French quantum computing company Pasqal is set to go public via a Special Purpose Acquisition Company (SPAC) merger.

Under the terms of the deal, Pasqal will merge with Nasdaq-listed Bleichroeder Acquisition Corp. II, a special purpose acquisition company.

The transaction provides the quantum computing company with a pre-money valuation of $2 billion and includes $200 million in committed capital via convertible financing, which Pasqal said it will use to deliver its quantum roadmap and accelerate technology deployments.

SPAC mergers occur when investors create a Special Purpose Acquisition Company, raise money through an initial public offering, and then use it to acquire the startup. The two companies then merge under the startup’s name, with the move allowing the target company to go public quicker than a traditional IPO.

The deal between Pasqal and Bleichroeder was led and backed by the latter company’s co-founders, Michel Combes and Andrew Gundlach, who said: “We believe this partnership provides the capital and platform to accelerate Pasqal’s growth as a global leader in neutral atom quantum computing. We are proud to support Pasqal, which combines sovereign European roots with international ambition and the ability to scale to become a global quantum leader.”

In anticipation of the listing, Pasqal also announced it had secured $395m in a new funding round, which saw participation from Parkway, Quanta Computer, LG Electronics, and CMA CGM. In a statement, the company said the additional financing would be “primarily invested in Pasqal’s infrastructure in France,” with the aim of doubling production capacity within 24 months and adding 50 new hires to its workforce.

“Pasqal brings a combination of some of the world’s leading neutral atom quantum computing technology, deep customer traction, commercial scaling, and solid sovereign support,” said Wasiq Bokhari, CEO of Pasqal Holding SAS. “This funding gives us the fuel to further cement our leadership in the quantum computing industry as a global shareholder-focused French company.”

Pasqal was founded in 2019, and its co-founder, Professor Alain Aspect, was awarded a Nobel Prize in 2022 for his work on entangled photons. Unlike other quantum technologies that require supercooling, its neutral atom-based quantum technology can operate at room temperature.

Rival quantum computing firms D-Wave, Rigetti, IonQ, and Infleqtion have all gone public via SPAC mergers. Pasqal is the fourth quantum computing company to announce plans to go public via a SPAC merger in the last six months.

In November 2025, Xanadu Quantum Technologies and Crane Harbor Acquisition Corp. merged under the startup’s name. Then, in February of this year, Finland’s IQM Quantum Computers said it would go public via a SPAC merger with Real Asset Acquisition Corp., and Infleqtion began trading on the Nasdaq following a SPAC merger with Churchill Capital Corp X. Honeywell-backed Quantinuum is set to IPO in the near future.