Pasqal, a France-based neutral-atom quantum computing company, announced it has entered into a definitive business combination agreement with Bleichroeder Acquisition Corp. II, which will take the company public and value it at $2 billion pre-money.
The proposed transaction is expected to close in the second half of 2026, subject to regulatory approvals and shareholder consent. Following the closing, the combined company will operate under the Pasqal name and is expected to list on Nasdaq.
The deal includes $200 million in committed convertible financing anchored by sponsor-affiliated investor Inflection Point and existing Pasqal investor BPIfrance Large Venture, along with other institutional investors. In total, the transaction is expected to provide more than $600 million in gross proceeds to the company when including the SPAC trust account funds and Pasqal’s existing cash.
Pasqal said the capital will help accelerate the commercialization of its neutral-atom quantum computing technology, expand its international footprint, and advance the development of fault-tolerant quantum computing systems.
Founded in 2019 and headquartered in France, Pasqal focuses on building quantum computers based on neutral atoms and developing cloud-ready software for complex problems in optimization, simulation, and artificial intelligence. The company was co-founded by Alain Aspect and has deployed seven quantum computers globally, with three more currently in production.
Pasqal currently employs more than 275 people, including about 70 PhDs, and works with over 25 customers and partners across industry and research. The company collaborates with organizations such as IBM and NVIDIA and counts customers including Sumitomo Corporation, LG Electronics, and CMA CGM.
According to the company, Pasqal experienced approximately 100% revenue growth in 2025 and has about $80 million in booked and awarded business, including grants and multi-year contracts. The company said its technology roadmap includes scaling manufacturing capacity to produce up to 13 quantum processing units per year across facilities in France and Canada.
KEY QUOTES:
“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.”
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 Of Pasqal Holding SAS
