Pasqal Holding SAS, a global leader in neutral atom quantum computing, has announced a definitive business combination agreement with Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ). Once completed, the combined company will operate under the Pasqal name and is expected to be listed on Nasdaq in the second half of 2026. The transaction values Pasqal at $2.0 billion pre-money and includes $200 million in committed convertible financing, positioning the company to accelerate its quantum roadmap, demonstrate quantum advantage, and expand commercially worldwide.
A Quantum Computing Powerhouse
Founded on Nobel Prize-winning research, Pasqal develops neutral atom quantum computers and cloud-ready software to tackle challenges in optimization, simulation, and AI. Headquartered in France with over 275 employees—including 70 PhDs—Pasqal serves more than 25 global clients and partners, and has deployed 7 quantum computers with 3 more in production, making it the world’s leading pure-play neutral atom quantum computing company in terms of deployed systems.
Co-founder Alain Aspect, 2022 Nobel Laureate for work on entangled photons, and Antoine Browaeys, 2025 John Stewart Bell Prize winner, lead a team of scientific innovators, with French sovereign backing supporting strategic growth and global expansion.
“Pasqal brings a combination of leading technology, customer traction, and commercial scaling,” said Wasiq Bokhari, CEO of Pasqal Holding SAS. “This funding gives us the fuel to further cement our leadership in the quantum computing industry.”
Transaction Details and Strategic Impact
The SPAC merger is expected to provide over $600 million in gross proceeds, including:
- $289 million cash in Bleichroeder’s trust account
- $200 million of convertible financing from institutional investors including Inflection Point and BPIfrance Large Venture
- $158 million cash on Pasqal’s balance sheet
Proceeds will fund the commercial deployment of quantum technologies, development of error-corrected quantum systems, and global market expansion, enabling Pasqal to deliver practical quantum advantage in real-world applications.
The combined company’s pro forma enterprise value is $2.0 billion, with a market capitalization of $2.6 billion, offering investors exposure to a commercially active, sovereign-backed quantum computing leader.
Commercial Traction and Global Partnerships
Pasqal has reported approximately 100% revenue growth in 2025 (unaudited) with $80 million in booked and awarded business, including multi-year customer contracts. Its clients include industry leaders like IBM, NVIDIA, Sumitomo, CMA CGM, Thales, and LGE, leveraging Pasqal’s quantum computing solutions for critical technology applications.
With capacity to scale to 13 quantum processing units (QPUs) per year across manufacturing facilities in France and Canada, Pasqal is positioned to expand both scientific leadership and operational scale globally.
“Pasqal represents the strength of French scientific excellence translated into commercial leadership,” said Michel Combes and Andrew Gundlach, co-sponsors of Bleichroeder. “We believe this partnership provides the capital and platform to accelerate Pasqal’s growth as a global leader in neutral atom quantum computing.”
Why It Matters
As the quantum computing industry moves from theory to deployment, Pasqal stands out as a commercially ready, scientifically validated, and internationally backed player. Its neutral atom approach, global client base, and sovereign support create a compelling investment opportunity for enterprises and investors seeking exposure to scalable, high-performance quantum computing.
The transaction remains subject to regulatory and shareholder approvals, including Nasdaq listing clearance and SEC review of the Form F-4 registration statement.
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