Quantum firm Pasqal surges in Nasdaq debut via SPAC merger

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French quantum computing company Pasqal saw its shares surge sharply in their first day of Nasdaq trading after completing a merger with blank check company Bleichroeder Acquisition Corp. II, a deal that valued Pasqal at roughly 2 billion dollars and delivered approximately 360 million dollars in cash. Pasqal builds quantum processors using neutral atom technology, which researchers say has genuine potential to scale well while allowing flexible qubit arrangements

CEO Wasiq Bokhari described the listing as an acceleration point rather than a finish line, saying Pasqal was built to take neutral atom quantum computing from foundational science to industrial scale deployment. The company plans to use its new capital to expand production and deployment of its quantum processors, advance work toward fault tolerant quantum computing, and grow its cloud and software platform internationally. Pasqal already has paying customers including Saudi Aramco and has installed seven quantum computing systems worldwide

Over 90 percent of the SPAC's initial shares were reportedly redeemed for cash before the deal closed, showing many original investors chose to cash out rather than stay invested in the merged company, though Pasqal still secured enough funding to move forward. France's state investment bank Bpifrance backed Pasqal through the financing linked to the merger. Curious what people think about the SPAC route specifically becoming a common path for quantum computing companies going public lately

Quantum Computing Firm Pasqal Jumps 52 In Debut Via Spac Mergerwww.bloomberg.com