French quantum computing startup Pasqal announced plans to go public through a merger with a special purpose acquisition company (SPAC), valuing the company at approximately $2 billion.

The transaction represents one of the largest public market debuts for a European quantum computing company as the sector continues to attract significant investor interest despite the technology's early-stage development.

Pasqal, founded in 2019, develops quantum processors using neutral atoms trapped by laser light. The company's technology aims to solve complex optimization problems for industries including pharmaceuticals, finance, and logistics.

The SPAC route has become a popular alternative to traditional initial public offerings, particularly for technology companies seeking faster access to public markets. The structure allows companies to provide forward-looking projections that would not be permitted in conventional IPOs.

Quantum computing remains largely in the research and development phase, with most commercial applications still years away from widespread deployment. However, major technology companies and governments worldwide have invested billions of dollars in the technology, viewing it as potentially transformative for fields requiring massive computational power.