Pasqal Holding SA
Builds and operates neutral-atom quantum computers, supplied with a full software stack for use on-premises or through the cloud.
Enterprise software and production AITechnology Hardware, Storage & Peripherals ·Nasdaq: PSQL · merged with Bleichroeder Acquisition Corp. II (BBCQ) · closed 27 Aug 2026, listed
Pasqal went public through its combination with Bleichroeder Acquisition Corp. II, which closed on 27 August 2026 after holders of 26,039,602 public shares redeemed at the closing vote, and it received $277.7 million in cash at closing, from the trust and from $312.5 million of senior unsecured convertible bonds with warrants sold for $250.0 million, a 20% original issue discount. Pasqal reports in euros: it stated cash and cash equivalents of approximately €312.9 million at 27 August 2026, and revenue of €4.9 million for the six months to 30 June 2026.
As announced, illustrative
- Pre-money equity value
- $2B5
- Pro forma equity value
- $2.59B6
- Pro forma enterprise value
- $1.98B6
- Capital committed, Convertible financing (anchored by sponsor-affiliated Inflection Point and BPIfrance Large Venture)
- $200M6
- Assuming
- Assumes no redemptions or repayments, $10.00 assumed share price, $288.8M trust as of Feb 28, 20266
At closing
- Revenue, FY2025
- €16.5M1
- SPAC trust at IPO
- $288M2
- Trust cash kept at closing
- $27.7M4
- Financing funded at closing, Convertible bonds with warrants
- $250M4
- Cash at closing, before expenses
- $278M4
- Transaction costs, all parties
- €32.8M1
- Financing funded before closing (not in cash at closing)
- Not disclosed
- Committed, not funded at closing
- Not disclosed
- Equity value at closing, common shares at $10.00
- $2.12B4
- Debt at closing
- $313M4
- Warrants
- Former Bleichroeder public and private placement warrants only: each exercisable for one Ordinary Share at $11.50, subject to adjustment1
- Convertible notes
- Senior Unsecured Convertible Bonds: $312.5 million principal, initially convertible into 26,041,667 Ordinary Shares at $12.00 per share, issued together with 32,552,083 Investment Warrants initially exercisable at $12.00 per Ordinary Share; aggregate subscription price $250.0 million, reflecting 20% original issue discount; amount counts bond principal only1
- Other instrument
- Rollover BSPCEs and assumed options of Legacy Pasqal; amount counts underlying Ordinary Shares after applying the 22.7361 Exchange Ratio1
Latest filings
This record is for informational purposes only. It is compiled from SEC filings and, for share prices, the named market-data provider, with the assistance of AI. Although checked against its sources, it may contain errors or omissions and has not been audited; where it differs from the original filings, the filings prevail. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Past performance does not indicate future results.