Pasqal

Pasqal builds quantum processors based on neutral atoms arranged in arrays and controlled optically. It supplies hardware and software to use them, with access to the systems, QPU services and collaboration with industrial customers. It was founded in 2019 as a spin-off of the Institut d'Optique and Paris-Saclay and is based in Palaiseau, France. The documented equity rounds are a €25M Series A (8 June 2021), a €100M Series B led by Temasek (24 January 2023) and a €170M private raise announced on 4 March 2026, called Series C in the May deck. In 2026 it also announced convertible bonds with warrants and on 27 August 2026 it completed the business combination with Bleichroeder Acquisition Corp. II. Trading on Nasdaq began on 28 August 2026 under the symbol PSQL, through the holding company Pasqal Holding S.A. The $2B of 4 March 2026 is a post-money valuation of the private raise (pre-money of the private placement according to the company note) and the roughly $2B of 28 August 2026 is a pro forma enterprise value: neither is a market capitalisation. It is no longer a private unicorn and its current market capitalisation is not verified.