Pasqal Files F-4 to List on Nasdaq via Bleichroeder SPAC

Paris-based quantum computing firm Pasqal has filed a Form F-4 registration statement with the U.S. Securities and Exchange Commission, moving it closer to listing on Nasdaq via a business combination with Bleichroeder Acquisition Corp. II. The filing, announced after an initial agreement reached on March 4, details Pasqal’s financials and technology as it seeks to expand its reach in the developing quantum computing field. Pasqal distinguishes itself with one of the largest installed bases of high-qubit-count quantum computers among its peers, boasting seven quantum processing units already deployed and three more in production. This positions the company to accelerate development of both hardware and cloud-ready software aimed at tackling complex challenges in optimization, simulation, and artificial intelligence, with the combined company expected to operate under the name “Pasqal Holding SA”.

Pasqal and Bleichroeder Announce Proposed Business Combination

This substantial infrastructure positions the Paris-based firm as a significant contender in the evolving quantum computing field and is now being leveraged in a proposed business combination with Bleichroeder Acquisition Corp. II. The initial agreement, reached on March 4, preceded a lengthy period of preparation, potentially reflecting the complexities inherent in merging a European quantum firm with a special purpose acquisition company and navigating the subsequent regulatory scrutiny. The planned listing on Nasdaq, under the name “Pasqal Holding SA”, signals a clear ambition to access US capital markets and increase visibility within the American technology sector. This move is projected to yield approximately $500 million in gross proceeds, assuming no redemptions by Bleichroeder shareholders and successful completion of a concurrent convertible financing.

These funds are earmarked to bolster Pasqal’s commercialization efforts, accelerate its progress toward fault-tolerant quantum computing, and expand its global reach, building on an existing client base of more than 40 clients and partners and more than 25 identified industrial use cases. Pasqal’s full-stack compute solution, encompassing both hardware and cloud-based access, aims to simplify quantum computing for commercial applications, integrating seamlessly with existing classical computing infrastructure. The company’s foundation, built by Nobel Laureate Alain Aspect and Antoine Browaeys, one of the co-inventors of neutral-atom quantum computing, underpins its scientific credibility and global team of over 275 employees. This expertise is further reinforced through active participation in a broad ecosystem including collaborations with industry leaders like IBM, NVIDIA, Google Cloud, and Microsoft Azure. “Today’s filing marks meaningful progress as Pasqal moves toward becoming a publicly listed quantum computing company,” said Wasiq Bokhari, Chief Executive Officer of Pasqal. Pasqal’s architecture is designed for scalability and deployment within standard data centers, a key factor in facilitating wider adoption and integration with existing IT infrastructure, and as highlighted by Nature, Pasqal researchers recently demonstrated a regime in material simulations, highlighting the potential of its technology to tackle complex, real-world problems.

Neutral-Atom QPU Technology and Hardware Deployment

Pasqal is establishing itself as a significant hardware provider in the evolving quantum computing sector, distinguished by a substantial and growing deployment of neutral-atom quantum processing units (QPUs). This commitment to tangible hardware differentiates the company and signals a move toward addressing practical applications, rather than remaining confined to research environments. Every QPU is manufactured in-house, at one of Pasqal’s two fully operational facilities, affording the company complete control over its supply chain and global deployment capabilities. This hardware is not simply a demonstration of principle; Pasqal offers a full-stack compute solution, including a cloud-based platform providing commercial customers with access to its quantum hardware. Beyond the physical qubits, the company has developed a software stack designed to simplify usage and integrate seamlessly with existing classical computing infrastructure, enabling clients to tackle real-world problems through hybrid quantum-classical workflows.

This focus on practical application is further evidenced by recent achievements, including the deployment of Saudi Arabia’s first quantum computer with Aramco, integrated directly into a standard data center, an industry first for commercial quantum computing. Pasqal’s architectural approach is intentionally designed for scalability and compatibility with standard data center environments, supporting both analog and fault-tolerant quantum computing modes on the same hardware. The company has already demonstrated more than 1,000 trapped atoms and is publicly targeting the delivery of 10,000+ physical qubits per QPU, alongside 200+ logical qubits, by the end of the year. Recent research, highlighted by Nature, showcased the successful use of Pasqal’s analog quantum simulations to explain the properties of a complex magnetic material, validating the power and fidelity of their simulations. Pasqal physicists, like Alexandre Dauphin, have indicated that some calculations are already achieving a performance regime, suggesting the potential for near-term performance gains over classical methods.

