Pasqal, a prominent leader in neutral atom quantum computing, has entered into a definitive business combination agreement with Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ). The transaction values the French quantum hardware company at $2.0 billion pre-money and is expected to result in Pasqal listing on the Nasdaq in the second half of 2026.
Transaction Overview and Financial Highlights
The deal is structured to provide Pasqal with substantial capital to scale its operations and accelerate its technical roadmap. Key financial details include:
- Valuation: A pre-money rollover equity value of $2.0 billion, with a pro forma market capitalization estimated at $2.6 billion.
- Gross Proceeds: The transaction is expected to deliver over $600 million in gross proceeds.
- Capital Sources: Funding includes approximately $289 million from Bleichroeder’s trust (assuming no redemptions), $158 million from Pasqal’s existing balance sheet, and $200 million in new convertible financing.
- Financing Anchors: The convertible round is anchored by Inflection Point (a sponsor-affiliated investor) and BPIfrance Large Venture.
Commercial and Technical Traction
Pasqal distinguishes itself as a “pure play” neutral atom company with significant hardware deployment already in the field.
- Hardware Deployment: Pasqal has 7 quantum computers deployed to date, with 3 additional units currently in production.
- Manufacturing Capacity: The company possesses the capability to scale production to 13 Quantum Processing Units (QPUs) per year across facilities in France and Canada.
- Revenue Growth: In 2025, the company reported approximately 100% unaudited revenue growth and has roughly $80 million in booked and awarded business.
- Strategic Ecosystem: Pasqal is a member of the IBM Quantum Network and maintains partnerships with NVIDIA, Sumitomo, LGE, and CMA CGM.
Scientific Leadership and Governance
The company’s foundation is rooted in Nobel Prize-winning research. Co-founded by Alain Aspect (2022 Nobel Laureate), the leadership team also includes Antoine Browaeys, a member of the Académie des Sciences and recipient of the 2025 John Stewart Bell Prize. Under the leadership of CEO Wasiq Bokhari, Pasqal currently employs over 275 people, including 70 PhDs.
Strategic Roadmap
Following the close of the transaction, Pasqal intends to use the proceeds to:
- Accelerate Commercialization: Drive the deployment of current QPU offerings.
- Quantum Advantage: Shorten the timeline for demonstrating practical quantum advantage in real-world applications.
- Fault Tolerance: Advance the development of scalable, error-corrected quantum systems.
- Global Expansion: Strengthen international operations and market presence.
The boards of both companies have approved the agreement, which now awaits regulatory and shareholder approvals. Lazard Freres SAS and Orrick, Herrington & Sutcliffe are advising Pasqal, while Cantor Fitzgerald & Co. and Reed Smith are acting for Bleichroeder,
The full press release announcing this business combination can be found here.
March 4, 2026