Pasqal’s $2 Billion SPAC Deal Clears Its SEC Review

The French quantum company Pasqal has cleared a procedural hurdle on its way to going public, and the SEC has declared its merger registration effective on August 5. Bleichroeder shareholders now vote on the $2 billion combination on August 25, after which Pasqal plans to list on Nasdaq as PSQL. Effective status only clears the way to hold that vote and carries no SEC verdict on the deal’s merits.

The proceeds hinge on the vote

According to the filing with the SEC, Pasqal is merging with Bleichroeder Acquisition Corp. II, a blank-check company that raised money in a January IPO to buy a private firm and take it public. The combination values Pasqal at about $2 billion and should hand it more than $600 million.

That projection assumes no redemptions, and it’s a large assumption; SPAC shareholders can pull their cash before a deal closes, and heavy redemptions have left other newly listed companies with a fraction of the money first advertised. Pasqal is taking the same route IonQ, D-Wave, and Rigetti used to reach public markets, part of a broader rush of money into quantum, though the post-listing record has been uneven.

Pasqal Holding CEO Wasiq Bokhari framed the merger as fuel during the announcement in March:

“This funding gives us the fuel to further cement our leadership in the quantum computing industry as a global shareholder-focused French company.”

The company behind the ticker

Pasqal has more substance than many companies that reach the market this way. It was co-founded by Alain Aspect, who shared the 2022 Nobel Prize in physics, and it builds neutral-atom quantum computers with paying customers, among them Saudi Aramco, whose first quantum computer Pasqal switched on shortly before this filing.

The company bills itself as a “global leader” with one of the largest installed bases among pure-play quantum firms, and reports about 100% revenue growth in 2025, though that figure is unaudited and counts booked and awarded work, grants included.

That said, its harder claims deserve a bit of caution. Pasqal says it showed “quantum advantage” in a materials simulation with Los Alamos, the kind of milestone the field is still learning to define, and its roadmap runs from more than 1,000 physical qubits today toward a long-term 10,000 physical and 200 logical, a target rather than a product. Even so, in a sector where a French champion enjoys deep state backing, a Nobel-anchored firm reaching Nasdaq is a notable marker of quantum’s march toward public markets.