The neutral-atom quantum computing firm plans a U.S. public debut while promising to keep its headquarters—and identity—firmly in France.
Europe’s quantum computing race is accelerating, and French startup Pasqal is the latest contender heading for public markets.
The company plans to merge with Bleichroeder Acquisition Corp II in a SPAC deal valuing Pasqal at $2 billion pre-money, alongside a $200 million private funding round. After the merger, Pasqal will list on the Nasdaq, giving the scale-up access to deeper capital pools.
The move follows a similar announcement from Finnish rival IQM, signaling a broader push by European quantum firms to tap U.S. public markets for growth capital.
A Quantum Challenger to Big Tech
Pasqal positions itself as a full-stack quantum computing company, building both hardware and software systems.
The company already generates tens of millions of dollars in annual revenue, selling quantum hardware, software, and cloud services to research labs and industry partners.
Key offerings include:
- Quantum hardware systems
- Quantum software development tools
- Cloud-based quantum computing access
The capital raised through the SPAC will help Pasqal expand production and accelerate research.
Quantum computing remains a long-term bet—similar to early commercial space ventures—where massive upfront investment precedes commercial payoff.
Dual Listing Strategy: Nasdaq First, Europe Later
Pasqal plans a dual listing strategy.
The company will debut on Nasdaq in 2026, followed by a listing on Euronext between 2026 and 2027.
This hybrid approach aims to balance two goals:
- Access the higher valuations and liquidity of U.S. markets
- Maintain strong ties with European investors and institutions
The combined transaction is expected to result in a pro-forma market capitalization of about $2.6 billion.
“We Will Remain French”
Despite the U.S. listing, Pasqal is emphasizing its French identity.
The company confirmed it will:
- Remain a French legal entity
- Keep its headquarters in Palaiseau near Paris
- Appoint a French national as non-executive chair
Its location places the firm inside a cluster of academic and industrial research institutions, including partners EDF and Thales.
France’s public investment bank Bpifrance will remain a key shareholder and maintain a board presence.
Pasqal also plans to hire 50 employees in France over the next 18 months, reinforcing its commitment to domestic tech growth.
Leadership Shifts and High-Profile Backers
The announcement quietly revealed a leadership reshuffle.
- Wasiq Bokhari has taken over as CEO.
- Loïc Henriet, previously CEO, has returned to the role of CTO.
After the merger closes, Michel Combes, a former Vodafone and Alcatel-Lucent CEO, will serve as lead independent director.
Combes remains a controversial figure in French corporate circles due to the 2015 Alcatel-Lucent takeover saga, when his exit package drew public criticism.
Still, he later worked at SoftBank Group International, where he backed several European scale-ups.
The Technology Bet: Neutral Atom Quantum Computing
Pasqal’s technology rests on neutral atom quantum computing, an approach championed by co-founder and Nobel Prize-winning physicist Alain Aspect.
Competing quantum systems rely on different architectures.
For example:
- IQM focuses on superconducting qubits.
- Pasqal uses neutral atom arrays controlled by lasers.
Each approach offers different advantages in scalability and error rates, and the industry has not yet settled on a dominant architecture.
The company’s goal: build a fault-tolerant quantum computer by the end of the decade.
Such systems could unlock breakthroughs in:
- Drug discovery
- Healthcare modeling
- Cybersecurity
- Complex industrial simulations
Funding the Quantum Arms Race
Pasqal’s $200 million private funding round includes investors such as:
- Parkway
- Quanta Computer
- LG Electronics
- CMA CGM
Its broader investor base includes:
- European Innovation Council Fund
- Temasek
- Saudi Aramco Entrepreneurship Ventures
- ISAI
The SPAC deal is expected to close in the second half of 2026, with proceeds earmarked to double production capacity within two years.
Why the Timing Matters
Quantum computing remains a high-risk, high-reward frontier.
But investor enthusiasm has surged recently as governments and corporations pour billions into the field. For startups like Pasqal, access to U.S. capital markets could determine whether Europe remains competitive with American and Chinese quantum leaders.
The company’s balancing act is clear: raise money on Wall Street—while keeping its scientific and industrial roots in France.
TL;DR:
French quantum computing startup Pasqal plans a $2B SPAC merger with Bleichroeder Acquisition Corp II and a Nasdaq listing, alongside a $200M private funding round. The company will remain headquartered in France and pursue a dual listing strategy while investing heavily in neutral-atom quantum computing.
AI Summary:
- Pasqal plans a $2B SPAC listing on Nasdaq with Bleichroeder Acquisition Corp II.
- A $200M funding round accompanies the transaction.
- The company will remain headquartered in France with Bpifrance as a key investor.
- Pasqal develops neutral-atom quantum computers.
- The deal could value the firm at $2.6B post-transaction.
