deployment, giving customers direct ownership and control of their infrastructure rather than API access to shared systems.
It has sold 21 quantum systems to 13 customers, with 15 delivered to date, a figure the company describes as the largest publicly disclosed number among quantum computer companies. Customers include four of the ten largest supercomputing centres worldwide.
The company reported at least $35 million in unaudited revenue for 2025 and over $100 million in orders and bookings by year end. Its technology partners include Nvidia, Hewlett Packard Enterprise, AWS, Toyo Corporation, and Bechtle.
The SPAC route IQM is taking to the public markets carries precedent risks: SPAC listings peaked in 2021 before a wave of underperformance left many investors with losses, and the structure is faster but generally considered more volatile than a traditional IPO.
Several other quantum companies, including Infleqtion, which listed on the NYSE earlier this month, and Horizon Quantum Computing, have followed the same path.
IQM’s RAAQ merger is expected to provide over $450 million in combined financing, including cash from RAAQ’s trust account, PIPE financing, and $24 million from the exercise of outstanding IQM warrants, subject to shareholder redemptions. After transaction close, IQM’s cash position is expected to exceed $450 million.
