Pasqal

Quantum Computing · Deep Tech

IPO

Pasqal completes SPAC merger, debuts on Nasdaq with $360M in cash

Investors redeemed over 90% of the SPAC's shares, leaving a thin float that fueled wild first-day price swings.

• Pasqal closed its business combination with Bleichroeder Acquisition Corp. II on August 27, 2026, and began trading on Nasdaq under ticker PSQL the next day with about $360 million in cash available at closing.
• Founded in Paris in 2019, Pasqal builds neutral-atom quantum computers that use lasers to trap individual atoms as qubits, and was co-founded by Nobel physics laureate Alain Aspect.
• More than 90% of Bleichroeder's SPAC shares were redeemed before the deal closed, meaning Pasqal received far less cash than the SPAC's trust could have provided.
• Pasqal has 10 quantum processing units — seven already installed and three in production — supporting an $80 million order backlog with customers including Saudi Aramco, Crédit Agricole and LG Electronics.
• The company generated about $19 million (€16.5 million) in revenue in 2025 and remains loss-making, underscoring how early commercial quantum computing still is.
• PSQL shares jumped as much as 73% intraday before settling near a 40% gain, pushing Pasqal's market value to roughly $2 billion on its debut.
• The SPAC route gives one of Europe's most advanced quantum computing firms a US public listing and fresh capital just as governments and tech giants race to fund quantum hardware ahead of proven commercial payoffs.