France's Pasqal is set to list on Nasdaq through a SPAC merger at a $2bn valuation, around 100 times its current revenue. Company disclosures highlight two key points: quantum computing may never generate meaningful returns, and the French government holds veto power over potential buyers.

Pasqal, the French quantum-computing company, is preparing to go public in the United States via a merger with blank-cheque firm Bleichroeder Acquisition Corp. II. The transaction values the business at $2bn before cash. Sifted's Daphné Leprince-Ringuet examined the more than 300 pages of regulatory filings, which offer a candid view of quantum economics.

The valuation multiple stands out. Pasqal reported €16.5m in revenue for 2025. At $2bn, that equates to roughly 100 times sales. While high, the figure appears moderate when compared with similar firms.

Reasonable, relative to quantum peers

Chief executive Wasiq Bokhari describes the pricing as attractive compared with rivals. He noted to Leprince-Ringuet that listed peers command much higher multiples. Quantinuum entered public markets last month and trades near a $20bn market cap, or about 647 times its 2025 revenue. Against that benchmark, Pasqal's multiple seems measured.

The gap reveals how investors price quantum firms: based on future potential rather than present earnings. The filings state plainly that commercial success for quantum computing may never materialize and that the technology could fall short of expectations.

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The French ownership safeguard

A distinctive risk involves government oversight. As a French entity active in strategic technology, Pasqal is subject to what filings term French state influence. Any significant investment by non-French or non-EU parties requires clearance from the French Ministry of the Economy.

Paris therefore retains influence over the shareholder base. This arrangement reflects Europe's broader stance on critical technologies, balancing support for domestic champions with control over ownership. The same priority shapes France's tech-sovereignty initiatives.

For a firm seeking global capital, the requirement adds complexity. It also explains why Pasqal is pursuing a US listing despite its European roots.

Reasons for a US listing

Bokhari cites deeper capital markets in the United States as the main driver. Similar logic has drawn other European deep-tech companies across the Atlantic. IQM became the first European quantum firm to list on a major US exchange. Additional hardware and inspection firms have followed to access larger funding pools.

The transaction targets roughly $500m in gross proceeds. The resulting entity, Pasqal Holding SA, expects to begin trading on Nasdaq in the second half of this year. Details appear in a joint Form F-4 filed with the SEC on 26 May and updated a month later.

The situation poses challenges for Europe. Advanced companies are developed domestically yet often valued in foreign markets. Pasqal's disclosures illustrate the issue: a $2bn quantum wager requires substantial patient capital, while a French ownership veto can deter some investors. Whether the technology ultimately supports the valuation remains, by the company's own account, unresolved.