French quantum computing company Pasqal Holding is set to become a publicly traded entity following a merger agreement with special purpose acquisition company (SPAC) Bleichroeder Acquisition Corp II.

The business combination, which assigns Pasqal a pre-money equity value of $2bn, is scheduled to close in the second half of 2026. Upon completion, the merged company will operate under the Pasqal name and intends to list on the Nasdaq, with plans also underway for a dual listing on Euronext Paris.

The transaction is contingent on regulatory reviews, shareholder approval including that of Bleichroeder’s shareholders, and clearance from the US Securities and Exchange Commission (SEC).

Pasqal develops neutral atom quantum computers and associated technologies for applications across industry, academia, and government. The company employs more than 275 people in France and Canada, and serves over 25 clients internationally.

Client engagements include CMA CGM, OVHcloud, Thales, IBM as part of the IBM Quantum Network, NVIDIA, and Sumitomo.

Since its founding in 2019, Pasqal has built high-performance quantum systems as well as cloud-accessible software designed to address computational challenges in optimisation, simulation, and machine learning. More than $300m in funding has been raised from a network of international investors and French sovereign sources.

The pro forma market capitalisation of the merged entity is expected to be around $2.6bn.

Pasqal expects gross proceeds exceeding $600m through several channels. This includes roughly $289m in cash held by Bleichroeder as of late February 2026, $200m from convertible financing led by Inflection Point along with anchor investor BPIfrance Large Venture and other institutional participants.

About $158m is already on Pasqal’s balance sheet as reported at the end of February 2026.

Proceeds from the transaction are expected to support the advancement and commercialisation of the company’s quantum technologies and product offerings. The capital raised will also enable broader development of scalable, error-corrected quantum computing systems and support global market expansion while strengthening operational capabilities.

Pasqal CEO Wasiq Bokhari said: “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.” 

The boards of both Pasqal and Bleichroeder have approved the merger agreement. The process includes additional conditions such as approval from Nasdaq for listing.

Simultaneously with preparations for public listing via SPAC, Pasqal has completed a €170m private funding round together with a committed convertible facility of approximately €170m, bringing anticipated total capital raised to at least €340m. These funds will primarily support research and development infrastructure in Palaiseau, France.

Planned investments include scaling production capacity within two years, expanding headcount by around 20% with 50 new hires projected over 18 months. The company also intends to accelerate research focused on fault-tolerant quantum computing systems with an objective to deliver such a platform before the end of this decade.

The latest funding round introduces new investors including Parkway, Quanta Computer, LG Electronics, and CMA CGM. Existing backers such as the European Innovation Council Fund, Temasek, Saudi Aramco Entrepreneurship Ventures and ISAI remain involved. Bpifrance retains its position as both shareholder and participant in Pasqal’s governance.

Pasqal was co-founded by Nobel Prize winner Alain Aspect who is recognised for foundational work involving entangled photons. Antoine Browaeys, who is also among the founders, had received the John Stewart Bell Prize for research into quantum simulation using Rydberg atoms.

To date, Pasqal has deployed seven neutral atom quantum computers with three more in production across France and Canada.

The governance structure post-transaction will see appointment of a non-executive Chairperson with French nationality while maintaining its legal incorporation and headquarters in Palaiseau. This arrangement was developed collaboratively with shareholders to retain domestic oversight while facilitating international expansion.

Bleichroeder co-sponsors Michel Combes and Andrew Gundlach said: “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.”

Last month, Pasqal delivered Italy’s first neutral atom quantum computer. This system features 140 qubits and was commissioned at Bologna’s DAMA Emilia-Romagna Technopole for CINECA.

The installation was co-funded by EuroHPC Joint Undertaking and Italy’s Ministry of University and Research as part of efforts to establish integrated European high-performance computing (HPC) and quantum infrastructure.

The system at CINECA interfaces directly with the Leonardo pre-exascale supercomputer platform. This hybrid environment allows computational tasks such as advanced materials simulations or combinatorial optimisation to be dynamically routed between classical HPC resources and specialised quantum processors.