Pasqal to List on Nasdaq After Raising Over $500M
French quantum computing firm Pasqal is preparing for a listing on the Nasdaq stock exchange. The company's filings reveal over $500 million in funding secured through a SPAC merger.
Paris-based quantum computer developer Pasqal has released documents detailing its financials as it prepares to list on the New York-based Nasdaq stock exchange later this year. The move is being facilitated by a SPAC (Special Purpose Acquisition Company) merger, which is expected to bring in over $500 million in fresh funding for the company.
The SPAC merger combines Pasqal with SPAC 1, a European entity. The company has previously announced its intention to go public on Nasdaq within the year. The primary goal of the SPAC transaction is to secure additional capital to fuel its expansion and operations.
Pasqal has a history of significant funding rounds. In 2022, the company raised €35 million from venture capital investors. The year prior, it secured €10 million. In 2021, Pasqal completed a €100 million funding round that included both private equity and state support.
Financial data disclosed by the company indicates revenues of €8.9 million in 2023, with projections to reach €25 million in 2024, reflecting the company's growth trajectory.
The Nasdaq listing represents a major milestone for Pasqal, underscoring the growing interest and potential of quantum technology in the future tech landscape. The filings also touch upon potential risks, including "French state influence," and a valuation multiplier of 100x.