European quantum computing has been moving fast toward public markets, with Finnish firm IQM announcing a SPAC-based listing just two weeks ago. Now its French competitor is following the same path.
Pasqal, a full-stack quantum computing company headquartered in Palaiseau outside Paris, has announced a merger with Bleichroeder Acquisition Corp II that will list the company on the Nasdaq. The deal values Pasqal at $2 billion pre-money and is accompanied by a separate $200 million private funding round. The Nasdaq float is scheduled for this year.
Bleichroeder is backed by Michel Combes, a French telecom veteran who previously led Vodafone and Alcatel-Lucent, alongside investment advisor Andrew Gundlach. According to the announcement, Combes will serve as lead independent director of Pasqal after the deal closes — a role that may generate some friction in France. In 2015, then-Economy Minister Emmanuel Macron publicly rebuked Combes for leaving Alcatel-Lucent before its acquisition by Nokia had closed, and the executive’s exit package was ultimately cut by half following the controversy.
A French Company on a U.S. Exchange
Pasqal generates annual revenue in the tens of millions from selling hardware, software, and cloud services to labs and industry partners. The company is positioning itself against large technology firms in the quantum space, while U.S.-listed peers have seen their stocks climb sharply in recent months — a dynamic that makes the Nasdaq listing strategically significant.
The company is planning a dual listing. A Euronext float is planned for 2026 or 2027, which could help address concerns among its French backers. Bpifrance, France’s public investment bank and a key shareholder, will remain on both the cap table and the board, the announcement confirms. Pasqal says it expects to retain its status as a French legal entity and intends to appoint a new non-executive chair of French nationality.
Palaiseau, where the company is based, hosts several academic institutions alongside industrial research centers run by two of Pasqal‘s clients: energy group EDF and defense company Thales. That geography reinforces the firm’s argument that its growth will anchor high-skilled employment in France — the company says it plans to hire 50 people there over the next 18 months.
Leadership Shifts Inside the Company
The announcement also confirms a significant internal reshuffle. Wasiq Bokhari, previously executive chairman, is now CEO. Loïc Henriet, who moved from CTO to co-CEO and then sole CEO, has returned to the CTO role.
The geopolitical moment is not lost on the company either. Being a non-American entity has opened commercial doors for other European tech firms, as French AI lab Mistral AI has demonstrated in recent months. Pasqal appears to be signaling that its French identity is both a legal commitment and a potential market advantage.
The next step, according to the announcement, is completing the Nasdaq listing before the end of this year, with the Euronext preparation to follow in 2026 or 2027.
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