Pasqal shares nearly doubled on their first day of Nasdaq trading, closing Friday at $19.11 — a 95.2% jump from the $9.79 reference price — after the French neutral-atom quantum computing company completed its business combination with Bleichroeder Acquisition Corp. II. The debut on August 28, 2026 makes Pasqal one of Europe's first pure-play quantum hardware companies to list in New York, and follows an approving shareholder vote on August 25 and a closing on August 27.
A $2B valuation and $360M in cash
The transaction values the combined company at roughly $2 billion and leaves Pasqal with approximately $360 million of cash on the balance sheet. The stock opened at $16.98, traded as high as $20.10, and about 3.7 million shares changed hands, according to The Quantum Insider. Bloomberg reported the shares had traded up more than 40% during the session before rallying further into the close. PSQL warrants trade separately under the ticker PSQLW.
Cash earmarked for QPU manufacturing and fault-tolerant roadmap
Pasqal plans to spend the proceeds on expanding manufacturing capacity for its quantum processing units in France and Canada — currently capable of producing up to 13 systems per year — advancing its roadmap toward fault-tolerant quantum computing, broadening cloud access, deepening HPC integration, and scaling commercial operations. "Today is not a finish line; it is an acceleration point," said Pasqal CEO Wasiq Bokhari. Seven QPUs are already deployed, with three more in production and four installed at national supercomputing centres in France, Germany, Italy and Canada.
Neutral-atom bet, Nobel-linked physics
The company was co-founded in 2019 by 2022 physics Nobel laureate Alain Aspect. Its neutral-atom approach uses lasers to trap and manipulate individual atoms as qubits in reconfigurable two- and three-dimensional lattices, an architecture Pasqal argues can scale in standard data-center environments. Customers already include Saudi Aramco, Crédit Agricole CIB and LG Electronics, and Pasqal is part of the IBM Quantum Network with active partnerships with NVIDIA and IBM. Revenue reached €16.5 million ($19 million) in 2025, and the company remains unprofitable.
The quantum listing wave
The PSQL debut caps a busy quarter for public quantum names. It follows the SEC F-4 clearance that set up the August 25 vote, TuringQ's move toward China's A-share market, and NSF's $290M push into eight quantum leap institutes. It also arrives days after Pasqal's €50M Q-PLANET win under the EU Chips JU — reinforcing that the neutral-atom camp is now competing on public-market capital as well as on physics.
Reporting based on coverage from The Quantum Insider, Bloomberg, and Pasqal's investor materials.