Three Days, One Listing
Pasqal's shareholders approved the company's combination with Bleichroeder Acquisition Corp. II on 25 August 2026, the merger closed two days later on 27 August, and Pasqal's ordinary shares began trading on Nasdaq on 28 August under the ticker PSQL, with warrants under PSQLW.
The transaction leaves Pasqal with about 360 million dollars in cash at closing, which the company says will fund new quantum processing unit deployments, commercial adoption and its path toward fault-tolerant machines. Chief executive Wasiq Bokhari called the milestone "not a finish line" but "an acceleration point," describing the listing as a move from foundational science to industrial-scale deployment.
The Price Set In March Held
Pasqal and Bleichroeder first announced the combination in March 2026, pricing the company at a 2 billion dollar pre-money valuation and pairing it with 200 million dollars of committed convertible financing. Those terms carried through largely unchanged to this week's closing, a detail that stands out after a year in which several SPAC deals were repriced or collapsed before completion.
Pasqal is a neutral-atom quantum computing company co-founded by Nobel laureate Alain Aspect, and it already counts Credit Agricole CIB, Saudi Aramco and LG Electronics among its customers. The company reports seven quantum processing units deployed, three more in production, and more than 25 commercial and research applications running across energy, financial services and materials science.
Europe's Second Quantum SPAC, A Crowded Field
Pasqal is the second European quantum computing company to reach Nasdaq through a SPAC in 2026, following Finland's IQM, which listed on 2 July at close to a 1.9 billion dollar valuation and raised roughly 198 million euros. Both companies chose New York over Frankfurt, Amsterdam or Paris to raise the money that funds Europe's leading quantum hardware bets.
The wider field is larger and better funded than either European entrant, as the table below shows for the quantum computing companies that went public in 2026.
| Company | Country | Listing venue | Valuation | Capital raised |
|---|---|---|---|---|
| IQM | Finland | Nasdaq, Nasdaq Helsinki | 1.9 billion dollars | 198 million euros |
| Pasqal | France | Nasdaq, Euronext Paris planned | 2 billion dollars pre-money | 360 million dollars cash at closing |
| Infleqtion | United States | NYSE | 3.5 billion dollars | 550 million dollars plus |
| Xanadu | Canada | Nasdaq, SPAC | 4.8 billion dollars | not disclosed |
| Quantinuum | United States, United Kingdom | Nasdaq, IPO pending | 14.3 billion dollars | up to 1.46 billion dollars |
Quantinuum's pending IPO alone would raise more capital than Pasqal, IQM and Infleqtion have combined, and it prices the sector's largest player at roughly seven times Pasqal's pre-money valuation.
What This Means For Buyers
A public listing changes what Pasqal owes its customers, not only its shareholders. SEC reporting rules now require quarterly disclosure of results, material contracts and risk factors that a private company never had to publish, giving enterprise and government buyers a standing way to check vendor claims against filed numbers.
Public equity also becomes acquisition currency, letting Pasqal fold in smaller quantum software or control-electronics firms with stock instead of cash it would rather keep for hardware. The Euronext Paris dual listing promised alongside the March 2026 terms remains just that, a promise, expected sometime in 2026 or 2027; until it happens, Europe's own exchanges still have no direct claim on a company built on French public research, a pattern already visible in how IQM and Multiverse Computing reached their own investors.
Read next: Europe's Quantum Champion Listed in New York | Europe Opens a Pilot Line for Its Own Quantum Chips
