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About Pasqal
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
—
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.
⚠ IPO-prospectus bootstrap
Audited FY2025 operating-company results are converted from euros using the ECB December 31, 2025 reference rate. Cash is the issuer's approximate amount available at the August 27, 2026 closing. Market cap awaits the exact post-redemption basic share count; debt, equity, and EPS also remain omitted until Pasqal files exact post-close figures. Newer valid 6-K/20-F facts replace the dated fallback fields.
Cash Position & Runway
Total Cashⓘ
$360.00M
TTM Cash Burnⓘ
$28.52M
per year (TTM)
Cash Runwayⓘ
151 mo
Total Debtⓘ
—
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ⓘ
—
P/E Ratio (TTM)ⓘ
—
EPS (TTM)ⓘ
—
Price / 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 %
54.1%
2026-08-28
Short Volume
456,623
| Date | Short Vol | Total Vol | Short % |
|---|---|---|---|
| 2026-08-28 | 456,623 | 843,555 | 54.1% |
Source: FINRA CNMS · Not the same as total short interest (outstanding positions) · Updated daily
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 | |
|---|---|---|---|
| 2026-08-27 | 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 2 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 |
|---|---|---|---|---|
| 2026-08-27 | ▲ 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 August 2026 — not investment advice.
▲ THE BULL CASE
• Revenue grew 369% year-over-year to $19.35M (latest fiscal year).
• $360.00M in cash gives roughly 151 months of runway at the current burn rate.
• The stock is up 86% over the past year.
• Retail sentiment on StockTwits runs 100% bullish over the last 18 scored posts.
▼ THE BEAR CASE
• 2 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.
How long is Pasqal's (PSQL) cash runway?
Pasqal has roughly 151 months of cash runway as of August 2026 — $360.00M in cash divided by its trailing-twelve-month operating burn.
Is PSQL stock at risk of shareholder dilution?
Dilution risk is elevated: 2 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?
54.1% of PSQL's daily trading volume was short selling as of 2026-08-28 (FINRA daily short volume).