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- Public Sector Revenue Concentration: 99.5% and 91.2% of Total Revenue For 2025 and 2024 (new) — IQM is almost entirely dependent on public sector contracts, making revenue highly vulnerable to government spending changes.
- No Quantum Advantage Achieved By Any Quantum Computer (new) — The company's success hinges on achieving quantum advantage, which has not been demonstrated by any quantum computer to date.
- Raaq Has Not Selected Any Business Combination Target Other Than Iqm (new) — The SPAC has not considered any alternative target, signaling a pre-determined deal that limits the board's ability to shop for a better transaction.
IQM Quantum Computers to go public via SPAC merger with Real Asset Acquisition Corp.; PIPE of $134.33M at $10/share
Filed June 5, 2026 · ~1 min read
Key Changes
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IQM is merging with SPAC Real Asset Acquisition Corp. (RAAQ). The deal includes a PIPE investment of $134.33 million at $10.00 per share, with closing conditioned on aggregate transaction proceeds of at least $150 million.
Business view on EDGAR → -
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IQM incurred net losses of €54.4 million in 2025 and €54.1 million in 2024, with an accumulated deficit of €232.2 million as of December 31, 2025.
Risk Factors verify on EDGAR → -
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Public sector customers accounted for 99.5% of revenue in 2025 and 91.2% in 2024, creating extreme revenue concentration risk.
Risk Factors verify on EDGAR →
3 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 2, 2026 · How we verify