Pasqal
Closed (deSPAC)Information Technology · neutral-atom quantum computing hardware and software · Palaiseau, France · founded 2019 · 300 employees
- What it is
- Direct QPU hardware sales to governments/HPC centers and research institutions, plus recurring QPU-related services (cloud access, maintenance, R&D contracts) and cryostat component sales; heavily supported by EU/French government grants and public funding programs.
- What it’s doing now
- Merging with Bleichroeder Acquisition II (BBCQ) — closed (despac), announced Feb 28, 2026; shareholder vote Aug 25, 2026; expected close H2 2026.
- What you should know
- The real share count puts the effective valuation 32% above the announced $2.0B. At 103× revenue the deal prices it below its listed peers — though those peers themselves trade at 277.18×. The deal carries a $150M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryPasqal builds neutral-atom quantum processing units (QPUs) and sells them outright to national labs and HPC centers, plus QPU-related services (cloud computing time, maintenance, R&D) and cryostat hardware. Unlike most de-SPAC quantum targets, Pasqal is NOT pre-revenue: it recorded audited FY2025 revenue of EUR 16.5 million (approximately USD 19.4 million per the F-4), up 369% from EUR 3.5 million in FY2024, driven by commissioning of QPUs under the GENCI and Forschungszentrum Juelich contracts. It remains deeply loss-making (FY2025 net loss EUR 92.4 million) and is being acquired at roughly 95.6x FY2025 EV/revenue.
| Revenue | $19.4M (FY2025) |
| Cash | $86.6M |
Source: 8-K, accession 0001213900-26-094397 · as of Dec 31, 2025 · extraction confidence: high
What the company says about itself
Web research — not auditedPasqal is a quantum computing company developing neutral-atom quantum processors designed to scale toward industrial applications, integrated into HPC and cloud environments.
- Markets:
- Energy | Finance | Logistics | High-Performance Computing | Artificial Intelligence | Chemistry & Materials Simulation
- Products:
- Neutral-atom quantum processors (QPUs) | Pasqal Cloud | Pulser / Pulser Studio | quantum software SDKs and optimization libraries
- Customers:
- Institut d'Optique Graduate School | Sumitomo | Thales | KAIST | Capgemini | BMW Group | Aramco | Credit Agricole CIB | GENCI | Forschungszentrum Juelich | partners: IBM, NVIDIA, Google, Microsoft, CMA CGM, CINECA
The website does not state HQ, headcount or founding year, so no direct numeric conflict; the F-4 supplies 2019 founding, ~300 employees and Palaiseau, France HQ. The website markets 'energy, finance, logistics' verticals and names commercial partners (BMW, Aramco, Credit Agricole CIB, Thales, Sumitomo), which reads as a broad commercial customer base, whereas the F-4 discloses a highly concentrated customer base with FY2025 revenue driven almost entirely by two public-sector QPU contracts (GENCI and Forschungszentrum Juelich) and explicitly flags 'concentrated customer base and an early-stage commercial model'. Treat the website customer list as pilots/partnerships, not revenue-weighted customers.
Source: https://www.pasqal.com/ · captured Aug 14, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Pasqal is merging with Bleichroeder Acquisition II (BBCQ), a $288M SPAC currently marked Closed (deSPAC).
| Headline equity value | $2.0B |
| Effective valuation (all shares) | $2.6B+32% vs headline |
| Sponsor promote | 25% |
| PIPE | ≈ $200M · unsourcedconvertible bonds: $250,000,000 aggregate principal of senior unsecured convertible bonds purchased for $200,000,000 (20% original issue discount), plus Investment Warrants for 125% of the underlying |
| Minimum cash to close | $150M |
| Pro-forma shares | 264.4M |
| Post-close ticker | PSQL |
Structure per SEC accession(s) 0001213900-26-053425, 0001213900-26-023841, 0001213900-26-023839. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Three different numbers are all called the deal value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
What Pasqal on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
assumes 0% redemptions
Every share of the combined company, marked at the reference price, once the deal closes — the business PLUS the cash that arrives with it. This is the figure press headlines quote, and it is bigger than the business for that reason alone.
assumes 0% redemptions
Money the transaction puts INTO the company. It is counted inside the equity value above, which is why it comes straight back out to reach the figure below — nobody pays a revenue multiple for a bank balance.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
$1,998.5M ÷ $19.4M of FY2025 revenue. $1 of Pasqal's 2025 reported sales is being bought for $103.00.
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for Pasqal appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
What qualifies these figures
- The equity and cash figures above assume NOBODY REDEEMS — the filing's own assumption, and the most favourable one available to it. Public shareholders in this market frequently redeem most of a trust; at a higher rate both figures fall together and the enterprise value the multiples are struck on does not move.
- The announced headline of $2,000M and the filed pro-forma equity value of $2,643.7M are not the same number. Both are recorded as stated; we have not reconciled them for you.
