Pasqal: The Alchemy of Neutral Atoms to Win Over the Nasdaq

Against a backdrop of dwindling capital flows to the tech sector and increased scrutiny of balance sheets, French star Pasqal is accelerating its destiny. By targeting a valuation of $2.6bn through a merger with Michel Combes' SPAC, the unicorn co-founded by Nobel laureate Alain Aspect is attempting to transform scientific breakthroughs into a resounding stockmarket success across two continents.

Pasqal ticks all the boxes of the 2026-version SPAC: a top-tier sponsor in Michel Combes, a long-term sector, and a company that needs capital for building rather than just a stockmarket showcase. The choice of a merger over a traditional IPO is no calendar fluke; it is a deliberate strategy to negotiate its valuation without suffering the volatility of an order book on launch day. 

The Strategic Strength of the Neutral Atom

At the heart of the Pasqal machine lies a disruptive technology: the neutral atom. Unlike Alphabet or IBM, which use superconducting circuits requiring temperatures near absolute zero via heavy and energy-intensive helium cryogenics, Pasqal manipulates laser-cooled rubidium atoms trapped in a vacuum using optical tweezers. These atoms, perfectly identical by nature, are organized into complex arrays to become qubits. As a reminder, a qubit is the quantum equivalent of a classical bit, with the difference that it can exist simultaneously in multiple states, thereby multiplying computing power.

There is a double advantage. On one hand, simplified scalability, with over 1,000 atoms already loaded in a single operation in 2024. According to Pasqal's press release published via Business Wire on March 4, 2026, the company has deployed more quantum computers than any other neutral-atom pure-play specialist in the world, with 7 systems deployed and 3 in production. On the other hand, structurally lower energy consumption: the current processor runs at approximately 2.6 kW, a stable envelope regardless of the number of qubits—a property absent in superconducting architectures where consumption grows mechanically with the quantum register. According to an independent assessment conducted by researchers at CentraleSupélec, this characteristic is expected to hold for future generations, with the 1,000-qubit machine projected at less than 10 kW compared to dozens of kilowatts for its helium-based competitors.

From Industry to Sovereign Computing Centers

It is this efficiency that appeals to clients like EDF or BMW, as it allows for the deployment of concrete industrial solutions where competing architectures require cryogenic refrigerators and heavy infrastructure. The energy group has collaborated with Pasqal since 2018 on energy distribution optimization algorithms, a partnership that led in early 2025 to the demonstration of a smart charging system for electric vehicles executed on over 100 qubits. Meanwhile, the Bavarian automaker relies on the Palaiseau-based processors to simulate the mechanical behavior of its metal parts and reduce physical crash testing.

What distinguishes Pasqal in this crowded landscape, however, is its structural positioning. According to The Quantum Insider, IonQ and Rigetti primarily distribute access via Amazon and Microsoft cloud platforms. Pasqal plays a different tune: that of the independent specialist, whose machines are physically installed in sovereign computing centers such as the CEA in France or Jülich in Germany, at the heart of national scientific infrastructures. This is significant in a context where the question of technological sovereignty has once again become political.

Michel Combes and the Surgical Setup of 2026

To succeed in its leap into the Nasdaq deep end, Pasqal has partnered with an industry heavyweight: Michel Combes. Former CEO of Alcatel-Lucent, Chairman of SFR Group, then CEO of Sprint and SoftBank, this telecom and finance veteran leads Bleichroeder Acquisition Corp II, the SPAC that will carry the merger. His presence brings a seal of operational rigor to a vehicle often criticized for its lack of substance. In the press release published via Business Wire on March 4, 2026, Michel Combes stated that Pasqal embodies "the strength of French scientific excellence translated into commercial leadership," adding that the transaction provides "the capital and platform to accelerate Pasqal's growth as a global quantum leader."

According to the press release published by Pasqal on March 4, 2026, the funding finalized that same day amounts to 340 million euros. The first half was raised in private equity from a consortium including LG Electronics, Quanta Computer, and CMA CGM, while the second relies on convertible financing committed by institutional investors such as Bpifrance Large Venture and the Inflection Point fund. This package, supplemented by the SPAC's cash, will bring total liquidity to over $600 million after the operation, enough to fund expansion.

What the Numbers Say and What They Don't

According to data provided by the company, Pasqal shows growth of approximately 100% for the 2025 fiscal year, driven by an order book and subsidies of $80m. However, these figures are declared unaudited, and the reference base—the absolute revenue for 2024—is not disclosed. The growth rate exists without its foundation being verifiable.

The absence of audited data before a merger is completed is common, but it requires particular vigilance in the quantum sector: IonQ went from $3 in December 2022 to $82 in October 2025, before falling back to around $34 today. Rigetti followed a similar trajectory, shedding nearly 60% from its peak. For Pasqal, the challenge will be to confirm its 100% growth when it publishes its first SEC-certified financial statements, while relying on a hybrid listing structure between the Nasdaq and Euronext.

Dual Listing as a Sovereignty Shield

The choice of the Nasdaq is tempered here by an unprecedented dual-listing strategy for a unicorn of this size. While New York offers the liquidity and sector expertise necessary to value a deeptech company, Euronext Paris remains in the immediate sights for 2026 or 2027. This duality allows Pasqal to capture the risk appetite of American funds while ensuring a strong national anchor. The official statement specifies that maintaining the headquarters in Palaiseau and the appointment of a future non-executive chairman of French nationality are non-negotiable conditions of the project. The transaction values Pasqal at $2bn pre-money, for a pro-forma market capitalization of $2.6bn after the operation, according to the same release.

Pasqal is not selling itself to an American giant; it is using Wall Street's financial tools to build a global leader under French law. But the real test will not be the day of the listing, expected in H2 2026. It will occur during the first quarter of audited results published under the gaze of Nasdaq shareholders—the moment when declared unaudited growth must transform into certified accounting, and where the narrative must give way to the numbers.