TLDR
- StoneX analyst Gary Mobley started coverage on Pasqal with a Buy rating and $15 price target.
- The target implies PSQL could rise nearly 140% from Tuesday’s close.
- Pasqal shares climbed about 1% to $6.26 on Tuesday.
- The company builds neutral-atom quantum computers and had roughly €70.4 million in booked business at mid-year.
- Pasqal is also leading a €50 million EU quantum supply chain project called Q-PLANET.
Pasqal stock got a vote of confidence this week. StoneX analyst Gary Mobley initiated coverage on the quantum computing company Tuesday with a Buy rating.
His price target sits at $15. That’s nearly 140% above where shares closed that day.
PSQL stock rose about 1% to $6.26 on Tuesday. The move came as Mobley’s bullish note hit the wires.
Pasqal Holding S.A. Ordinary Share, PSQL
Pasqal went public in late August through a merger with a blank-check company. Shares have cooled off since their debut, but Mobley isn’t fazed by the short-term dip.
He called Pasqal “one of only a handful of quantum companies generating commercial revenue from systems installed in customer data centers today.” That’s a meaningful distinction in a sector still mostly chasing proof of concept.
The Needham factor
Mobley isn’t alone in his optimism. Just days earlier, Needham analyst David Williams also started coverage at Buy.
Williams described Pasqal as “one of the most commercially advanced neutral-atom quantum platforms.” Two bullish notes in one week is a decent signal for a stock barely a month into trading.
Pasqal’s hardware approach is part of the pitch. The company uses neutral atoms trapped and controlled by lasers as its qubits, rather than the chip-based systems many competitors and the U.S. government have bet on.
Company CEO Wasiq Bokhari explained the logic to Barron’s back in August. “You don’t have to manufacture a chip; we use individual atoms as our qubits,” he said. He added that the atoms are identical, so there are no manufacturing errors or wiring needed between them.
Mobley agrees this setup could help Pasqal scale more easily. He believes neutral-atom systems avoid the cost and complexity issues that chip-based rivals may run into as they grow.
The numbers behind the bet
Pasqal closed the first half of 2026 with about €70.4 million in booked and awarded business. Roughly half of that is commercial order book, according to Mobley.
Of that order book, €12.5 million is set for completion in the second half of this year. That alone puts 2026 revenue ahead of everything Pasqal generated in all of 2025.
Mobley also covers other names in the space, including IonQ, D-Wave Quantum, and Rigetti Computing. He doesn’t see quantum computing as a winner-take-all race just yet.
Instead, he suggests investors might want to spread bets across the sector while the technology matures. The industry is still early, and no company has delivered broad commercial value at scale.
Separately, Pasqal is leading a new European initiative called Q-PLANET. The project is backed by €50 million over three years and brings together 28 partners from 11 countries.
The goal is to build a European supply chain for neutral-atom quantum components, including lasers and atom chips. Pasqal CTO Loïc Henriet said the project has moved “from ambition to execution” three months after its Brussels launch.
Pasqal will lead development of chip-based laser sources at 1013nm as part of the effort. The company will also help test and validate microfabricated vapor cells used in atomic clocks and sensors.
