Pasqal: The neutral-atom champion

The neutral-atom champion

Pasqal has validated the commercial viability of neutral-atom computing, operating one of the largest installed bases of high-qubit-count systems among pure-play quantum companies. It has trapped over 1,000 physical qubits against a roadmap targeting 10,000 physical and 200 logical qubits, generated €16.5 million of commercial revenue in 2025, and holds over €66 million in booked and awarded contracts.¹⁵

Recent milestones include the Middle East's first industrial quantum computer with Saudi Aramco,¹⁴ Italy's first neutral-atom system at CINECA, and a demonstration of quantum advantage in materials simulation with Los Alamos National Laboratory. Its merger with Bleichroeder Acquisition Corp. II at a $2.0 billion pre-money valuation cleared the SEC on 5 August 2026; shareholders vote on 25 August 2026, after which the company will trade on Nasdaq as PSQL, with a Euronext listing to follow.

Our mandate

Zaz Ventures designed a five-instrument public capital strategy for Pasqal, the broadest in the portfolio. We secured the EIC Accelerator (Pilot) Grant received in 2021 (€2.5 million) and structured participation in the Horizon Europe collaborative project EQUALITY, started in 2022 (€6 million), to strengthen Europe's quantum software ecosystem. We then secured the EIC Accelerator (Pilot) Equity received in 2023 (€19.5 million), an EIC Pathfinder Grant received in 2024 funding fundamental research at the frontier of the roadmap, and EIC STEP Scale-Up Equity received in 2026 (€30 million). This capital industrialised full-stack processor production across two manufacturing sites and funded cloud and on-premise system deliveries worldwide.