Swiss-based Terra Quantum changes partner ahead of $3.5 billion listing

ZURICH, May 26 (Reuters) – Terra Quantum has changed its partner for its planned $3.5 billion listing, the Swiss quantum technology company said on Tuesday.

The German-Swiss company will merge with Axiom Intelligence Acquisition Corp 1, a special purpose acquisition company already listed on the Nasdaq global market, it said.

The transaction value represents an increase from a previously announced non-binding letter of intent with another SPAC, Mountain Lake Acquisition Corp II, which valued it at $3.25 billion, the company said.

The combined company will retain the Terra Quantum name and is expected to list on Nasdaq when the transaction closes in the second half of 2026. The deal will deliver proceeds of roughly $190 million.

Chief Executive Markus Pflitsch said the listing would give Terra Quantum added resources and visibility to expand globally and accelerate innovation.

Terra Quantum, headquartered in St. Gallen, develops quantum algorithms, quantum security tools and hybrid quantum-classical computing systems.

Quantum technologies seek to harness the laws of quantum mechanics to perform tasks that go beyond what is realistically achievable using conventional computing.

Terra Quantum, which has roughly 200 staff, has clients including the U.S. Air Force, German industrial conglomerate Siemens, consumer goods company Unilever as well as banks HSBC and BBVA.

(Reporting by John Revill, Editing by Friederike Heine)