French quantum computing leader Pasqal is set to go public through a merger with Bleichroeder Acquisition Corp II, valuing the company at $2 billion. This strategic move, bolstered by a $200 million private funding round, aims to accelerate the firm’s mission to develop fault-tolerant quantum technology while maintaining its French roots.
A Strategic Leap to the Nasdaq
Following in the footsteps of Finnish rival IQM, Pasqal is leveraging the U.S. capital markets to secure the scale and revenue multiples necessary for long-term quantum research. The merger with Bleichroeder—backed by telecom veteran Michel Combes and investment advisor Andrew Gundlach—is expected to close in the second half of 2026. Beyond the initial Nasdaq listing, the company plans a secondary listing on Euronext between 2026 and 2027.
Maintaining French Sovereignty
Despite the U.S. listing, Pasqal is emphasizing its commitment to France. The company will remain headquartered in Palaiseau, near Paris, keeping its core operations close to key research partners like EDF and Thales. Bpifrance, the French public investment bank, remains a cornerstone shareholder and board participant.
To further solidify its local identity, Pasqal intends to appoint a French non-executive chair. This move comes as the company navigates the complex history of its lead independent director nominee, Michel Combes. While Combes has faced past scrutiny in France, his leadership is viewed by the company as a bridge to international growth.
Technological Edge and Market Growth
Pasqal’s competitive advantage lies in its “neutral atom” approach to quantum computing, a technology pioneered by co-founder and Nobel laureate Alain Aspect. Unlike competitors betting on superconducting qubits, Pasqal is already generating tens of millions in annual revenue through hardware, software, and cloud services.
Operational Roadmap
- R&D Focus: Heavy investment in fault-tolerant quantum computing for healthcare, drug discovery, and cybersecurity.
- Production Capacity: The SPAC proceeds will fund a plan to double manufacturing capacity within the next 24 months.
- Job Creation: The company has committed to hiring 50 high-skilled workers in France over the next 18 months.
Management Realignment
The transition to public markets coincides with a shift in leadership. Wasiq Bokhari has stepped into the CEO role, while former CEO Loïc Henriet has returned to his roots as Chief Technology Officer. This realignment is designed to streamline the company’s technical output as it prepares for the rigors of the Nasdaq.
The $200 million pre-listing funding round saw significant participation from major global players, including Parkway, Quanta Computer, LG Electronics, and CMA CGM. With its current backers—including Temasek, the European Innovation Council Fund, and Saudi Aramco Entrepreneurship Ventures—Pasqal is positioning itself to be a dominant global force in the quantum race.