Quantum computing company Pasqal plans to go public through a merger with Bleichroeder Acquisition Corp. II, a special purpose acquisition company (SPAC), in a deal that values the French startup at about $2 billion before the transaction.
The companies announced they have signed a definitive business combination agreement that will see the combined entity operate under the Pasqal name and list on NASDAQ.
The deal is expected to close in the second half of 2026, subject to regulatory approvals and shareholder votes. As part of the transaction, Pasqal has secured $200 million in committed convertible financing.
The round is anchored by sponsor-affiliated investor Inflexion Point, alongside existing investor Bpifrance Large Venture and several other institutional backers.
Funding and transaction structure
The SPAC merger values Pasqal at a $2 billion enterprise value, with the combined company expected to reach a pro forma market capitalisation of about $2.6 billion after the transaction.
The deal could generate more than $600 million in gross proceeds, made up of:
- roughly $289 million held in Bleichroeder’s trust account
- $200 million in convertible financing
- about $158 million already on Pasqal’s balance sheet
The funds are expected to support the development and commercialisation of Pasqal’s quantum computing technology, including work on fault-tolerant systems and scalable quantum processors.
Quantum startup built on Nobel Prize research
Pasqal was co-founded by physicist Alain Aspect, who won the Nobel Prize in Physics for his work on quantum entanglement and Bell inequalities. The company focuses on neutral-atom quantum computing, a technology that uses arrays of laser-controlled atoms to perform quantum calculations.
The French company develops both quantum hardware and software designed for applications such as optimisation, simulation, and artificial intelligence. The company says it employs more than 275 staff, including around 70 PhDs.
Pasqal has deployed seven quantum computers so far, with three more systems currently in production. The company also claims the ability to scale manufacturing to 13 quantum processing units (QPUs) per year through facilities in France and Canada.
The company has partnerships with several technology firms, including IBM, where Pasqal is part of the IBM Quantum Network, and NVIDIA.
It also works with commercial customers such as Sumitomo, LG Electronics, CMA CGM, and Thales.
According to the company, Pasqal recorded roughly 100% revenue growth in 2025, though the figures are unaudited. It also reports about $80 million in booked or awarded contracts, including grant funding and multi-year commercial agreements.
