IQM Quantum Computers (IQMXW) files F-1 for 8.6M warrant shares and major resale IQM Quantum Computers Oyj, a Finland-based quantum computing company, is registering a mixed primary and resale offering tied to its recent SPAC business combination with Real Asset Acquisition Corp. The registration covers the potential issuance of 8,624,989 ordinary shares, including shares represented by ADSs, upon exercise of listed Public Warrants at $11.50 per share, which could provide up to $99.2 million in gross proceeds if fully exercised for cash. It also registers for resale 12,579,320 ordinary shares, including ADSs, plus 3,905,981 Private Placement Warrants held by selling securityholders; the company will not receive proceeds from these resales. IQM had 189,496,218 shares outstanding as of the prospectus date, or 198,121,207 assuming full Public Warrant exercise. The company is an early-stage "emerging growth company" and "foreign private issuer" focused on superconducting quantum computers delivered on-premises and via cloud access. It reports significant losses (including €54.4 million in 2025 and an accumulated deficit of €232.2 million) and depends heavily on public-sector and HPC customers. IQM highlights numerous risks, including unproven large-scale commercialization of quantum computing, intense global competition, supply-chain and cybersecurity exposure, and ongoing capital needs. Positive - None. Negative - None. Filing Explained The August 3 preliminary filing does not itself permit sales; it records a completed 145.5 million dollar PIPE and leaves warrant issuance conditional. IQM's August 3 Form F-1 is preliminary: the registered securities cannot be sold until the registration statement becomes effective, so this filing creates registration capacity rather than documenting new public sales or warrant exercise. The filing separately records that PIPE investors purchased approximately Public-warrant shares remain issuable only if holders exercise at The next specified milestone is effectiveness of the registration statement: until then, the registered shares and warrants are not permitted to