Quantum Startup Pasqal to List Via SPAC at $2 Billion Valuation
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TechnologyGiftGiftGift this articleAdd us on GoogleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowGiftBy Bailey LipschultzMarch 5, 2026 at 2:35 AM GMT+5:30BookmarkSaveTranslateListen2:20Takeaways by Bloomberg AIHideChevron UpPasqal Holding SAS agreed to merge with Bleichroeder Acquisition Corp. II in a deal that values the combined company at $2 billion pre-money.The transaction includes a $200 million convertible financing and as much as $289 million dependent on investor redemptions.The company expects to use proceeds to advance its core quantum technologies and product offerings, and the offering is expected to close in the second half of the year.Pasqal Holding SAS agreed to merge with a blank-check firm in a deal that values the combined company at $2 billion pre-money, joining the growing number of quantum startups choosing to go public through the listed vehicles.The French firm inked a deal with Bleichroeder Acquisition Corp. II that includes a $200 million convertible financing, according to a statementBloomberg Terminal reviewed by Bloomberg News. The transaction with the Nasdaq-traded special purpose acquisition company, which is sponsored by Michel Combes and Andrew Gundlach, will also include as much as $289 million dependent on investor redemptions.The offering is expected to close in the second half of the year and assigns the company a pro forma market capitalization of approximately $2.6 billion. The company expects to use proceeds to advance its core quantum technologies and product offerings.The convertible financing was anchored by sponsor-affiliated investor Inflection Point, existing Pasqal anchor investor BPIfrance Large Venture and several other new institutional investors, the filing shows.The Paris-based startup, co-founded by the 2022 Nobel Prize in Physics winner Alain Aspect, is a full stack quantum computing company that provides both hardware and software for the frontier technology. Pasqal builds quantum processors using neutral atom technology, which researchers say has the potential to scale well and can allow for flexible arrangements of qubits, the information units that are like bits for a classical computer. The company was in talks to raise €200 million ($233 million) in a funding round that would have valued it at more than $1 billion pre-money, Bloomberg News reported last month.Read more on SPACs: For the latest news on equity capital markets activity in the US, Canada and Latin America, follow the channel or visit NI BFWECMUS. To subscribe to ECM Watch, Bloomberg’s daily roundup of news from around the region, click here. Pasqal joins sector peers including Infleqtion Inc. and Xanadu Quantum Technologies Inc. in choosing the SPAC route to go public, as investors in blank-check firms seem more willing to take a chance on earlier-stage technology. Building quantum computers is capital intensive, and has little promise of imminent profitability.Read More: Infleqtion’s Public Debut to Test Quantum Frenzy’s Staying PowerHoneywell International Inc.-backed Quantinuum is going the conventional initial public offering route, and could raise more than $1.5 billion in a listing, people familiar with the matter have said.Pasqal’s board was advised by Lazard Freres SAS, while the Bleichroeder team was advised by Cantor Fitzgerald & Co. on the transaction.LinkCopy LinkBailey Lipschultz is a senior reporter for Bloomberg News in New York. He covers the stock market and helps lead equity capital markets coverage in the Americas.