Pasqal Holding SA completed its business combination with Bleichroeder Acquisition Corp. II on August 25, 2026. The neutral-atom quantum computing firm now has a public capital platform and approximately $360 million in cash to accelerate global deployment.

Pasqal Holding SA’s ordinary shares and warrants begin trading on The Nasdaq Stock Market on August 28, 2026, under ticker symbols "PSQL" and "PSQLW". Bleichroeder’s Class A ordinary shares, warrants, and units cease trading simultaneously. Shareholders approved the merger proposals on August 25, 2026.

Capital Allocation Strategy

The company plans to deploy the proceeds across four primary growth vectors:

• Expanding manufacturing and deployment of quantum processing units (QPUs)
• Advancing the technology roadmap toward fault-tolerant quantum computing
• Broadening access to its cloud and software platform
• Scaling commercial operations globally

Wasiq Bokhari, Chief Executive Officer of Pasqal, stated that the public listing serves as an acceleration point rather than a finish line. He emphasized that Pasqal aims to move neutral-atom quantum computing from foundational science to industrial-scale deployment using a single hardware platform designed for both analog workloads today and future fault-tolerant applications.

Operational Footprint

Pasqal currently has seven QPUs deployed in real operating environments, with three additional units in production. These systems support more than 25 commercial and research applications across industries including energy, financial services, and materials science. Customers include Saudi Aramco, Crédit Agricole CIB, and LG Electronics.

The company operates through cloud access globally and maintains a presence across North America, Europe, the Middle East, and Asia. Pasqal’s systems are designed to operate in standard data center environments and integrate with classical high-performance computing infrastructure. Partnerships with NVIDIA and IBM support this integration, with Pasqal participating in the IBM Quantum Network.

What the Numbers Show

The $360 million cash position at closing provides significant runway for a pre-revenue-stage hardware company. With seven deployed QPUs and only three in production, the capital infusion directly addresses the manufacturing bottleneck inherent in scaling quantum infrastructure. This funding structure allows Pasqal to expand its installed base without immediate dilution pressure, positioning the single-hardware-platform approach to compete against multi-modal quantum competitors.

Board of Directors

Pasqal announced the composition of its Board of Directors for the combined company. The board comprises nine directors and is chaired, in a non-executive capacity, by Pasqal co-founder and 2022 Nobel laureate in Physics Alain Aspect. Michel Combes serves as Lead Independent Director.

A majority of the Board is independent under applicable SEC and Nasdaq rules. Jean Raby chairs the Audit Committee, Andrew Gundlach chairs the Compensation Committee, and Barbara Dalibard chairs the Nominating and Corporate Governance Committee.

Advisors and Governance

Lazard Freres SAS served as advisor to Pasqal’s Board, while Orrick, Herrington & Sutcliffe LLP (France and US) acted as legal counsel. Cantor Fitzgerald & Co. advised Bleichroeder, with Reed Smith LLP (France and US) providing legal counsel. Cohen & Company Capital Markets served as Lead Book-Running Manager for Bleichroeder’s initial public offering, which closed on January 8, 2026.

Pasqal, a global provider of neutral-atom quantum computers, hosted a senior delegation from the Kingdom of Saudi Arabia at its French headquarters and production site on August 25, 2026. The visit underscores the Kingdom’s accelerating focus on advanced computing under its Vision 2030 agenda.

The delegation was led by His Excellency Engineer Abdullah Alswaha, Minister of Communications and Information Technology. Other attendees included His Royal Highness Prince Abdulaziz Bin Turki Bin Talal, His Excellency Engineer Haytham AlOhali, Governor of the Communications, Space and Technology Commission (CST), and Saeed AlDobas, Executive Vice President of AI Infrastructure and Cloud at HUMAIN.

Technical Demonstration

During the tour, the delegation observed a live demonstration of atom-by-atom rearrangement, the core technique Pasqal uses to build and reconfigure atomic registers in its quantum systems. They also inspected the manufacturing line where the company assembles, calibrates, and tests systems for global customers.

Wasiq Bokhari, Chief Executive Officer of Pasqal, emphasized the industrial nature of the facility. "We build our quantum computers in France on our own production line, and we deliver them to our customers across Europe, the Middle East, Asia and North America," he said. "That is what the delegation came to see: quantum computing moving from the laboratory to industrial deployment."

Strategic Context

The visit follows two significant initiatives involving Pasqal and the Kingdom earlier this year:

• The inauguration of the Kingdom’s first quantum computer at Saudi Aramco’s data center.
• An agreement with Eleven Ventures to establish a commercial joint venture aimed at scaling quantum computing across the Kingdom and the broader MENA region.

Pasqal employs approximately 300 people and serves over 25 clients and partners, including Saudi Aramco, LG Electronics, Crédit Agricole CIB, CMA CGM, OVHcloud, Thales, IBM, and Sumitomo. The company has raised more than USD 300 million in total private funding.

Market Expansion

Pasqal is pursuing a listing on Nasdaq in partnership with Bleichroeder Acquisition Corp. II (NASDAQ: BBCQ). The business combination was submitted to shareholders for consideration, with a registration statement on Form F-4 declared effective by the SEC on August 5, 2026.