Quantum Startup Pasqal to List Via SPAC at $2 Billion Valuation

Pasqal Holding SAS agreed to merge with a blank-check firm in a deal that values the combined company at $2 billion pre-money, joining the growing number of quantum startups choosing to go public through the listed vehicles.

The French firm inked a deal with Bleichroeder Acquisition Corp. II that includes a $200 million convertible financing, according to a statement reviewed by Bloomberg News. The transaction with the Nasdaq-traded special purpose acquisition company, which is sponsored by Michel Combes and Andrew Gundlach, will also include as much as $289 million dependent on investor redemptions.