Real Asset Acquisition Corp. (RAAQ) is a SPAC — a blank check shell company with no operations or revenue — created solely to identify and complete a merger or acquisition with a private company, taking it public in the process. RAAQ raised $172.5M in its IPO in April 2025, with proceeds held in a Trust Account invested in U.S. Treasuries or money market funds while RAAQ searched for a target. RAAQ's stated focus was on real asset sectors — metals and mining, real estate, and infrastructure — though it was not formally restricted to those areas. In February 2026, RAAQ announced a Business Combination with IQM Finland, a quantum computing company, which would result in IQM listing American Depositary Shares on a major U.S. exchange. The deal is expected to close in Q3 2026, funded by the Trust Account and a PIPE. RAAQ's sponsor, RAAQ Sponsor LLC, received 5.75M Founder Shares for a nominal $25,000 contribution; if the Business Combination closes, these shares convert into equity in the combined company, representing the sponsor's primary economic upside. Public shareholders can redeem shares at approximately $10.00 per share if they choose not to participate, or if RAAQ fails to complete a deal within its 18-month Completion Window (extendable to 21 months). If no deal closes, public shareholders recover their pro-rata Trust Account balance and the sponsor receives nothing.