Two European quantum-computing hardware companies are advancing U.S. Nasdaq listings through SPAC mergers, and SEC filings surfacing this week document both processes. A Form 8-K filed under Rule 425 by Real Asset Acquisition Corp. (Nasdaq: RAAQ) covers IQM Quantum Computers Oy, a Finnish superconducting-qubit maker; a separate Form 425 filed in connection with Bleichroeder Acquisition Corp. II covers Pasqal Holding SAS, a French quantum company. Both filings are tied to events dated June 19, 2026, and both describe transactions structured as business combinations — the de-SPAC route by which a private operating company becomes publicly traded by merging with an already-listed special-purpose acquisition company.

The pairing is notable because both filings landed in the same window and both describe the same financing path for quantum hardware. In the Pasqal filing — a Form 425 containing a transcript of two CNBC interview clips with Pasqal CEO Wasiq Bokhari that aired June 19, 2026 — Bokhari describes the SPAC route in the company's own terms:

"The SPAC vehicle has traditionally been an instrument that pretty much all the publicly traded quantum companies have used to go public because it allows you to have a speedy market entry."— Pasqal CEO Wasiq Bokhari, Form 425 (CNBC transcript), source

Bokhari's transcript also addresses why a French company would list first in the United States. In the filing's text, the CNBC segment introduces Pasqal as a company "looking to list in the States" that "argued that late-stage capital access was a problem in Europe as the company chases that listing on the Nasdaq, potentially in the second half of this year." Bokhari adds that the company will "always stay a French company regardless of where we are listed," and that the subsequent Euronext offering is intended to "add to that while further establishing ourselves as a European company." The filing thus documents both a financing rationale (capital depth) and a sovereignty rationale (keeping core development in France) for the same listing path that IQM is pursuing from Finland — two state-of-the-art quantum programs reaching for U.S. public-market capital while keeping their operating base in Europe.

What the IQM filing discloses

Real Asset Acquisition Corp.'s Form 8-K, filed pursuant to Rule 425, states that on February 22, 2026, RAAQ — a Cayman Islands exempted company — entered into a business combination agreement with IQM Quantum Computers Oy (formerly IQM Finland Oy), IQM US LLC, and Eclipse QC S.à r.l., for a transaction that will result in IQM becoming a publicly traded company. The 8-K reports that the related registration statement was declared effective by the SEC on June 5, 2026, and that RAAQ mailed its definitive proxy statement/prospectus to shareholders of record as of June 3, 2026 for an extraordinary general meeting to vote on the transaction. The Item 8.01 event itself concerns a June 19, 2026 IQM press release, filed as Exhibit 99.1, announcing leadership changes: the appointment of Dr. Craig Ciesla as Chief Technology Officer and the transition of Dr. Inés de Vega to Chief Scientist.

The IQM press release describes the company as a global leader in superconducting quantum computers and states, in the context of the listing, that the transaction "has gained momentum since February, with an upsized PIPE of $146 million in early June after Finnish pension insurer Ilmarinen joined existing institutional investors." The release also states that IQM operates as a vertically integrated company running its own chip factory and assembly line, and says it has "sold 23 quantum computers to date, more than any other manufacturer." The 8-K notes that any potential dual listing of IQM's ordinary shares on the Helsinki stock exchange would be made by means of a prospectus under the EU Prospectus Regulation — indicating a U.S.-primary, Europe-secondary listing structure for the Finnish company.

What the Pasqal filing discloses

The Pasqal Form 425 was filed by Bleichroeder Acquisition France Merger Sub 2 pursuant to Rule 425 and deemed filed under Rule 14a-12, naming Pasqal Holding SAS as the subject company (File No. 333-296239-01) and identifying the SPAC counterparty as Bleichroeder Acquisition Corp. II. The substance of the filing is a verbatim transcript of two CNBC clips with CEO Wasiq Bokhari. In them, Bokhari frames Pasqal as "a French company" that will "stay in France" and "do our core development in France," tying that to a theme he calls "tech sovereignty." On the listing sequence, he states that the U.S. market is a step in the company's strategy because U.S. capital markets "have the greatest capital depth and access to capital," and that Pasqal plans to start with a Nasdaq listing and then "do a Euronext Paris offering as well," with the ultimate goal of trading on both Nasdaq and, primarily, Euronext. Asked whether the sequence implies a capital problem in Europe, Bokhari states in the transcript that "late-stage capital access is a problem in Europe," describing it as a problem shared by deep-tech companies that must raise hundreds of millions of euros and build sizable balance sheets at late stage.

What the two filings, read together, document

Read side by side, the filings document two distinct quantum-hardware approaches taking the same financing path at the same moment: IQM, a Finnish company that the filing describes as building superconducting quantum computers, and Pasqal, a French company pursuing a Nasdaq listing as the first step toward a dual U.S.-Euronext structure. Both transactions are framed as business combinations with Nasdaq-listed SPACs — RAAQ for IQM, whose units, shares, and warrants the 8-K shows trade as RAAQU, RAAQ, and RAAQW; and Bleichroeder Acquisition Corp. II for Pasqal. The filings disclose process milestones rather than final outcomes: each transaction remains subject to the conditions and shareholder approvals described in the underlying registration statements and proxy materials, and both filings carry extensive forward-looking-statement cautions noting that the business combinations may not be consummated and that anticipated benefits may not be realized. Specific final deal valuations are not stated in these two documents; the figures disclosed are IQM's stated $146 million upsized PIPE and unit count of 23 systems sold, and Pasqal's stated listing sequencing — with any value not contained in the filings left undisclosed by them.