Finnish quantum startup IQM secures €50M investment from BlackRock.

      The Helsinki-based firm, which develops and markets full-stack superconducting quantum computers for on-site deployment, announced its financing today. This funding was secured prior to the February announcement of IQM’s merger with Real Asset Acquisition Corp via a SPAC, valued at $1.8 billion.

      IQM Quantum Computers has obtained a financing package of €50 million, roughly equivalent to $57.6 million, from funds and accounts overseen by BlackRock, as stated in a press release on Monday.

      This investment bolsters IQM's financial standing as the company gears up for the anticipated first public offering of a European quantum computing enterprise on a prominent US stock exchange. According to IQM, the financing was structured to reduce its overall capital costs and enhance the flexibility and diversity of its capital structure. Importantly, this funding was arranged before the February 2026 announcement regarding IQM’s plans to merge with Real Asset Acquisition Corp (RAAQ), a special purpose acquisition company listed on Nasdaq.

      This transaction, which places IQM’s pre-money equity valuation at about $1.8 billion, is projected to conclude around June 2026 and aims to provide IQM with a primary listing on a major US exchange, while a potential dual listing on the Helsinki Stock Exchange is also being considered.

      Founded in 2018 as a spinout of Aalto University and the VTT Technical Research Centre of Finland by Jan Goetz, Mikko Möttönen, Kuan Yen Tan, and Juha Vartiainen, IQM is led by CEO Jan Goetz. He noted that the BlackRock financing comes at a crucial time: “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.”

      Based in Espoo, the company has more than 350 employees and operates in Europe, Asia, and North America.

      IQM's business model sets it apart from cloud-only quantum providers by developing full-stack superconducting quantum computers for on-premises use, allowing customers to directly own and control their infrastructure instead of just accessing shared systems via APIs.

      To date, the company has sold 21 quantum systems to 13 clients, with 15 systems delivered, a figure it claims is the highest publicly disclosed among quantum computing firms. Its clientele includes four of the ten largest supercomputing centers globally.

      IQM reported unaudited revenues of at least $35 million for 2025, along with over $100 million in orders and bookings by the end of the year. Its technology partners comprise Nvidia, Hewlett Packard Enterprise, AWS, Toyo Corporation, and Bechtle.

      The SPAC approach IQM is taking to enter public markets involves inherent risks; SPAC listings peaked in 2021 but subsequently saw many investors facing losses due to underperformance, making this route quicker yet generally deemed more volatile than traditional IPOs.

      Other quantum companies, like Infleqtion, which recently listed on the NYSE, and Horizon Quantum Computing, have also opted for this route.

      IQM’s merger with RAAQ is anticipated to yield over $450 million in total financing, made up of cash from RAAQ's trust account, PIPE financing, and $24 million from the exercise of outstanding IQM warrants, pending shareholder redemptions. Following the completion of the transaction, IQM's cash position is expected to surpass $450 million.