Pasqal enters public market with reported US$360 million in closing cash
The quantum-computing company reported €16.5 million in commercial revenue for 2025, alongside a €92.4 million net loss.
Pasqal Holding SA has completed its combination with Bleichroeder Acquisition Corp. II and entered the public market with approximately US$360 million in reported closing cash, according to Yahoo Finance.
The company reported €16.5 million in commercial revenue for 2025, up from €3.5 million a year earlier. Total revenue, including grants, was €23.7 million. Pasqal’s net loss widened to €92.4 million from €48.5 million in 2024.
As of March 2026, Pasqal had seven quantum processing units installed, with three more in production, and more than €66 million in booked and awarded business. That figure includes grants and may be recognised over several years, rather than representing equivalent recurring commercial demand.
Pasqal said its systems supported more than 25 commercial and research applications across three continents. Named customers include Saudi Aramco, Crédit Agricole CIB and LG Electronics, while IBM and NVIDIA were identified as collaborators.
The transaction assigned Pasqal a reported US$2.0 billion pre-money rollover equity value. Financing included US$250 million paid for senior unsecured convertible bonds with US$312.5 million in principal, plus related warrants.
Pasqal is targeting more than 10,000 physical qubits, over 200 logical qubits and 99.9999 per cent logical fidelity by 2029. Those remain management targets, while the company’s manufacturing capacity of up to 13 QPUs annually is subject to staffing and parts availability.
