Pasqal Holding SAS, a France‑headquartered company specializing in neutral atom quantum computing, has announced two significant developments in its corporate trajectory.
The company has completed a €170 million private funding round alongside a committed US$200 million (approximately €170 million) convertible financing. In parallel, Pasqal has entered into a definitive business combination agreement with Bleichroeder Acquisition Corp. II, a Nasdaq‑listed special purpose acquisition company (SPAC).
The combined transaction values Pasqal at $2 billion pre‑money, with a pro forma market capitalization of approximately $2.6 billion. The deal is expected to close in the second half of 2026, subject to customary regulatory and shareholder approvals. Following completion, Pasqal intends to pursue a dual listing on Nasdaq and Euronext Paris, with the Nasdaq listing targeted for 2026 and Euronext preparations beginning in parallel for 2026 or 2027.
Funding and Strategic Priorities
The capital raised, together with proceeds from the SPAC transaction, is expected to exceed €340 million. Pasqal has indicated that these funds will be directed toward strengthening its infrastructure in France, particularly in research and development and industrial capacity. Plans include doubling production capacity within 24 months, expanding its workforce by nearly 20% with 50 new hires, and advancing work on a fault‑tolerant quantum computer by the end of the decade.
Bpifrance, a shareholder since 2021, will continue to play a role in governance and equity. The anticipated governance structure of the post‑transaction company includes the appointment of a new non‑executive chair of French nationality, reflecting Pasqal’s intention to maintain its legal and operational headquarters in Palaiseau while expanding internationally.
The funding round brought together a range of international investors, including Parkway, Quanta Computer, LG Electronics, CMA CGM, Temasek, Saudi Aramco Entrepreneurship Ventures, ISAI, and the European Innovation Council Fund. Existing investors such as Bpifrance Large Venture also participated.
Company Background and Operations
Founded in 2019 and co‑created by Nobel Prize laureate Alain Aspect, Pasqal develops quantum processors based on neutral atom technology. The company employs more than 275 staff, including 70 PhDs, and has deployed seven quantum computers to date, with three more in production. Pasqal reports that it currently serves over 25 clients and partners worldwide, including IBM (as part of the IBM Quantum Network), NVIDIA, Sumitomo, Thales, LG Electronics, CMA CGM, and OVHcloud.
Pasqal’s systems are designed to address computational challenges in optimization, simulation, and artificial intelligence. The company reported approximately 100% revenue growth in 2025 (unaudited) and has secured around $80 million in booked and awarded business, including grants and multi‑year customer contracts.
Transaction Details
The business combination with Bleichroeder Acquisition Corp. II is expected to provide more than $600 million in gross proceeds to Pasqal, including:
- Approximately $289 million cash held in Bleichroeder’s trust account as of February 28, 2026 (assuming no redemptions).
- $200 million of convertible financing anchored by sponsor‑affiliated investor Inflection Point, Bpifrance Large Venture, and other institutional investors.
- Approximately $158 million cash on Pasqal’s balance sheet as of February 28, 2026.
Proceeds are expected to support the advancement and commercialization of Pasqal’s quantum technologies, accelerate the development of scalable error‑corrected systems, and enable broader international expansion.
“Pasqal represents the strength of French scientific excellence translated into commercial leadership. Built on Nobel Prize-winning research and supported by France’s deep national commitment to quantum innovation, Pasqal has already deployed quantum computers globally and is delivering real-world capability today. We believe this partnership provides the capital and platform to accelerate Pasqal’s growth as a global leader in neutral atom quantum computing. We are proud to support Pasqal, which combines sovereign European roots with international ambition and the ability to scale to become a global quantum leader,” said Michel Combes and Andrew Gundlach, Co-Sponsors of Bleichroeder Acquisition Corp. II.
Pasqal brings a combination of some of the world’s leading neutral atom quantum computing technology, deep customer traction, commercial scaling and solid sovereign support. This funding gives us the fuel to further cement our leadership in the quantum computing industry as a global shareholder-focused French company.”
Wasiq Bokhari, CEO Pasqal
