French Quantum Challenger Pasqal Aims for Nasdaq in $2 Billion Public Move

Pasqal, a French quantum computing firm, is preparing for a public listing on the Nasdaq through a merger with a special purpose acquisition company, Bleichroeder Acquisition Corp II. The deal values the company at $2 billion and includes a concurrent $200 million private investment from groups including Parkway, Quanta Computer, LG Electronics, and CMA CGM.

The move follows a similar path taken by quantum competitor IQM and comes as U.S.-listed quantum stocks have rallied. Pasqal generates revenue in the tens of millions by selling its full-stack quantum systems - hardware, software, and cloud access - to industrial and research clients.

Despite the U.S. listing, scheduled for this year, Pasqal emphasized its commitment to remaining a French legal entity headquartered in Palaiseau, near Paris. The company plans a subsequent listing on Euronext in late 2026 or 2027. Key French shareholder Bpifrance will retain its board position, and Pasqal intends to appoint a new non-executive chair of French nationality.

This European anchor is strategic. The company stated it will create 50 highly qualified jobs in France over the next 18 months. In a global climate where national technological sovereignty is a priority, maintaining a distinctly French identity could offer diplomatic and commercial advantages.

The SPAC transaction, expected to close in the latter half of 2026, would provide capital to double production capacity within two years and fund research. Pasqal is pursuing a fault-tolerant quantum computer by 2030, building on the neutral-atom architecture pioneered by its Nobel laureate co-founder, Alain Aspect. The fresh capital will fuel its race against rivals using different technological approaches.

Source: TechCrunch