Pasqal’s Full-Stack Compute Solution for Commercial Clients

This commitment to tangible hardware differentiates Pasqal from companies solely focused on software or algorithmic development, allowing them to address immediate commercial needs while simultaneously pursuing longer-term goals. This hardware foundation supports Pasqal’s full-stack compute solution, designed to simplify access for commercial clients. The company offers cloud-based access to its quantum hardware, enabling customers to experiment and deploy quantum algorithms without significant upfront investment. Pasqal has also developed a software stack intended to bridge the gap between quantum processing and classical computing infrastructure, allowing clients to combine the strengths of both paradigms and solve complex problems by leveraging existing computational resources alongside quantum acceleration. The platform is supported by more than 40 clients and partners and more than 25 identified industrial use cases demonstrating practical application beyond research settings.

As highlighted by Nature, Pasqal researchers recently explained the properties of a real-life magnetic material containing rare earth elements using analog quantum simulations, and they went on to make additional predictions of measurable properties that were cross-checked and verified using neutron-scattering experiments demonstrating the power and fidelity of Pasqal’s material simulations. The company’s deployment of a 200-qubit neutral-atom QPU within Aramco’s data center in Saudi Arabia represents another milestone, marking the first instance of quantum computing integrated into a standard data center for purely commercial use.

Industry Firsts: Aramco Deployment and NVIDIA Integration

Pasqal is rapidly translating quantum computing from theoretical potential into tangible industrial applications, demonstrated by recent deployments and strategic integrations that extend beyond typical laboratory settings. This deployment isn’t merely a proof-of-concept; it’s the first instance of quantum computing being utilized for a purely commercial, main-line business operation, establishing a regional Quantum Computing as a Service (QCaaS) platform. The system supports quantum-enhanced solutions across multiple sectors, including energy, materials, logistics, and optimization, with specific applications ranging from port logistics to CO₂ storage. This partnership, initially announced in May, signifies a commitment to integrating quantum capabilities into existing industrial workflows. Further solidifying its position within the high-performance computing ecosystem, Pasqal has deepened its collaboration with NVIDIA, integrating its quantum processors with NVIDIA CUDA-Q.

This integration allows CUDA-Q workloads to be scheduled and orchestrated on Pasqal’s quantum systems using standard Slurm-based HPC workflows, effectively making Pasqal’s QPUs native accelerators in heterogeneous computing environments alongside CPUs and GPUs. The on-premises stack will initially be deployed at CINECA, integrating with the EuroHPC pre-exascale supercomputer Leonardo. This collaboration extends beyond simple integration, encompassing developer tooling, GPU-accelerated emulation, and CUDA-Q-based hybrid algorithms, all designed to lower barriers to adoption for HPC centers and enterprise compute teams already invested in NVIDIA infrastructure. These advancements are not limited to hardware and integration; Pasqal is also pioneering progress in fault-tolerant quantum computing. As highlighted by Nature, in an industry first, Pasqal researchers recently explained the properties of a real-life magnetic material containing rare earth elements using analog quantum simulations, and they went on to make additional predictions of measurable properties that were cross-checked and verified using neutron-scattering experiments demonstrating the power and fidelity of Pasqal’s material simulations. Pasqal’s ability to perform both analog and digital quantum computing on a single hardware platform provides customers with immediate value from analog simulations while simultaneously paving the way for future fault-tolerant capabilities.

Roadmap to Scalability: Qubit Count and Quantum Advantage

The company’s commitment to scalability is further evidenced by its recent achievements in logical qubit performance, marking a critical transition from testing individual fault-tolerant components to delivering complete, real-world computational solutions. Pasqal is actively integrating its technology into existing high-performance computing ecosystems, partnering with organizations like NVIDIA and CINECA to create hybrid workflows. This combination of deployed hardware, a focus on logical qubits, and integration with existing infrastructure positions Pasqal as a key player in the race to deliver practical quantum computing solutions.