France’s Pasqal Goes Public with $360M and a Valuation 100 Times Revenue
The French neutral-atom quantum computing company, Pasqal, has begun trading on Nasdaq as PSQL, raising approximately $360M through its initial public offering (IPO). This is significantly lower than the expected $500M gross proceeds from its merger with Bleichroeder Acquisition Corp. II.
August 28, 2026 – 2:44 pm
A leadership team member poses with one of Pasqal’s quantum computing units. (Credit: Pasqal)
Pasqal’s IPO occurred on Friday, five months after its announcement, and shares experienced a surge, as reported by Reuters. The company’s substantial cash reserve, amounting to roughly €309 million (or $360M), is a notable achievement for European quantum startups. In 2026, the entire European quantum sector raised approximately €1.05 billion, highlighting Pasqal’s significant funding compared to its peers.
Despite the impressive valuation of around $2 billion pre-money, based on 2025 revenue of €16.5 million (a multiple of roughly 100 times), the company acknowledges that commercial adoption of quantum computing remains uncertain.
Pasqal boasts deployed hardware rather than a roadmap. They have seven neutral-atom quantum processing units in operation, with three more in production, supporting various applications across energy, financial services, and materials science. Their customer list includes prominent names like Saudi Aramco, Crédit Agricole CIB, and LG Electronics, with the latter’s machine being Saudi Arabia’s first quantum computer.
Strategic partnerships play a crucial role in Pasqal’s success. Their collaboration with Nvidia on the classical side and their membership in the IBM Quantum Network provide access to both major ecosystems shaping the future of quantum hardware.
Neutral-atom systems, which trap individual atoms using laser light, offer advantages over superconducting qubits due to their less stringent cryogenic requirements.
"Today is not a finish line; it’s an acceleration point," stated CEO Wasiq Bokhari, emphasizing the shift from foundational research to industrial-scale deployment.
The funding will be allocated towards:
- Expanding manufacturing capacity at their headquarters in Palaiseau.
- Developing fault tolerance, cloud and software platforms, and integration with classical high-performance computing.
- International expansion plans.
- A dual listing on Euronext Paris is also anticipated.
Pasqal maintains its French focus, with Nobel laureate Alain Aspect, a co-founder, serving as a non-executive chairman, and Bpifrance represented by Nicolas Berdou on the board. France holds a significant influence, retaining a veto over substantial non-French and non-EU stakes in the company.