French quantum computing scaleup Pasqal is poised to become France's first unicorn in its sector after announcing plans to go public via a SPAC merger valued at $2bn. The Paris-based company will merge with Nasdaq-listed Bleichroeder, a special purpose acquisition company, to enter the public markets in the US during the second half of 2026. This move comes just a week after Finnish quantum firm IQM revealed its own $1.8bn SPAC plans, signaling growing momentum in the quantum sector despite mixed results from earlier European SPACs like Lilium and Babylon.

The transaction will add nearly $700m to Pasqal's balance sheet, including $289m held in Bleichroeder's accounts, assuming no investor redemptions. The company has secured $200m in convertible financing commitments anchored by Inflection Point, plus a separate $200m equity round involving investors like Parkway, Quanta Computer, LG Electronics and CMA CGM. Pasqal's projected market cap will reach approximately $2.6bn upon completion. This capital influx will fund significant expansion, including a 20% team growth to 50 new recruits and doubling production capacity within 24 months.

CEO Wasiq Bokhari stated this funding will cement Pasqal's global leadership in quantum computing as a French shareholder-focused entity. The scaleup currently operates seven quantum computers with three more in production, serving clients like Thales, Nvidia and LGE. This IPO follows a string of quantum SPACs in the US (IonQ, Rigetti) that yielded mixed outcomes, positioning Pasqal to navigate the sector's volatility while advancing R&D in France.