With the shareholder vote three days away and the proxy already mailed, the key risk is redemption levels by RAAQ shareholders. Monitor the vote outcome and post-closing cash position for near-term trading. The promotional tone, while not material, may support retail sentiment into the vote.
Price Chart
Executive Summary
This 425 filing is a sponsored promotional article announcing IQM Quantum Computers' upcoming SPAC merger with Real Asset Acquisition Corp. (RAAQ), scheduled for shareholder vote on June 25, 2026. It highlights IQM's $36 million in 2025 revenue, $77 million revenue backlog, and a post-deal implied valuation of ~$1.9 billion with up to $477 million in pro forma cash. The filing is purely promotional with no new material information beyond previously disclosed figures, and the cross-filing context confirms the deal is on track with the proxy mailed and a vote set.
Key Financial Metrics
Key Facts
- RAAQ shareholder vote on the SPAC merger is scheduled for June 25, 2026; closing expected soon after.
- IQM reports ~$36 million in 2025 revenue and a backlog of ~$77 million as of Dec 31, 2025.
- Implied post-deal valuation of ~$1.9 billion with pro forma cash of up to $477 million (pre-redemption).
- PIPE of $146 million was upsized and completed alongside the merger.
- IQM has sold 23 quantum computers, delivered 18, and counts four of the top 10 global supercomputing centers as customers.
- The filing is a sponsored promotional article — not a material disclosure by management.
Financial Impact
No new financial data beyond previously disclosed $36M revenue (2025), $77M backlog, $1.9B implied valuation, and $477M pro forma cash.
Risk Factors
- RAAQ shareholders may redeem a significant portion of trust cash, reducing the ~$477 million pro forma cash balance.
- The implied $1.9 billion valuation is premium to peers on a revenue basis — post-merger stock may re-rate if growth disappoints.
- As an emerging technology company, IQM has a limited operating history and ongoing net losses.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001213900-26-070635 |
| Document: 0001213900-26-070635-index-headers.html | 0001213900-26-070635 |
| Document: 0001213900-26-070635-index.html | 0001213900-26-070635 |
| Document: 0001213900-26-070635.txt | 0001213900-26-070635 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 6-K | $10.87 | awaiting T+20 | — | $9.48 (−12.79%) |
Oct 2, 2026 25d ago | 6-K | $10.35 | awaiting T+20 | — | $9.48 (−8.41%) |
Aug 27, 2026 8w ago | EFFECT | $10.81 $10.45 | ▼ −3.33% | ▼ −2.82% | $9.48 (−12.30%) |
Aug 4, 2026 12w ago | 6-K | $9.66 $10.48 | ▲ +8.54% | ▲ +9.78% | $9.48 (−1.81%) |
Aug 4, 2026 12w ago | Press Release | $9.66 $10.48 | ▲ +8.54% | ▲ +9.78% | $9.48 (−1.81%) |
Aug 3, 2026 12w ago | 6-K | $10.00 $10.49 | ▲ +4.90% | ▲ +3.66% | $9.48 (−5.20%) |
Jul 22, 2026 13w ago | Press Release | $11.47 $10.07 | ▼ −12.21% | ▼ −15.10% | $9.48 (−17.35%) |
Jul 20, 2026 14w ago | 6-K | $11.95 $9.80 | ▼ −17.99% | ▼ −20.55% | $9.48 (−20.67%) |
Jul 13, 2026 15w ago | 6-K | $11.70 $9.46 | ▼ −19.15% | ▼ −22.33% | $9.48 (−18.97%) |
Jul 8, 2026 15w ago | 6-K | $11.47 $9.21 | ▼ −19.70% | ▼ −22.98% | $9.48 (−17.35%) |
US Market Status
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