425: Pasqal Prepares for Nasdaq IPO via $2B SPAC Merger

French quantum computing firm Pasqal is set to list on Nasdaq through a SPAC merger with Bleichroeder, aiming to raise over $500 million and valuing the company at $2 billion pre-money.

Summary

• Pasqal, a Paris-based quantum computing scaleup, is preparing to list on the Nasdaq stock exchange via a merger with special purpose acquisition company (SPAC) Bleichroeder.
• The merger is expected to value Pasqal at $2 billion pre-money and is anticipated to be completed in the second half of 2026.
• Pasqal reported revenues of €16.5 million in 2025, a significant increase from €3.5 million in 2024.
• The company received €7.2 million in grants in 2025, down from €10.7 million in 2024.
• As of March 2026, Pasqal has over €66 million in booked and awarded business, including multi-year contracts and grants.
• Revenues in 2025 were generated from sales of quantum processing units (QPUs) and related services like cloud access and software development.
• Pasqal has deployed seven quantum computers and has three more in production.
• The company posted net losses exceeding €92 million in 2025 and anticipates significant future losses.
• The SPAC merger is expected to provide Pasqal with over $500 million in fresh funding, including up to $290 million from Bleichroeder's trust accounts and $250 million in convertible bonds anchored by Inflection Point.
• Pasqal expects to have nearly $650 million in cash post-merger, after accounting for transaction fees.
• Pasqal shareholders are expected to retain approximately 75.7% of the company if no investors redeem their shares in Bleichroeder.
• The filing highlights potential risks related to 'French state influence' due to Pasqal's development of critical technology, requiring French government authorization for significant non-EU/French investor stakes.
• There is an acknowledged risk that quantum computing technology may not achieve commercialization or market acceptance.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive filing, showcasing strong revenue growth and significant capital infusion, but tempered by substantial losses and the inherent risks of a nascent technology.

Positives

• Significant revenue growth, with 2025 revenues reaching €16.5 million, nearly five times the €3.5 million in 2024.
• Strong pipeline of booked and awarded business, exceeding €66 million as of March 2026.
• Established commercial traction with seven quantum computers deployed and three more in production.
• Secured substantial funding of over $500 million through the SPAC merger and convertible bonds.
• Expected to have nearly $650 million in cash post-merger, providing significant financial runway.
• Pasqal shareholders are expected to retain a majority stake (75.7%) post-merger, assuming no redemptions.

Negatives

• Significant net losses of over €92 million in 2025, with expectations of continued substantial losses.
• The valuation of the company at approximately 100x commercial revenues is very high, reflecting the speculative nature of the quantum computing sector.
• Potential for significant future dilution for existing shareholders due to the conversion of convertible bonds.
• The risk that quantum computing technology may never achieve large-scale problem-solving capabilities or market acceptance.

Risks

• The inherent risk that quantum computing technology may never achieve commercialization or market acceptance.
• Potential for 'French state influence' over the company due to its development of critical technology, requiring government authorization for significant foreign investment.
• Governance arrangements are being implemented to 'ensure alignment with French national interests,' potentially restricting future M&A or asset sales.
• Convertible bonds could incur 'significant indebtedness' for the company.
• Future dilution for shareholders is expected when convertible bonds convert to shares.
• The SPAC merger is subject to regulatory approval and potential investor redemptions, which could impact the funding received.
• Pasqal's reliance on strategic partners and third parties.
• The ability to maintain, protect, and defend intellectual property rights.
• General economic, political, social, and business conditions.
• Uncertainty or changes with respect to laws and regulations.
• The risk that the business combination disrupts Pasqal's current plans and operations.
• Pasqal pursuing an emerging technology, facing significant technical challenges.

Future Outlook

Pasqal expects to raise over $500 million through the SPAC merger and convertible bonds, leading to a projected cash balance of nearly $650 million post-merger. The company anticipates significant losses for the foreseeable future due to the nature of its emerging technology and ongoing development.

Management Comments

• A spokesperson for Pasqal stressed that the disclosure regarding French state influence is 'standard disclosure for any foreign issuer', especially for those developing sovereign technologies.

Industry Context

StockSavvy.ai notes that Pasqal's SPAC filing highlights the intense interest and high valuations in the quantum computing sector, with companies like IonQ and Quantinuum also commanding significant multiples relative to their revenues. The substantial funding being raised underscores the capital-intensive nature of developing and scaling quantum technology.

Comparison to Industry Standards

• Pasqal's pre-money valuation of approximately 100x its commercial revenues is comparable to other high-growth quantum computing companies: IonQ is valued at 138x its 2025 revenue ($130m), Quantinuum trades at 647x its 2025 revenue ($30.9m), and IQM's IPO valued it at 63x its 2025 revenue ($36m).
• Pasqal has deployed seven quantum computers, with three more in production. In comparison, Finnish company IQM has sold 23 devices to date.

Corporate Governance

Stakeholder Impact

• Shareholders: Potential for significant dilution from convertible bond conversion, but also potential for substantial growth if quantum computing succeeds. Majority stake retained by existing Pasqal shareholders.
• Employees: Continued investment in R&D and operations, with potential for growth and expansion.
• Creditors: The company will incur 'significant indebtedness' from convertible bonds, impacting its debt profile.
• French Government/State: Increased influence and oversight due to national interest in critical technology development.

Next Steps

• Completion of the SPAC merger with Bleichroeder, expected in the second half of 2026.
• Regulatory approval for the merger.
• Shareholder vote by Bleichroeder shareholders on the business combination.
• Potential conversion of convertible bonds into shares in the future.

Key Dates

Recommendation

The filing presents a high-growth, high-risk profile. While Pasqal demonstrates strong revenue growth and secures substantial funding, the significant losses, the speculative nature of quantum computing, and potential 'French state influence' warrant a cautious approach. The valuation is aggressive, and the future success hinges on technological breakthroughs and market adoption. A 'hold' recommendation reflects the balance between significant potential and considerable risks.

Keywords

quantum computing, SPAC merger, Nasdaq listing, Pasqal, Bleichroeder, deeptech, technology startup, venture capital, convertible bonds, financial filing, SEC filing, France