By Meg Flippin, Benzinga

DETROIT, MICHIGAN - June 23, 2026 (NEWMEDIAWIRE) - As investors search for the next major technology trend beyond AI, quantum computing is attracting growing attention for its potential to reshape industries ranging from drug discovery and transportation to cybersecurity. In fact, the technology is increasingly being seen by some as a complementary technology to AI that could grow alongside it.

At the same time, when it comes to investing in the technology that makes all this possible, investors have historically focused on a small group of publicly traded quantum computing companies, assigning them multi-billion-dollar valuations. However, there are also players in the space that haven’t tapped the public markets yet.

Move Over Big Caps

One such player is IQM Quantum Computers, the European quantum computing company, which plans to list publicly soon through a SPAC merger with Real Asset Acquisition Corp. (RAAQ). RAAQ shareholders will vote to approve the deal on June 25, and the transaction is expected to close as soon as possible thereafter, subject to satisfaction or waiver of the applicable closing conditions. Upon closing of the transaction, all shares in RAAQ will convert, on a one-for-one basis, into American depositary shares of IQM. Once the transaction closes, IQM is expected to have an implied valuation of about $1.9 billion and will have pro forma cash of up to $477 million, prior to giving effect to any exercises of redemption rights for cash by RAAQ shareholders. IQM ADSs will trade on the Nasdaq Global Market under the symbol IQMX.

IQM is already well-established in the market, having already sold 23 quantum computers, built more than 30 and delivered 18 computers globally. In 2025, IQM reports that it generated about $36 million in revenue, growing significantly from the past year. IQM’s customers include four of the world's top ten supercomputing centers and leading research institutions, including Oak Ridge National Laboratory in the U.S. That’s a big deal because one of the biggest questions surrounding quantum computing is whether customers are willing to pay for the technology today. These factors may explain why institutional investors were willing to invest $146 million in IQM’s upsized PIPE transaction conducted concurrently with the SPAC merger.

Willing To Spend

Top-tier institutions also appear willing to bet on IQM, given that many have chosen the company after evaluating multiple technologies before making long-term infrastructure commitments. That, says the company, provides powerful third-party validation that quantum computing is moving beyond research and into real-world deployment. As CEO Jan Goetz recently told CNBC, "Many people think quantum is still a technology thing and it's not clear which technology wins and how to build a quantum computer. We think we are far beyond that. It's actually about the adoption and putting quantum computing to use."

Plus, IQM reports that it had about $77 million in revenue backlog as of December 31, 2025, which shows that it has customers who are willing to pay for quantum computing, locking in future revenue. For investors, the backlog highlights commercial momentum, provides visibility into future revenue and reflects a runway of future system deployments.

But interested individuals don’t have to rely on IQM for evidence that the quantum computing market is poised for growth. The opportunity extends well beyond the quantum computing market itself, with McKinsey estimating the technology could unlock up to $2.7 trillion in economic value by 2035.

AI & Quantum Computing: Better Together

While AI has become the defining technology investment theme of the decade, many leading supercomputing centers and research institutions are investing in both AI and quantum computing as they prepare for the next generation of computing.

IQM systems are already deployed in advanced computing environments where researchers are exploring how quantum technologies can complement future AI workloads.

As AI models become larger and computational challenges become more complex, quantum computing is increasingly viewed as a complementary capability rather than a competing technology. For investors looking beyond today's AI cycle, quantum computing is among the areas being watched by some as a potential next-generation opportunity.

Instead of competing with AI for investment dollars, quantum computing is increasingly complementing the technology, a trend which could bode well for IQM, given it is an established leader with a proven track record, top-tier customers and $77 million in backlog.

Goetz also shared with CNBC that he believes the timing is right: "The technology is ready. The adoption is coming. We have successful sales cases around the world.”

Featured image from Shutterstock.

This content was originally published on Benzinga. Read further disclosures here.

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