Pasqal Begins Nasdaq Trading at Nearly $2B Valuation
Pasqal, the French neutral-atom quantum computing company, completed its merger with Bleichroeder Acquisition Corp. II and began trading on Nasdaq under the ticker PSQL on August 28. The deal provided the company with approximately $360 million in cash and valued it at nearly $2 billion. Its stock initially surged 95.2% on its first trading session before declining about 10% in after-hours trading. Given Pasqal reported €16.5 million in 2025 revenue and remains unprofitable, its valuation significantly outpaces its current business performance.
Deal Outcomes
According to the August 27 press release by Pasqal, Bleichroeder shareholders approved the merger on August 25, and the companies finalized it two days later. Pasqal shares closed Friday at $19.11, an increase from Bleichroeder’s previous $9.79. The stock opened at $16.98, reached a high of $20.10, and then pulled back, with approximately 3.7 million shares traded. Warrants trade as PSQLW. The after-hours drop serves as a reminder that initial SPAC movements are often volatile.
The $360 million received at closing is readily available cash, not a pledge. Pasqal plans to use these funds to expand the production and deployment of its quantum processing units, integrate more systems with conventional high-performance computing, and grow its commercial operations. The company also aims for fault-tolerant quantum computing, which is a future roadmap goal rather than a current capability, as no company has yet built a fault-tolerant machine.
CEO Wasiq Bokhari described the listing as a new beginning. As he stated in the completion announcement:
“Today is not a finish line; it is an acceleration point.”
The Technology Driving the Numbers
Pasqal’s computers utilize lasers to hold and control individual atoms as qubits. The company reports having seven processors deployed and three more in production, with cloud access supporting over 25 commercial and research applications across sectors like energy, financial services, and materials science. Four of these systems are located at national supercomputing centers in France, Germany, Italy, and Canada. Notably, Saudi Aramco is a customer, testing the technology for modeling underground oil and gas reserves.
These operational installations distinguish Pasqal from companies that only offer conceptual solutions. The company said its facilities in France and Canada can construct as many as 13 systems per year. Co-founder Alain Aspect, who shared the 2022 Nobel Prize in physics for his work on quantum entanglement, developed the underlying research on controlling atoms with lasers.
The public listing provides Pasqal with a financial buffer for continued development. Whether its revenue will ultimately justify a $2 billion valuation remains an open question, and the after-hours stock decline suggests some investors are already contemplating this.