Pasqal Holding, a France-headquartered quantum computing scaleup, announced the completion of a €170 million private funding round and a committed convertible financing of €170 million as a first step toward its plan to pursue a dual listing on Nasdaq and on Euronext Paris.

“An initial Nasdaq listing is planned for 2026, and preparatory work for an Euronext listing will begin in parallel, targeting a listing in 2026 or 2027,” said Pasqal.

“In connection with the operation, Pasqal intends to consummate a business combination with Bleichroeder Acquisition Corp. II, a special purpose acquisition company, pursuant to which Pasqal would become a publicly listed company.

“This transaction values Pasqal at $2 billion. It also marks a decisive milestone in its development and confirms its position as a leader in the global quantum industry.”

The funding round brings together a group of leading international investors, comprising technology players, industrial companies, and institutional investors including Parkway, Quanta Computer, LG Electronics and CMA CGM.

The European Innovation Council Fund, Temasek, Saudi Aramco Entrepreneurship Ventures and ISAI continue their commitment.

Bpifrance, a shareholder in Pasqal since 2021, maintains a strategic long-term role in the capital structure while continuing its involvement in the company’s governance, notably on its board of directors.

“The anticipated governance of the post-business combination company will include the appointment of a new non-executive Chair of French nationality,” said Pasqal.

“The governance structure has been designed in close collaboration with the company’s shareholders, and will reflect Pasqal’s commitment to consolidating its French roots while expanding internationally.

“The company is expected to remain a French legal entity, with its headquarters in Palaiseau.”