Quantum computing firm Pasqal began trading on the Nasdaq under the ticker PSQL after completing a merger with Bleichroeder Acquisition Corp. II that secured approximately $360 million in cash.

Key Points

• Pasqal finalized its merger on August 27, securing $360 million in capital to fund manufacturing, software development, and international expansion.
• The company’s valuation is based on a $2 billion pre-money figure, despite reporting 2025 projected revenues of €16.5 million.
• Pasqal utilizes neutral-atom technology, which traps atoms with lasers to avoid the extreme cryogenic requirements of traditional superconducting qubits.
• Current commercial partners include Saudi Aramco, Crédit Agricole CIB, and LG Electronics, with seven quantum processing units already deployed.
• The company maintains strategic ties to the Nvidia and IBM Quantum Network ecosystems to facilitate hardware distribution.
• Nobel laureate Alain Aspect serves as non-executive chair, while the French government retains veto power over significant non-EU ownership stakes.

Why it Matters

This listing represents a significant test for the European deeptech sector as it seeks to scale foundational science into industrial-grade commercial operations. By choosing the Nasdaq, Pasqal highlights the ongoing challenge European firms face in accessing sufficient capital depth compared to domestic markets.