French Quantum Computing Firm Pasqal Completes SPAC Merger, Begins Trading on Nasdaq

French quantum computing company Pasqal has finalized its merger with Bleichroeder Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC), marking the firm's transition to a publicly traded entity on the Nasdaq exchange. The deal, which closed on August 28, provides Pasqal with approximately $360 million in cash to accelerate its growth strategy.

The capital injection is earmarked for expanding the manufacturing and deployment of Pasqal's quantum processing units (QPUs), advancing its technology roadmap, and scaling commercial operations across global markets. This funding arrives at a pivotal moment for the quantum computing sector, which is seeing increasing interest from both private investors and public markets as the technology moves closer to practical, industrial-scale applications.

“Today is not a finish line; it is an acceleration point,” said Wasiq Bokhari, CEO of Pasqal. “Pasqal was built to take neutral-atom quantum computing from foundational science to industrial-scale deployment. We have deployed quantum systems in real operating environments, connected our processors to the computing infrastructure customers already use and established a roadmap built on a single hardware platform that delivers state-of-the-art analog quantum computing today and is designed to enable industry-leading fault-tolerant quantum computing in the future … As a public company, we will have a stronger platform to move faster, serve customers around the world and build enduring value for shareholders.”

Founded in 2019, Pasqal distinguishes itself from many competitors through its use of neutral atom-based quantum technology, which operates at room temperature—a significant departure from other quantum approaches that require extreme supercooling. The company's co-founder, Professor Alain Aspect, was awarded the Nobel Prize in 2022 for his work on entangled photons, lending scientific credibility to the firm's technical foundation.

Pasqal is the fourth quantum computing company to go public via a SPAC merger in 2026, following Infleqtion, IQM Quantum Computers, and Quantinuum. Earlier entrants in the space, including D-Wave, IonQ, and Rigetti, have also utilized SPAC routes to access public capital. Xanadu Quantum is currently in the process of completing its own SPAC merger, indicating a broader trend of quantum firms seeking public market funding to sustain capital-intensive research and development efforts.

In addition to its public listing, Pasqal announced plans last week to deploy its quantum computers in Saudi Arabia in partnership with venture capital firm Eleven Ventures. This initiative follows the company's collaboration with Aramco, the kingdom's state-owned oil company, on building a quantum computer three months prior. Aramco's domestic venture arm, Wa’ed Ventures, has also made a significant investment in Pasqal, with both companies exploring niche applications for quantum computing—such as well placement, rig scheduling, and port logistics—that classical computers struggle to optimize effectively.

The completion of Pasqal's SPAC merger and its expansion into new geographic markets underscore the accelerating commercialization of quantum computing. As more players enter the public arena and forge partnerships across industries, the sector is positioning itself as a transformative force in high-performance computing, with potential implications for energy, logistics, and beyond.