Pasqal Latest Quantum Company to Announce Intentions to Go Public, Valued at $2 Billion

Insider Brief

• Neutral-atom quantum computing company Pasqal has agreed to merge with special purpose acquisition company Bleichroeder Acquisition Corp. II in a deal that would list the combined company on Nasdaq and values Pasqal at about $2 billion.
• The transaction, expected to close in the second half of 2026 pending regulatory and shareholder approval, includes about $200 million in committed convertible financing and could provide more than $600 million in total proceeds.
• Pasqal, founded in 2019 and headquartered in France, develops neutral-atom quantum computers and currently operates seven quantum systems while working with more than 25 commercial customers and partners.

PRESS RELEASE — Pasqal Holding SAS (“Pasqal”), a global leader in neutral atom quantum computing, and Bleichroeder Acquisition Corp. II (“Bleichroeder”), a SPAC led and backed by Michel Combes and Andrew Gundlach (Nasdaq: BBCQ), announced today that they have entered into a definitive business combination agreement (“BCA”), following the consummation of which the go forward company will operate as Pasqal and is expected to be listed on Nasdaq. The proposed transaction is expected to close in the second half of 2026, subject to customary closing conditions, including regulatory and shareholder approval. As a global leader in neutral atom quantum computing, the deal values Pasqal at $2.0 billion pre-money, and contains $200 million in committed capital via convertible financing, which will allow Pasqal to deliver on its quantum roadmap and technology deployment, accelerate the Company’s efforts in demonstrating quantum advantage and accelerate international commercial and organizational growth.

Michel Combes and Andrew Gundlach, Co-Sponsors of Bleichroeder Acquisition Corp. II, commented: “Pasqal represents the strength of French scientific excellence translated into commercial leadership. Built on Nobel Prize-winning research and supported by France’s deep national commitment to quantum innovation, Pasqal has already deployed quantum computers globally and is delivering real-world capability today. 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.”

Wasiq Bokhari, CEO Pasqal Holding SAS, commented: “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. This funding gives us the fuel to further cement our leadership in the quantum computing industry as a global shareholder-focused French company.”

Delivering Real-World Quantum Processing Units and Quantum Solutions Today

Pasqal is a global leading quantum technology company pioneering the development of neutral-atom quantum computers for industry, science, and governments worldwide. Built on Nobel Prize-winning research, Pasqal has been designing and building high-performance hardware and cloud-ready software since 2019 to address complex challenges in optimization, simulation, and artificial intelligence. Headquartered in France, Pasqal employs over 275 people including 70 phDs and serves over 25 clients and partners. With deep sovereign backing and other leading international investors, Pasqal is accelerating the adoption of scalable, high-performance quantum computing worldwide. Pasqal’s scientific leadership, commercial traction and a robust growth outlook positions it as a highly attractive public investment opportunity in quantum computing:

• Co-Founded by Nobel Prize Laureate, Alain Aspect, with deep bench of scientific leaders and intellectual property
  • Alain Aspect, 2022 Nobel Prize Laureate for his work on entangled photons, establishing the violation of Bell inequalities and pioneering quantum information science
  • Antoine Browaeys, member of the Académie des Sciences, and 2025 John Stewart Bell Prize for his work on quantum simulation of 2D antiferromagnets with hundreds of Rydberg atoms
• French sovereign backing via equity shareholding and strategic partnerships
• Pure play neutral atom quantum computing company with 7 quantum computers deployed to date with 3 more in production, representing more quantum computers deployed than any other pure play neutral atom based quantum computing company in the world
• Delivering quantum computing solutions to enterprises globally
• Commercially ready neutral atom quantum computing company in the market with approximately 100% revenue growth in 2025 (unaudited) and approximately $80 million in booked and awarded business including grants, representing potential multi-year value customer contracts expected to be realized over time
• Trusted by industry leaders in critical technology with key partnerships including IBM (Pasqal is part of the IBM Quantum Network) and NVIDIA
• Currently serving over 25 commercial customers and partners including Sumitomo, CMA CGM, Thales, LGE
• Ability to ramp up to 13 QPUs per annum across 2 manufacturing facilities in France and Canada, subject to full staffing and parts availability

Transaction Details

The transaction values Pasqal at a pre-money rollover equity value of $2.0 billion and the combined company at a pro forma enterprise value of approximately $2.0 billion, with a pro forma market capitalization of approximately $2.6 billion. The transaction is expected to provide more than $600 million of gross proceeds to Pasqal, including:

• Approximately $289 million cash held in Bleichroeder’s trust account as of February 28, 2026 (assuming no redemptions and inclusive of deferred underwriting fees of up to $12.25 million);
• $200 million of convertible financing anchored by sponsor-affiliated investor Inflection Point, existing Pasqal anchor investor BPIfrance Large Venture and several other new institutional investors
• Approximately $158 million cash on Pasqal’s balance sheet as of February 28, 2026

Proceeds from the transaction are expected to:

• ⁠Support the rapid advancement and commercialization of Pasqal’s core quantum technologies and product offerings.
• ⁠Enable broader and faster realization of practical quantum advantage in real-world applications.
• ⁠⁠Advance the development of scalable, error-corrected quantum computing systems.
• ⁠⁠Drive global market expansion and strengthen operational capabilities worldwide.

The boards of directors of both Pasqal and Bleichroeder have approved entry into the proposed BCA and the transaction is subject to customary closing conditions, including, among other things, the approval by Bleichroeder shareholders of the business combination and certain other shareholder approvals related thereto, the closing of the concurrent convertible financing transaction and the U.S. Securities and Exchange Commission’s (the “SEC”) completed review of the registration statement on Form F-4 and the receipt of certain other regulatory approvals, and approval by Nasdaq to list the securities of the combined company.

Advisors

Lazard Freres SAS is serving as advisor to Pasqal’s Board. Orrick, Herrington & Sutcliffe LLP (France and US) is serving as legal counsel to Pasqal. Cantor Fitzgerald & Co. is serving as advisor to Bleichroeder. Reed Smith LLP (France and US) is serving as legal counsel to Bleichroeder. Cohen & Company Capital Markets acted as Lead Book-Running Manager for Bleichroeder’s initial public offering which closed on January 8, 2026.