NEW YORK, Aug. 28, 2026, 11:08 EDT — Pasqal’s stock soared 54.7% as it began trading on the Nasdaq, following the French quantum computing company’s $2 billion merger.
- Pasqal surged 54.7% to $15.14 at the open on Nasdaq.
- The SPAC merger delivered approximately $360 million in cash at closing.
- Shares of listed quantum companies declined between 2.7% and 6.0% on Friday morning.
Pasqal Holding SA (NASDAQ: PSQL) surged 54.7% during its Nasdaq debut. The stock was at $15.14 as of 10:57 EDT, with trading volume at 2.15 million shares.
Pasqal’s debut distanced it from a struggling group of quantum-computing firms. Shares of IonQ, Rigetti, D-Wave and Quantum Computing Inc. each fell early Friday.
Pasqal started trading following its merger with Bleichroeder Acquisition Corp. II, with the deal placing the French neutral-atom company at an approximate $2 billion valuation ahead of additional funding.
Following the transaction, Pasqal holds around $360 million in cash. The company intends to scale up manufacturing, introduce additional processors, and focus on developing fault-tolerant systems.
| Quantum stock | Price at 10:47–10:57 EDT | Friday move | Market value |
|---|---|---|---|
| Pasqal (PSQL) | $15.14 | up 54.7% | Debut |
| IonQ (IONQ) | $39.90 | down 6.0% | $14.67 billion |
| Rigetti (RGTI) | $15.91 | down 3.3% | $5.30 billion |
| D-Wave (QBTS) | $17.12 | down 4.4% | $6.34 billion |
| Quantum Computing (QUBT) | $8.42 | down 2.7% | $1.89 billion |
The contrast indicates that limited listings contributed to the movement. Pasqal’s stock fluctuated from $13.08 to $19.00, an uncommon spread for an initial trading session.
Pasqal employs lasers to position and manipulate neutral atoms. The company’s technologies are aimed at applications in materials science, drug discovery, and optimization. However, ongoing error rates continue to restrict the scalability and dependability of quantum systems.
The company posted commercial revenue of €16.5 million for 2025, up from €3.5 million in 2024. Grants brought total revenue for 2025 to €23.7 million.
Pasqal reported over €66 million in confirmed and pending business. The company operates 10 commercial processors, with seven currently deployed and three under construction.
The initial deal structure was based on $10 per share and 264.4 million shares, resulting in a pro forma equity value of $2.64 billion. Using Friday’s share price of $15.14 and the same no-redemption share count yields a notional value of $4.00 billion.
This figure is not an up-to-date market capitalization. Final redemptions, warrants, convertible securities, and lockup expirations may alter the tradable float and the fully diluted share count.
The cash gap is significant as well. The May deal model estimated $649.1 million post-closing with no redemptions. In the end, Pasqal disclosed around $360 million — a shortfall of about $289 million.
Pasqal reports over 40 clients and partners, holds more than 85 patents either granted or pending, and employs upwards of 70 PhDs. The newly secured funding is aimed at ramping up manufacturing, expanding cloud offerings, and pursuing a goal of exceeding 200 logical qubits by the end of 2029.
No consensus price target from brokers or public forecasts was accessible at the debut session. As a result, the present valuation shows price discovery in a low-float, pre-profit stock.
Risks: Pasqal continues to operate at a loss with limited revenues. Delays in achieving hardware milestones are possible. Dilution could be impacted by redemptions, warrants and convertible financing. Progress towards commercial gains may also be hampered by quantum error rates.
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