Pasqal and Bleichroeder Acquisition Corp. II have filed a joint registration statement on Form F-4 with the U.S. Securities and Exchange Commission, advancing their proposed business combination. The filing includes a preliminary proxy statement and prospectus tied to the transaction first announced on March 4, 2026. The move marks a major step in Pasqal’s plan to become a publicly listed quantum computing company on Nasdaq.
Transaction Details
The proposed combination would see the merged business operate as Pasqal Holding SA after closing, subject to shareholder, regulatory, SEC effectiveness, and Nasdaq listing approvals. Pasqal is valued at $2.0 billion on a pre-money basis, while the transaction is expected to deliver about $500 million in gross proceeds, assuming no shareholder redemptions and completion of the announced convertible financing. The company expects the deal to close in the second half of 2026, although the registration statement has not yet been declared effective and remains subject to change.
Pasqal’s Quantum Computing Position
Pasqal has built one of the largest installed bases of high-qubit-count quantum computers among pure-play quantum computing companies, with seven quantum processing units already deployed, operational, or in active production and three more in production. The company manufactures its QPUs at two operational facilities, giving it control over hardware production, deployment, and supply chain execution. Its full-stack offering combines neutral-atom quantum processors, cloud access, and software designed to integrate with classical computing systems for enterprise and research use.
Technology, Customers, and Scientific Base
Founded in 2019, Pasqal draws on research linked to Nobel Prize-winning physicist Alain Aspect and the work of Antoine Browaeys, a co-inventor of neutral-atom quantum computing. The company employs more than 275 people and works with over 40 clients and partners across sectors including energy, logistics, materials science, artificial intelligence, and high-performance computing. Its ecosystem includes collaborations and relationships with major technology organizations such as IBM, NVIDIA, Google Cloud, and Microsoft Azure.
Recent Commercial and Technical Milestones
Since announcing the proposed transaction, Pasqal has reported several milestones intended to show progress from research toward operational deployment. The company deployed a 200-qubit neutral-atom quantum processor with Aramco in Saudi Arabia, describing it as the first quantum computer installed in a standard data center for a purely commercial mainline business use case. It has also expanded work with NVIDIA through CUDA-Q integration, demonstrated logical-qubit research for solving differential equations on a neutral-atom QPU, hosted its Pasqal Thoughts 2026 industry event in Paris, and advanced to Phase II of the XPRIZE Quantum Applications competition.
Growth Strategy and Use of Proceeds
Pasqal plans to use proceeds from the transaction to support commercialization of its QPU offering, accelerate development toward fault-tolerant quantum computing, and expand global operations. The company has said its architecture is designed for scalability, data center deployment, and operation across both analog and fault-tolerant quantum computing modes on the same hardware platform. Its public roadmap targets more than 10,000 physical qubits per QPU and over 200 logical qubits by the end of 2029.
The Form F-4 filing gives investors and shareholders a more detailed view of Pasqal’s financial profile, technology roadmap, business strategy, and proposed combination with Bleichroeder. While the transaction still faces customary closing requirements, it positions Pasqal to pursue public-market capital at a time when quantum computing companies are under pressure to demonstrate practical commercial relevance. If completed, the listing would provide Pasqal with additional resources to scale its neutral-atom platform and compete in the emerging market for industrial quantum computing.