Pasqal Holding, a French quantum computing company, completed its merger with Bleichroeder Acquisition Corp. II and began trading on Nasdaq under the ticker PSQL on August 28, 2026, with $360 million in cash on its balance sheet at close.
The combination valued Pasqal at $2 billion pre-money, a SPAC structure that gave the startup access to public capital without a traditional IPO. The stock opened at $9.79 and rose 71% on its first day of trading, according to public market data.
Passal designs neutral-atom quantum processors. The company's cash position at close mirrors typical SPAC merger proceeds after transaction costs and redemptions. Neutral-atom systems represent one approach to building quantum computers alongside superconducting qubits and trapped ions.
SPAC mergers in the quantum space have faced skepticism after several high-profile flameouts. The company now competes for enterprise and research partnerships against IonQ, Rigetti, and D-Wave, which have already gone public through various routes.
French quantum efforts have drawn government support as part of Europe's broader quantum strategy. Pasqal's public listing expands France's footprint in quantum hardware alongside Atom Computing, which is also backed by strategic investors in Europe. The company's transition to Nasdaq listing subjects it to SEC disclosure requirements and quarterly earnings schedules that private development avoids.
A 71 percent first-day gain is well above typical SPAC IPO pop medians but not uncommon in early quantum trades where public float remains constrained. The test ahead is whether Pasqal can convert its quantum processor roadmap into paying customers or partnerships that justify the $2 billion valuation in sustained revenue or material near-term contracts.
