European Quantum Computing Company Pasqal Announces SPAC Merger
Amidst the increasing interest from investors in quantum technologies, another European player in the field is making its way to the public markets. Following in the footsteps of Finnish quantum unicorn IQM, Pasqal, a French quantum computing company, has announced its plans to go public through a merger with a special purpose acquisition company (SPAC).
Pasqal’s SPAC deal, in conjunction with a $200 million private funding round, will involve a merger with Bleichroeder Acquisition Corp II and a subsequent listing on the Nasdaq exchange. This transaction values Pasqal at $2 billion pre-money.
Bleichroeder Acquisition Corp II is backed by Michel Combes, a prominent figure in the French telecom industry who has previously held leadership positions at Vodafone and Alcatel-Lucent, along with Andrew Gundlach, an investment advisor.
As a full-stack quantum computing company, Pasqal competes directly with big tech companies. It generates significant annual revenue by offering hardware, software, and cloud services to laboratories and industry partners.
The decision to pursue a dual listing on both the Nasdaq and Euronext reflects Pasqal’s strategy to access the scale and revenue multiples offered by the U.S. markets while also maintaining a presence in Europe. The company aims to debut on the Nasdaq this year and subsequently list on Euronext in 2026 or 2027.
Despite its global ambitions, Pasqal remains committed to its French roots. The company plans to retain its status as a French legal entity headquartered in Palaiseau, near Paris, where it collaborates with academic institutions and industrial research centers operated by clients like EDF and Thales. Additionally, Pasqal intends to appoint a new non-executive chair of French nationality to its board.
With the SPAC transaction expected to finalize in the second half of 2026, Pasqal anticipates a pro-forma market capitalization of approximately $2.6 billion. This influx of capital will enable the company to double its production capacity within the next 24 months.
Building on its technical foundation, Pasqal plans to continue investing heavily in research and development to achieve a fault-tolerant quantum computer by the end of the decade. These advancements are crucial for unlocking applications in diverse fields such as drug discovery, healthcare, and cybersecurity.
The $200 million private funding round saw contributions from key investors including Parkway, Quanta Computer, LG Electronics, and CMA CGM, in addition to support from the European Innovation Council Fund, Temasek, Saudi Aramco Entrepreneurship Ventures, and ISAI.
