Dashed lines mark market-closed periods (overnight, weekends & holidays)
About Pasqal
Pasqal (PSQL) has a market cap of $1.24B as of October 2026 — #8 of the 13 pure-play quantum computing stocks by market value.
Pasqal builds neutral-atom quantum computers and cloud software for optimization, simulation, and AI workloads. Its systems operate in standard data centers and are deployed with industrial and high-performance-computing customers in Europe and Saudi Arabia.
Sector
Technology
Industry
Computer Hardware
Founded
2019
Headquarters
Palaiseau, France
Shares Outstanding
212.3M
Quantum Division
https://www.pasqal.com/solutions/hardware/
Quantum Technology
Physical Qubits
200
FRESNEL_SA1 (Orion Gamma)
Hardware Type
Physical Qubits (Neutral Atom)
Cloud Access
Roadmap Target
Company target: 10,000+ physical qubits per QPU and 200+ logical qubits by end of 2029; Vela product generation targets 200+ physical qubits in 2027
Pasqal's largest confirmed operating commercial system is the 200-programmable-qubit neutral-atom QPU at Aramco, inaugurated in May 2026 after its November 2025 deployment. Pasqal separately demonstrated registers above 1,000 trapped atoms, but that R&D result is not used as a commercial-system qubit count. At listing, the company reported seven QPUs deployed and three in production.
⚠ H1 2026 filing backfill
Audited FY2025 operating-company results remain sourced from the final 424B3. Closing cash uses Pasqal's August 27, 2026 disclosure and the same-day ECB rate; debt, equity, and trailing operating cash flow use its June 30, 2026 interim statements and ECB reference rate. Newer valid 6-K/20-F facts replace these dated values.
Cash Position & Runway
Total Cashⓘ
$364.37M
TTM Cash Burnⓘ
$33.62M
per year (TTM)
Cash Runwayⓘ
130 mo
Total Debtⓘ
$23.39M
Quarterly Operating Cash Flow
Quarterly cash-flow figures will appear here once Pasqal files interim financial reports with the SEC. Recently listed companies have no quarterly history yet.
Financial Metrics (Annual)
Total Revenueⓘ
$19.35M
Revenue Growth (YoY)ⓘ
+369.4%
Gross Marginsⓘ
—
Operating Marginsⓘ
-306.63%
Net Marginsⓘ
-560.81%
Total Debtⓘ
$23.39M
P/E Ratio (TTM)ⓘ
—
EPS (TTM)ⓘ
$-0.5112
Price / Bookⓘ
8.40
Earnings Per Share (TTM)
EPS (TTM)ⓘ
$-0.5112
Unprofitable
P/E Ratioⓘ
—
Price / Bookⓘ
8.40
Price-to-Book
Shares Outstanding History
Share-count history will appear here once Pasqal has filed enough reports with the SEC to chart a trend. Recently listed companies start with a single data point.
SPAC Warrant Overhang
Pasqal went public via SPAC merger with Bleichroeder Acquisition Corp. II (2026-08). SPAC warrants allow holders to buy shares at the strike price — exercising them creates new shares and dilutes existing holders.
Strike Price
$11.50
Outstanding
17.3M
Dilution Ceiling
$199.33M
Dilution ceiling = outstanding warrants × strike price. Outstanding count changes as warrants are exercised or expire — sourced from latest SEC 10-K/20-F.
Daily Short Volume (FINRA)
Latest Short Vol %
50.4%
2026-10-14
Short Volume
155,828
| Date | Short Vol | Total Vol | Short % |
|---|---|---|---|
| 2026-10-14 | 155,828 | 309,240 | 50.4% |
| 2026-10-09 | 151,250 | 300,125 | 50.4% |
| 2026-10-07 | 778,813 | 1,304,403 | 59.7% |
| 2026-10-02 | 156,547 | 367,902 | 42.6% |
| 2026-09-30 | 238,481 | 787,057 | 30.3% |
| 2026-09-25 | 150,258 | 279,354 | 53.8% |
| 2026-09-16 | 109,510 | 279,184 | 39.2% |
| 2026-09-09 | 140,478 | 320,454 | 43.8% |
| 2026-09-04 | 1,315,974 | 1,836,428 | 71.7% |
| 2026-09-02 | 170,812 | 310,707 | 55% |
Source: FINRA CNMS · Not the same as total short interest (outstanding positions) · Updated daily
Research Impact (OpenAlex)
Total Citations
8,805
Indexed Works
161
Avg Citations / Work
54.7
Source: OpenAlex · Citations to papers affiliated with Pasqal · Updated weekly · View institution ↗
Recent Research Papers (arXiv)
arXiv ↗Noise-aware emulation and cross-device validation of neutral atom analog quantum processing units
Lowering the implementation barrier of neutral-atom quantum computing with agentic workflows
Emergency hub placement with a neutral-atom quantum computer
Towards a Control interpretation of Quantum Advantage
QOuLiPo: What a quantum computer sees when it reads a book
Harnessing DEN models for quantum computing tasks on neutral atom QPUs
Drone delivery packing problem on a neutral-atom quantum computer
Evaluating state-of-the-art cloud quantum computers for quantum neural networks in gravitational waves data analysis
Source: arXiv.org API · Papers mentioning company name · Updated every 48 hours
StockTwits Sentiment
Source: StockTwits · last 30 messages · updated every 4h
Recent News
Press Releases
GlobeNewswire ↗Source: Company newsroom (direct) + wire services (GlobeNewswire, PR Newswire) via Finnhub
News Mention Volume (30 days)
Articles indexed every 4h · Sentiment scored via Loughran-McDonald financial word lists (bullish/bearish keyword frequency). Not ML-based — scores reflect word presence only and may not capture context or sarcasm.
