Pasqal began trading on Nasdaq on Friday under the ticker PSQL, five months after announcing it would go public through a special purpose acquisition company. Shares surged on the debut, according to Reuters.
The merger with Bleichroeder Acquisition Corp. II closed on 27 August, a day after shareholders approved it, leaving the company with roughly $360m in cash. In euros, that is €309m, and it is the number that matters more than the ticker.
The filings had anticipated about $500m in gross proceeds. Landing at $360m is the arithmetic of redemptions, which is the mechanism by which SPAC shareholders decline to come along and take their money back instead.
Even so, this is one of the larger cash piles any European quantum company has ever had at its disposal. The whole of Europe’s quantum sector raised around €1.05bn during 2026, which puts a single balance sheet at close to a third of a continent’s annual funding.
The valuation is the part that will draw scrutiny. The deal was struck in March at $2bn pre-money against 2025 revenue of €16.5m, a multiple of roughly 100 times, and the filings themselves conceded that commercial traction for quantum computing may never occur.
