Pasqal Plans $2B Nasdaq Listing via SPAC Merger

French quantum computing developer Pasqal is moving to the public markets, announcing a merger with Bleichroeder Acquisition Corp II that values the company at $2 billion. The deal follows a $200 million private funding round and marks a significant push for the Paris-based firm to scale its neutral atom quantum technology on a global stage.

Strategic Growth and Dual-Listing Plans

The transition to the Nasdaq is part of a broader strategy to secure the capital necessary for long-term research and development. While the U.S. listing is expected to close in the second half of 2026, Pasqal intends to maintain a footprint in Europe with a subsequent listing on Euronext, projected for late 2026 or 2027.

This dual-listing approach is designed to appease domestic stakeholders, including the public investment bank Bpifrance, which remains a primary shareholder. Pasqal has emphasized that it will retain its French legal status, with headquarters remaining in Palaiseau, near Paris.

Management and Operational Changes

The path to the public markets coincides with a internal leadership shuffle:

• Wasiq Bokhari: Transitioned from executive chairman to the role of CEO.
• Loïc Henriet: Returns to the position of CTO after previously serving as sole CEO and co-CEO.
• Michel Combes: The telecom veteran and backer of Bleichroeder is slated to become the lead independent director of the combined entity.

The company also plans to appoint a new non-executive chair of French nationality to the board, further reinforcing its commitment to its roots. These moves come as Pasqal looks to capitalize on its existing revenue streams, which currently reach into the tens of millions through hardware, software, and cloud service offerings for industrial partners like EDF and Thales.

Technology and Market Outlook

Unlike competitors such as IQM, which utilize superconducting qubits, Pasqal focuses on the neutral atom approach, a field pioneered by co-founder and Nobel laureate Alain Aspect. The firm aims to utilize the proceeds from the SPAC transaction to double its production capacity within two years and pursue the development of a fault-tolerant quantum computer by the end of the decade.

The $200 million private round supporting this transition included contributions from LG Electronics, Quanta Computer, Parkway, and CMA CGM. With a projected pro-forma market capitalization of $2.6 billion, Pasqal is positioning itself to compete directly with major U.S. players while leveraging the perceived geopolitical advantages of being a European-led provider in critical sectors like cybersecurity and drug discovery.