Pasqal的中性原子豪赌：向HPC中心销售量子处理单元，随后在纳斯达克以20亿美元上市

做的是什么生意

Pasqal builds neutral-atom quantum computers — arrays of atoms trapped and manipulated by lasers — sold as on-premises QPUs for high-performance computing centers and through the cloud, serving optimization, simulation, and machine-learning workloads.

启动资金：€100M Series B (Jan 2023) led by Temasek with EIC Fund, Wa'ed Ventures, and Bpifrance Large Venture; SPAC business combination expected to deliver $600M+ gross proceeds, ~$360M cash available at closing (Aug 2026); over $300M raised prior to the deal

起因

Pasqal spun out of the Institut d'Optique in Palaiseau in 2019, founded by Georges-Olivier Reymond, Christophe Jurczak, and physicists including Alain Aspect (2022 Nobel Prize laureate). Its thesis: neutral-atom arrays were the fastest-deployable quantum platform, and Europe's HPC centers were ready buyers.

经过

In January 2023 Pasqal raised a €100M Series B led by Singapore's Temasek, with plans to double its 100-person team and build a 1,000-qubit machine. In November 2023 it delivered two 100+ qubit quantum computers to Forschungszentrum Jülich (Germany) and GENCI/CEA (France) under the EuroHPC HPCQS project, coupling them to the JURECA DC and Joliot-Curie supercomputers. In November 2025 the two systems — Jade at Jülich and Ruby at CEA — were formally inaugurated as part of Europe's first hybrid HPC-quantum infrastructure. In March 2026 Pasqal announced a $2B pre-money business combination with Bleichroeder Acquisition Corp. II to list on Nasdaq.

结果

On August 28, 2026 Pasqal completed the SPAC merger and began trading on Nasdaq as PSQL, with roughly $360M in cash at closing. At that point it had seven QPUs deployed globally and three more in production, 25+ active applications, and customers including Saudi Aramco, Crédit Agricole CIB, LG Electronics, Sumitomo, and CMA CGM.

可借鉴之处

硬件初创公司可以尽早将不完美的技术销售到现有基础设施中，将长达十年的容错路线图转化为收入和公开上市。