Pasqal plans $2B Nasdaq listing via SPAC merger

Pasqal, a French quantum computing company, plans to list on the Nasdaq (the US stock exchange) through a merger with Bleichroeder Acquisition Corp II, a SPAC (Special Purpose Acquisition Company). The transaction, which is expected to close in the second half of 2026, values Pasqal at a pre-money valuation of $2 billion. The deal is accompanied by a private funding round and is projected to result in a pro-forma market capitalization of approximately $2.6 billion.

The financial details of the transaction include:

• Pre-money valuation: $2 billion
• Private funding round: $200 million, with investments from Parkway, Quanta Computer, LG Electronics, and CMA CGM
• Expected pro-forma market capitalization: Approximately $2.6 billion

The Nasdaq float is scheduled for this year, and the company will prepare to list on Euronext in 2026 or 2027. This dual-listing strategy allows Pasqal to access North American market scale while reassuring its European backers. Bpifrance (the French public investment bank) is a key shareholder and will remain active on Pasqal’s board and cap table. Other backers of the company include the European Innovation Council Fund, Series B lead investor Temasek, Saudi Aramco Entrepreneurship Ventures, and ISAI.

Pasqal expects to “remain French” and will keep its legal entity and headquarters in Palaiseau, a suburb of Paris. Palaiseau houses academic institutions and industrial research centers run by Pasqal’s clients, energy giant EDF and defense company Thales. To further reinforce this commitment, the company intends to appoint a new non-executive chair who holds French nationality to its board.

As part of its growth plans, Pasqal plans to hire 50 people over the next 18 months and expects to double its production capacity within 24 months. The company also plans to develop a fault-tolerant quantum computer by the end of the decade, continuing its work on the neutral atom path championed by co-founder and physics Nobel laureate Alain Aspect.

However, the transition includes leadership changes that may face scrutiny in France. Michel Combes, a French telecom veteran, is set to serve as the lead independent director of Pasqal after the deal closes. Combes was publicly rebuked by French President Emmanuel Macron in 2015 for his exit package when stepping down as CEO of Alcatel-Lucent, and he later left SoftBank in 2022. Additionally, Pasqal has reshuffled its executive team: former executive chairman Wasiq Bokhari is now CEO, while Loïc Henriet has returned to the role of CTO.

Why it matters

Pasqal is graduating from private to public markets to capture U.S. scale and capital, testing whether a European deep-tech firm can maintain its sovereign identity while chasing growth.