Quantum scale-up Pasqal plans $2B SPAC listing, promises to ‘remain French’

French quantum computing startup Pasqal has announced plans to go public through a $2 billion SPAC merger, marking a major milestone for Europe’s rapidly growing quantum technology sector.

The company intends to merge with Bleichroeder Acquisition Corp. II, a special purpose acquisition company (SPAC), which would lead to a listing on the Nasdaq stock exchange. The deal values Pasqal at $2 billion before the merger, with additional funding expected from private investors.

Despite its global ambitions and planned U.S. listing, Pasqal has emphasized that it will “remain French”, maintaining its headquarters and legal identity in France while continuing to invest heavily in local research and development.

The move highlights the increasing momentum behind quantum computing startups in Europe, as companies race to develop next-generation computing technologies capable of solving complex scientific and industrial problems.

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What Pasqal Does

Pasqal is a full-stack quantum computing company that builds both quantum hardware and software systems.

The company focuses on neutral-atom quantum computing, a technology that uses lasers to control arrays of atoms acting as qubits—the fundamental units of quantum information.

Pasqal’s systems are designed to solve complex problems in areas such as:

• Drug discovery and molecular simulation
• Logistics and supply chain optimization
• Financial modeling
• Climate and energy research

Unlike traditional computers, quantum systems can process certain calculations exponentially faster, making them valuable for industries dealing with extremely complex datasets.

Pasqal already generates revenue from hardware, cloud access, and software tools used by research labs and industrial partners.

Details of the $2B SPAC Deal

The planned SPAC merger will combine Pasqal with Bleichroeder Acquisition Corp. II, a Nasdaq-listed shell company created specifically to take private companies public.

Key details of the transaction include:

• $2 billion pre-money valuation
• $200 million in committed convertible financing
• Planned Nasdaq listing in 2026
• Potential dual listing on Euronext Paris later

If completed, the combined company could reach a market capitalization of around $2.6 billion.

The funds raised through the listing are expected to support Pasqal’s efforts to:

• Expand quantum hardware production
• Invest in research and development
• Accelerate global commercial partnerships

The deal is still subject to regulatory approvals and shareholder votes, with completion expected in the second half of 2026.

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Why Pasqal Wants to “Remain French”

Even though the company plans to list on Nasdaq, Pasqal has strongly emphasized its commitment to France.

The company’s headquarters will remain in Palaiseau near Paris, a major hub for scientific research and technology development.

Pasqal also plans to:

• Maintain its French legal status
• Appoint a French non-executive board chair
• Continue building its research infrastructure in France
• Create 50 new high-skilled jobs over the next 18 months
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This commitment reflects broader European efforts to retain strategic technology companies within the region while still accessing international capital markets.

The Race to Build Scalable Quantum Computers

Pasqal is competing with several other companies trying to develop commercially viable quantum computers.

Different companies are exploring different technological approaches, including:

• Superconducting qubits
• Trapped ions
• Photonic quantum systems
• Neutral-atom architectures

Pasqal’s neutral-atom approach was pioneered by its co-founder Alain Aspect, a Nobel Prize–winning physicist whose research laid the foundation for the technology.

The company aims to develop fault-tolerant quantum computers by the end of the decade, which could unlock major breakthroughs across science and industry.

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How the Funding Will Be Used

The capital raised through the SPAC transaction and private funding will help Pasqal expand its capabilities.

Planned investments include:

• Expanding quantum computer production capacity
• Building new research infrastructure
• Scaling commercial partnerships worldwide
• Developing next-generation quantum processors

The company also plans to double its production capacity within the next two years to support growing demand for quantum computing services.

Major investors backing the company include:

• Quanta Computer
• LG Electronics
• CMA CGM
• European Innovation Council Fund
• Temasek

These partnerships reflect the increasing global interest in quantum computing as a strategic technology.

What This Means for the Quantum Industry

Pasqal’s public listing could mark an important moment for Europe’s quantum technology ecosystem.

The company’s growth shows that quantum startups are moving beyond academic research into commercial deployment and large-scale industrial partnerships.

A successful Nasdaq listing could:

• Attract more investment into European quantum startups
• Strengthen global competition in quantum computing
• Accelerate development of practical quantum applications

As governments and companies invest billions into quantum technologies, firms like Pasqal are positioning themselves at the center of the next major computing revolution.

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Final Thoughts

Pasqal’s planned $2 billion SPAC listing reflects the growing confidence in quantum computing as a transformative technology.

By raising capital from global markets while maintaining its French identity, the company is attempting to balance international expansion with national technological sovereignty.

If successful, Pasqal could become one of the leading players in the global race to build scalable quantum computers—helping push the industry closer to real-world quantum advantage.

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FAQ

What is Pasqal?

Pasqal is a French quantum computing company that develops hardware and software based on neutral-atom quantum technology.

Why is Pasqal going public through a SPAC?

A SPAC merger allows the company to enter public markets more quickly while raising significant capital for growth.

How much is Pasqal valued at?

The planned transaction values Pasqal at around $2 billion before the merger.

Will Pasqal move its headquarters to the United States?

No. The company has confirmed it will remain headquartered in France.

What industries could benefit from Pasqal’s technology?

Quantum computing could transform industries such as pharmaceuticals, logistics, finance, and energy research.

When will Pasqal be listed on Nasdaq?

The company expects the SPAC transaction and Nasdaq listing to close in the second half of 2026, pending regulatory approval.