European Sovereignty Monitor

Industry, investment and R&D

IQM agrees Nasdaq SPAC merger, becoming Europe's first listed quantum firm

Finland's IQM agreed to merge with US shell company Real Asset Acquisition Corp to list American Depositary Shares on Nasdaq at a USD1.8 billion pre-money valuation plus USD134 million in PIPE financing, keeping operations in Finland and Munich.

Verified Editor-read IQM press release, 23 February 2026

What it does not test. Does not establish that IQM's operations or governing law relocate; its stated headquarters and major operations stay in Finland and Germany.

How this item counts. Towards dependence: it changes who owns. Binding 2 of 3 (agreed or funded), scale 3 of 3 (large), Verified counts in full: weight -6 of 36 possible. SPAC merger lists IQM on Nasdaq, shifting equity to US holdco; ops/law stay in FI/DE. European Sovereignty Index

How this item was made. Drafted by an AI system (Claude (Anthropic)) from the source cited above; read and approved by the editor on 2026-09-19. How the record is made

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