SEC Filings & Earnings Reports
View annual, quarterly, and material-event filings on SEC EDGAR
No annual summaries available yet.
Summaries are generated automatically. Check back after the next scheduled update.
10-K · 10-Q · 20-F · 40-F · 6-K filings
All Filings ↗| Date Filed | Form | Period Covered | |
|---|---|---|---|
| 2026-09-28 | 6-K | 2026-09-28 | EDGAR ↗ |
| 2026-09-24 | 6-K | 2026-09-24 | EDGAR ↗ |
| 2026-09-02 | 20-F | 2026-08-27 | EDGAR ↗ |
| 2026-08-27 | 6-K | 2026-08-27 | EDGAR ↗ |
Source: SEC EDGAR · Annual: 10-K / 20-F / 40-F · Quarterly: 10-Q / 6-K · AI summaries generated automatically
Earnings releases, contracts, leadership changes, offerings
All 8-Ks ↗No 8-K filings indexed yet.
Source: SEC EDGAR · Material events, earnings releases, contract announcements · Updated weekly
S-3 shelf registrations, 424B prospectuses, and document-verified foreign-issuer supplements represent potential dilution events. Pasqal has 6 such filings on record.
All Shelf Filings ↗Source: SEC EDGAR · S-3 = shelf registration, 424B3/B5 = active offering (dilutive)
SC 13G/D filers · >5% ownership
All 13G/D ↗No SC 13G/D filings found in the last 3 years. Large institutional positions may exist but have not been disclosed publicly.
Source: SEC EDGAR SC 13G/D · Updated monthly
Open-market buys and sells by directors and officers
All Form 4s ↗90-Day Activity
| Filed | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-09-03 | ▲ BUY | 6,200,510 | — | |
| 2026-09-03 | ▲ BUY | 15,936,582 | — | |
| 2026-08-27 | ▲ BUY | 973,107 | — | |
| 2026-08-27 | ▲ BUY | 1,034,244 | — | |
| 2026-08-27 | ▲ BUY | 22,185,680 | — | |
| 2026-08-27 | ▲ BUY | 2,511,667 | — | |
| 2026-08-27 | ▲ BUY | 2,461,433 | — | |
| 2026-08-27 | ▲ BUY | 50,233 | — |
Source: SEC EDGAR Form 4 · Open-market buys and sells · Updated daily
Bull vs Bear: Analyst Opinions on Pasqal (PSQL)
Generated from live analyst targets, SEC filings and market data as of October 2026 — not investment advice.
▲ THE BULL CASE
• Wall Street's mean price target of $16.55 implies 184% upside — consensus rating Strong Buy across 4 analysts.
• 4 of 4 analyst ratings are Buy or Strong Buy.
• Revenue grew 369% year-over-year to $19.35M (latest fiscal year).
• $364.37M in cash gives roughly 130 months of runway at the current burn rate.
• Retail sentiment on StockTwits runs 100% bullish over the last 8 scored posts.
▼ THE BEAR CASE
• 6 at-the-market / shelf offering filings (S-3 / 424B / SUPPL) on record — an active dilution channel.
• Not yet profitable: net loss of $108.52M in the latest fiscal year.
• The stock is down 42% over the past year.
How long is Pasqal's (PSQL) cash runway?
Pasqal has roughly 130 months of cash runway as of October 2026 — $364.37M in cash divided by its trailing-twelve-month operating burn.
Is PSQL stock at risk of shareholder dilution?
Dilution risk is elevated: 6 shelf/ATM offering filings on record.
How many qubits does Pasqal have?
Pasqal's FRESNEL_SA1 (Orion Gamma) has 200 physical qubits and is commercial operation; its roadmap targets Company target: 10,000+ physical qubits per QPU and 200+ logical qubits by end of 2029; Vela product generation targets 200+ physical qubits in 2027.
What percentage of PSQL's trading volume is short?
50.4% of PSQL's daily trading volume was short selling as of 2026-10-14 (FINRA daily short volume).