Pasqal Holding SA 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.
Using the original 264.4M-share model, $14.50 implies an illustrative $3.83B equity value—not a verified current market cap.
| Measure | Reading | Investor interpretation |
|---|---|---|
| 2025 commercial revenue | €16.5M | 4.7× 2024 level |
| 2025 total revenue incl. grants | €23.7M | Grants remain material |
| Booked / awarded business | >€66M | >4.0× commercial revenue |
| Illustrative equity value | $3.83B | ≈200× 2025 commercial revenue* |
| Cash per modeled share | ≈$1.36 | Based on $360M / 264.4M |
| Company | Price | Day | Market value |
|---|---|---|---|
| Pasqal | $14.50 | +48.12% | Debut; share count unsettled |
| IonQ | $39.17 | −7.75% | $14.42B |
| Rigetti | $15.63 | −4.93% | $5.20B |
| D-Wave | $16.81 | −6.12% | $6.23B |
| Quantum Computing | $8.16 | −5.72% | $1.83B |
NASDAQ:QBTS • company stock move
The SEC filing says the resignation was not caused by a disagreement over operations, accounting, disclosures or controls.
| Q2 revenue | $3.1M |
| Q2 GAAP operating expenses | $55.0M |
| Q2 adjusted EBITDA loss | $37.1M |
| First-half bookings | $35.5M |
| Remaining obligations | $40.7M |
| Cash + securities | $546.2M |
The $543M unrecovered value equals 15.3× first-half bookings and roughly 175× quarterly revenue.
| Company | Close | Move | Market cap |
|---|---|---|---|
| D-Wave | $17.51 | −9.51% | $6.52B |
| IonQ | $40.03 | −4.83% | $14.72B |
| Rigetti | $15.94 | −5.87% | $5.31B |
| Quantum Computing | $8.35 | −1.24% | $1.88B |
The average target is 101% above the $17.51 close. Targets are estimates, not guarantees.
Large system contracts make revenue recognition uneven. First-half bookings included one $20 million sale. A slower conversion of the $40.7 million obligation balance, continued operating-cost growth, or another finance-management change would increase valuation pressure. Continuity on September 2 is the next confirmed governance checkpoint.
| Stock | Market cap | TTM sales | P/S |
|---|---|---|---|
| QUBT | $2.02B | $9.82M | 206× |
| IONQ | $17.89B | $246.47M | 73× |
| RGTI | $5.98B | $13.35M | 448× |
| QBTS | $7.49B | $12.43M | 603× |
Sector rotation, not fresh company news.
QUBT rallied with IONQ, RGTI and QBTS after three declining sessions. The volume jump supports a risk-on move. The latest company earnings release remains the Aug. 10 Q2 report.
A close above $9.18 would strengthen the rebound. A break below $8.14 would return focus to execution, spending and order conversion.
| Metric | Old | Updated |
|---|---|---|
| Q2 revenue | $12.6M | $13.5M |
| Revenue growth | 116% | 157% |
| GAAP op. loss | $30.6M | $29.9M |
| FY revenue guide | $43.0M | $45.1M |
| 2026 target | 30 logical qubits |
| Illinois system | 2027 deployment |
| Commerce LOI | Up to $100M |
| New headquarters | ~107,000 sq. ft. |