All figures above are stated in EX-99.1 investor deck (425)0001213900-26-073692
"Pro Forma Valuation at Closing" table in the filed deck; $2,643.7M − $645.2M = $1,998.5M holds as printed. Pre-money is stated as "~$2.0 billion" in prose and as "$2,000.0 Pasqal Rollover Equity Value" in the Uses table on the same slide, so it is stored at 2000.0 from the table rather than from the approximation. SUPERSEDED FIGURES, kept on the record: the same table in 8-K 0001213900-26-061043 (2026-05-26) reads "Less: Cash (649.1) Pro Forma Enterprise Value $1,994.6" — the cash balance moved $649.1M → $645.2M between the two filings (the deck restates Pasqal's own cash from €124.7M at 30-Apr-2026 to €120.1M at 31-May-2026), carrying the EV from $1,994.6M to $1,998.5M. We publish the later filing. Redemption assumption, footnote (4): "Assuming no redemptions." Note the cash here is NOT all transaction cash: the Sources table counts "Pasqal Existing Cash(2) 139.8" alongside "SPAC Cash in Trust(1,4) 291.4" and "Convertible Financing(3) 250.0".
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
Priced below its listed peers
The deal values Pasqal at $2bn, or 103× the FY2025 actual revenue it actually reported. That is well below the 277.18× median its closest listed peers trade at — a cheap price on this measure. It is priced above 25% of them.
Pro-forma enterprise value as filed.
FY2025 — a reported actual.
103× FY2025 actual revenue. Put another way: $1 of its annual sales is being bought for $103.00.
$1 of their sales costs $277.18 on the open market. Median of 4 listed companies we judged a true comparable, which individually run from 63.18× to 586.39×. Their share prices are from 15 August 2026, not today.
What qualifies this number
- QUCY, INFQ, QNT, HQ, SHAZ, SEQC, BGDE, WYFI have no revenue to divide by, so they are shown but left out of the peer median.
- ARQQ shown for context only — not close enough to move the median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| IONQ | IonQ, Inc. | $18.7B | 63.2x | — | Listed pure-play quantum computing hardware maker selling systems and cloud access to government/HPC and enterprise customers; the F-4's own Newbridge comparable-company analysis uses IonQ with 2025 revenue of $108.6M and 90.9x EV/Revenue - same business model, larger scale bucket but the closest listed analogue.more ▾less ▴ |
| QBTS | D-Wave Quantum Inc. | $6.0B | 586.4x | — | D-Wave Quantum sells quantum systems outright to national labs and offers cloud quantum access, the same hardware-sale-plus-services mix as Pasqal, at a comparable revenue scale; named explicitly in the F-4's comparable public company set.more ▾less ▴ |
| QUCY | Quantum Cyber NV | $10M | — | — | Direct comp: IT Services & Consulting (NEC); micro-cap ($10m); shares quantum, computing, related, and, the with the target's own description; forward EV/Sales 83.8x.more ▾less ▴ |
| RGTI | Rigetti Computing, Inc. | $6.3B | 441.5x | — | Rigetti is a listed superconducting-qubit full-stack quantum hardware maker selling QPUs and cloud access at a single-digit-millions revenue base — the same 'sell the machine and the access to it' model as Pasqal's QPU and QPU-services sales, one scale bucket below.more ▾less ▴ |
| INFQ | Infleqtion Inc | $812M | — | — | Operational comp: Electronic Equipment & Parts (NEC) (Information Technology group); small-cap ($812m); shares quantum, atom, computing, neutral, builds, national with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| QUBT | Quantum Computing Inc. | $2.0B | 112.8x | — | Quantum Computing Inc is a listed quantum hardware developer (photonic/thin-film lithium niobate) with minimal revenue and heavy losses, matching Pasqal's pre-scale hardware profile though at a smaller revenue base.more ▾less ▴ |
| QNT | Quantinuum Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, computing, hardware, services, and, the with the target's own description; forward EV/Sales 556.5x.more ▾less ▴ |
| HQ | Horizon Quantum Holdings Ltd | — | — | — | Operational comp: Software (NEC); shares quantum, hardware, processing, from, and, the with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| SHAZ | SharonAI Holdings Inc | $23M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($23m); shares hpc, computing, units, processing, cloud, services with the target's own description; forward EV/Sales 10.7x.more ▾less ▴ |
| SEQC | SeeQC Inc | — | — | — | Operational comp: IT Services & Consulting (NEC); shares quantum, computing, hardware, and, the with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BGDE | Big Digital Energy Inc | $5M | — | — | Operational comp: IT Services & Consulting (NEC); micro-cap ($5m); shares hpc, computing, builds, processing, units, services with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| WYFI | WhiteFiber Inc | $605M | — | — | Operational comp: IT Services & Consulting (NEC); small-cap ($605m); shares hpc, computing, cloud, centers, units, processing with the target's own description; forward EV/Sales 8.2x.more ▾less ▴ |
| ARQQcontext only | Arqit Quantum Inc. | $413M | 338.0x | — | Arqit is quantum-adjacent but sells post-quantum encryption software as a subscription, not quantum hardware - different business model and different buyer, so not a true comparable for Pasqal's QPU-sales model.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Pasqal going public?
Pasqal has an approved merger with the SPAC Bleichroeder Acquisition II (BBCQ), announced Feb 28, 2026. The combined company expects to trade as PSQL. Deal status: Closed (deSPAC).
What is Pasqal's SPAC deal valuation?
The announced headline equity value is $2.0B, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $2.6B, 32% above the headline.
Was Pasqal bought at an expensive or a cheap valuation?
The deal values Pasqal at $2bn, or 103× the FY2025 actual revenue it actually reported. That is well below the 277.18× median its closest listed peers trade at — a cheap price on this measure. It is priced above 25% of them.
Does Pasqal have revenue?
The filings report a revenue figure of $19.4M (FY2025).
Educational content, not investment advice.
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