French quantum computing scaleup Pasqal has announced it is set to float on the public markets in the US and Europe thanks to a merger with a special purpose acquisition company (SPAC).
The operation, which is still subject to shareholder approval and regulatory requirements, will value the Paris-based scaleup at $2bn pre-money, making it France’s first unicorn in quantum computing.
SPACs are shell companies listed on public markets, created solely to acquire private companies to take them public. Pasqal will be merging with Nasdaq-listed company Bleichroeder and expects to hit the public markets in the US in the second half of 2026.
The company said preparatory work was also underway for a Euronext listing, which could happen this year or next.
The move could add nearly $700m on the French scaleup’s balance sheet. This includes $289m held in Bleichroeder’s accounts, assuming no redemptions (when investors in the SPAC withdraw their capital).
As part of the transaction Pasqal has also secured $200m in commitments for convertible financing, which is anchored by UK-based investor Inflection Point and includes several other institutional investors such as public bank Bpifrance.
Pasqal has also completed a $200m equity funding round as part of the operation, which includes participation from Parkway, Quanta Computer, LG Electronics and CMA CGM. The company’s projected market cap will be approximately $2.6bn.
SPACs come-back
The announcement comes a week after Finnish quantum computing company IQM Quantum Computers announced its own plans to go public via a SPAC at a $1.8bn pre-money valuation.
It follows a string of quantum SPACs in the US including IonQ, Rigetti Computing, Infleqtion and Zapata Computing, which yielded mixed results. The most recent European SPAC deals, such as those struck by healthtech Babylon and flying taxi startup Lilium in 2021, ended with once-promising startups going bust.
Pasqal says the move will enable the company to invest, primarily in France, in research and development (R&D) to advance its quantum computing technology and to grow its team of 275 employees by 20% with 50 new recruits.
The scaleup also plans to accelerate commercialisation by doubling its production capacity in the next 24 months. Pasqal has deployed seven quantum computers to date and says three more are in production.
Customers include French shipping giant CMA CGM, defence prime Thales, chip giant Nvidia and South Korean electronics multinational LGE.
“This funding gives us the fuel to further cement our leadership in the quantum computing industry as a global shareholder-focused French company,” said Pasal’s CEO Wasiq Bokhari in a statement.
