Quantonation led Pasqal’s seed round and then its €25 million Series A in 2021, backing neutral-atom quantum computing years before the company reached the public markets at an approximately $2 billion enterprise value

Paris/Dallas, Aug. 28, 2026, — Quantonation, the world’s largest venture firm focusing on quantum and physics-based technologies, today celebrated the public listing of Pasqal, a global leader in neutral-atom quantum computing, following the completion of its business combination with Bleichroeder Acquisition Corp. II.

Pasqal’s ordinary shares began trading on the Nasdaq Stock Market under the ticker symbol “PSQL,” with the transaction valuing the company at a pro forma enterprise value of approximately $2.0 billion and delivering gross proceeds of $360 million to fund its continued growth.

Quantonation first backed Pasqal by leading its seed round, before co-leading the company’s €25 million Series A in 2021. The firm continued to invest through subsequent financing rounds as Pasqal expanded globally and its technology moved towards industrial-scale systems.

The listing has particular significance for Quantonation as the firm’s co-founder, Christophe Jurczak, is also a co-founder of Pasqal. His involvement with the company therefore stretches from its creation through Quantonation’s earliest investment and subsequent financing rounds to its arrival on the public markets.

Pasqal is Quantonation’s first portfolio company to list on a major U.S. exchange and marks a significant milestone for a strategy the firm began pursuing when it was founded. The guiding principle is investing in breakthroughs emerging from physics that could form the basis of globally significant technology companies.

“Pasqal has been part of my journey since its beginning, so a Nasdaq listing is a remarkable moment,” said Jurczak. “When we started, neutral atoms were far from an obvious contender in quantum computing. Since then, they have emerged as one of the field’s leading platforms. We believed that extraordinary science could become the foundation of a global technology company. What the Pasqal team has built since then shows just how far both the company and the quantum industry have come.”

Since launching in 2018, Quantonation has invested globally across more than 11 countries, backing companies in quantum computing, networking, sensing, materials, adjacent supply chain, and broader deep-physics domains. Its second fund was oversubscribed and closed above target at €220 million ($256 million) in February, with all major investors from its first fund returning.

Pasqal was one of Quantonation’s defining early investments, as the neutral-atom approach moved from fundamental research towards increasingly powerful and scalable quantum processors.

“Pasqal reaching the public markets says something much bigger about where this industry is heading,” said Olivier Tonneau, Co-Founder and Partner at Quantonation. “Quantum companies are developing from research ventures into industrial businesses capable of raising capital and competing on a global scale. There is still a tremendous amount of technology to build, but the path from world-class physics to world-class companies is becoming much clearer. Pasqal is an important example of what that can look like.”