Palaiseau, March 04, 2026 -- Pasqal Holding SAS (“Pasqal”), a France-headquartered company, and a global leader in quantum solutions based on neutral atom technology, announces, for at least EUR 340 million, the completion of a EUR 170 million private funding round and a committed convertible financing of approximatively  EUR170 million (USD200 million) in connection with the business combination, as a first step toward its plan to pursue a dual listing on The Nasdaq Stock Market LLC (“Nasdaq”) and on Euronext N.V. Paris (“Euronext”). An initial Nasdaq listing is planned for 2026, and preparatory work for an Euronext listing will begin in parallel, targeting a listing in 2026 or 2027. In connection with the operation, Pasqal intends to consummate a business combination with Bleichroeder Acquisition Corp. II, a special purpose acquisition company, pursuant to which Pasqal would become a publicly listed company. This transaction values Pasqal at $2 billion1. It also marks a decisive milestone in its development and confirms its position as a leader in the global quantum industry.

Funding to support Pasqal’s development in and for France

The funds raised, along with the capital from the upcoming listing, for an expected total of at least EUR 340 million, will be primarily invested in Pasqal’s infrastructure in France, particularly to accelerate research and development and strengthen the industrial capabilities of the company, based in Palaiseau (91). In France, Pasqal’s plans include doubling its production capacity within 24 months, ramping up its workforce by nearly 20% with 50 new hires over the next 18 months, and investing heavily in R&D to develop an advanced fault-tolerant quantum computer by the end of the decade.

The funding round brings together a group of leading international investors, comprising technology players, industrial companies, and institutional investors including Parkway, Quanta Computer, LG Electronics and CMA CGM. The European Innovation Council Fund, Temasek, Saudi Aramco Entrepreneurship Ventures and ISAI continue their commitment alongside the company.

Bpifrance, a shareholder in Pasqal since 2021, maintains a strategic long-term role in the capital structure while continuing its involvement in the company’s governance, notably on its board of directors.

Reaffirmed French governance and French anchoring

The anticipated governance of the post-business combination company will include the appointment of a new non-executive Chair of French nationality. The governance structure has been designed in close collaboration with the company’s shareholders, and will reflect Pasqal’s commitment to consolidating its French roots while expanding internationally. The company is expected to remain a French legal entity, with its headquarters in Palaiseau.