Quantum firm Pasqal jumps as much as 73% in Nasdaq debut

Pasqal, the French maker of neutral-atom quantum computers, began trading on the Nasdaq Stock Market on Friday, August 28, under the ticker symbols PSQL for its ordinary shares and PSQLW for its warrants.

The stock rose as much as 73% during its first session before giving back part of that move to trade around 40% higher. The listing came through a merger with Bleichroeder Acquisition Corp II, a blank-cheque company, in a transaction that valued Pasqal at about $2 billion.

The deal left the company with roughly $360 million in cash. Pasqal intends to use the proceeds to expand production of its quantum processors and to push toward fault-tolerant machines, the stage at which quantum computers can correct their own errors reliably enough to run long calculations.

The valuation sits far above the company’s current sales. Pasqal generated revenue of €16.5 million, about $19.15 million, in 2025 and is not profitable, which places the roughly $2 billion figure at something near 100 times revenue. It is, however, among the small group of quantum firms with paying commercial customers; Saudi Aramco is exploring the use of its machines for modelling underground reserves.

Pasqal’s scientific lineage is unusually direct. Co-founder Alain Aspect shared the 2022 Nobel Prize in Physics for experiments on quantum entanglement, and his later work on controlling atoms with lasers underpins the company’s processor design.

This article is a market report, not investment advice.