IQM taps Vanguard director as board readies for Nasdaq debut

IQM Quantum Computers, the Finnish developer of superconducting quantum systems, has added Vanguard director Barbara Venneman to its board of directors. The move comes as the company prepares for what would mark the first Nasdaq listing by a European quantum computing firm. Venneman, who also previously led Deloitte Digital globally, brings deep experience in enterprise technology and governance. Her appointment signals that IQM is strengthening its leadership team with public-market expertise ahead of a critical shareholder vote scheduled for June 25.

That vote will decide whether IQM moves forward with its merger with Real Asset Acquisition Corp (Nasdaq: RAAQ), a special purpose acquisition company based in Princeton, New Jersey. The deal, first announced in February at a pre-money valuation of $1.8 billion, would give IQM a primary listing on Nasdaq and a potential dual listing on the Helsinki Stock Exchange. The SEC declared the registration statement on Form F-4 effective on June 5, clearing a key regulatory hurdle.

Since the initial announcement, the transaction has built significant momentum. In early June, IQM and RAAQ announced an upsized PIPE of $146 million, up from an earlier $134 million commitment, after Finnish pension insurer Ilmarinen joined existing institutional investors. Combined with cash from RAAQ’s trust account, an earlier €50 million financing from BlackRock, and IQM’s existing balance sheet of $172 million, the company expects to hold more than $450 million in cash at closing.

IQM’s business model distinguishes it from the cloud-only quantum providers that have dominated US public markets so far. The company builds full-stack superconducting quantum computers for on-premises deployment, giving customers direct ownership of the hardware rather than API access to shared systems. It has sold 21 quantum systems to 13 customers, including four of the ten largest supercomputing centres in the world, and ships what it describes as 15% of all publicly disclosed quantum systems globally.

The company reported verified 2025 revenue of approximately €31 million ($36 million) and more than $100 million in cumulative bookings and order visibility. Founded in 2018 as a spinout from Aalto University and VTT Technical Research Centre of Finland, IQM now employs more than 400 people across Europe, Asia, and North America. Its technology partners include Nvidia, Hewlett Packard Enterprise, and AWS, which made IQM’s Garnet processor the first quantum system available via AWS cloud in the European Union.

Venneman brings more than 30 years of experience in digital transformation and enterprise technology commercialisation. She also serves on the board of advisors at Decagon. AI, an enterprise AI software company, and holds an MBA from McGill University and a computer science degree from the Université de Montréal. IQM’s board chair Sierk Poetting noted that her background in enterprise technology commercialization, AI, and governance would be valuable as IQM scales its commercial presence in the US.

The board also reshuffled its founder representation. CEO and co-founder Jan Goetz will replace co-founder Juha Vartiainen as the founder representative on IQM’s board, consolidating executive and governance leadership under the same person as the company transitions to public-company reporting requirements.

IQM is not the only quantum company taking the SPAC route to public markets. Infleqtion listed on the NYSE earlier this month, and Horizon Quantum Computing has pursued a similar path. The SPAC structure carries well-documented risks, with the 2021 wave of blank-cheque listings producing widespread underperformance. IQM’s deal will test whether a European hardware company with real revenue, institutional backing from BlackRock and Finnish pension capital, and a $1.8 billion valuation can break that pattern.