TLDR
- Pasqal (PSQL) jumped as much as 73% on its Nasdaq debut August 28, before settling up around 40%
- The French quantum computing firm went public via a SPAC merger with Bleichroeder Acquisition Corp. II, valuing it at roughly $2 billion
- The deal gives Pasqal approximately $360 million in cash to expand production and commercialize its technology
- Pasqal has no current earnings or revenue metrics that apply standard valuation, making it a pure growth bet
- The company already has commercial contracts, including with Saudi Aramco, and has deployed seven quantum machines globally
Pasqal made its Nasdaq debut on August 28, 2026, with its stock surging as much as 73% before settling to a 40% gain by the end of the session. The stock trades under the ticker PSQL.
The French quantum computing company went public through a merger with blank-check company Bleichroeder Acquisition Corp. II. The deal values Pasqal at approximately $2 billion and left the company with around $360 million in cash.
That cash is earmarked for expanding production and pushing its neutral-atom quantum processing units (QPUs) further toward commercialization.
Pasqal builds quantum hardware based on neutral atoms arranged in two- and three-dimensional lattices. Its machines are designed for data-center deployment and target industries from drug discovery to financial modelling.
It generated revenue of €16.5 million ($19.15 million) in 2025, which makes it one of the few quantum companies that already has commercial contracts in place. Saudi Aramco is among its customers, using Pasqal’s machine to model underground reserves.
Nobel Roots and Government Backing
Pasqal co-founder Alain Aspect won the 2022 Nobel Prize for proving quantum entanglement. His later work on controlling atoms with lasers fed directly into Pasqal’s processor technology.
The company carries backing from Bpifrance, the French state investment bank, which participated in financing linked to the merger. That government support adds a layer of stability unusual for a company at this stage.
Pasqal has deployed seven machines to date, including four at national supercomputing centres in France, Germany, Italy and Canada. Its manufacturing facilities in France and Canada can produce up to 13 machines per year.
Valuation Is a Forward Bet
Standard valuation tools do not apply here. With no meaningful earnings, P/E and P/S ratios are effectively undefined. GuruFocus gives the company a GF Score of 0/100, not as a red flag but simply because there is not enough financial history to score.
The $2 billion market cap is purely a reflection of what investors think Pasqal could be worth if quantum computing delivers on its promise.
There is no reported insider buying or selling, and no institutional ownership data is available yet, which is typical for a newly public company.
The broader backdrop is helping sentiment. U.S. President Donald Trump signed an order to accelerate quantum technology development, and the Commerce Department has agreed to roughly $2 billion in incentives for nine quantum firms. Pasqal is not on that list, but the policy tailwind is real.
Google expects uniquely quantum applications to emerge within five years. IBM is targeting a large-scale, fault-tolerant machine by 2029.
Pasqal’s debut comes as the tech sector broadly continues to ride the AI wave, which has lifted investor appetite for deep-technology companies.
As of its first trading day, PSQL closed up approximately 40% from its opening price.
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