Pasqal — Neutral-Atom Qubits · fobi

Pasqal

Pasqal develops neutral-atom quantum processors and targets optimization and simulation applications. Pasqal announced a 1,000-qubit roadmap by 2024 and is building a quantum computer for the French government. The company is a spinout from Institut d'Optique. In March 2026, Pasqal announced plans to go public on Nasdaq via a business combination with Bleichroeder Acquisition Corp. II (~$2B valuation); the de-SPAC is pending and expected to close in H2 2026 (Pasqal remains private until close).

The leading European neutral-atom player, backed by €140M in funding and government contracts including a €16.5M deal with Germany's DLR.

pasqal.com Neutral-Atom Qubits

Franceprivate

At a glance

Total raised

$137M

last round series b

Headcount

201-500

approximate · public range

Headquarters

Massy

France

Founded

2019

7 years active

Status

Private

Neutral-Atom Qubits

Subsector

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AI bull / bear

Bull case

Pasqal is positioned as Europe's undisputed neutral-atom quantum champion, backed by €140M in funding that gives it the deepest war chest of any quantum startup on the continent. The €16.5M contract with Germany's DLR and the commission to build a quantum computer for the French government are not just revenue — they are hard validation from sovereign customers who have done deep technical diligence. Neutral-atom qubits offer inherent advantages over competing modalities: longer coherence times than superconducting circuits, room-temperature operation that avoids expensive dilution refrigerators, and natural scalability via optical tweezers. Pasqal's 1,000-qubit roadmap targets the threshold where quantum advantage becomes plausible for optimization and simulation workloads — the exact applications the company is built to address. As a spinout from Institut d'Optique, Pasqal has world-class photonics lineage that competitors cannot easily replicate. In a geopolitical environment where Europe wants its own quantum supply chain, Pasqal is the obvious beneficiary of continued government contracts and protected procurement.

Bear case

Pasqal's 1,000-qubit target by 2024 appears to have slipped without public acknowledgment, raising questions about execution credibility. The neutral-atom modality, while theoretically elegant, still lags behind superconducting and trapped-ion systems on gate fidelities and two-qubit gate speeds — the metrics that matter for running useful algorithms. QuEra Computing in the US shares the same neutral-atom approach and has deeper ties to Harvard-MIT research, potentially pulling ahead on intellectual property. Pasqal's funding status is opaque — total raised is listed as "undisclosed" and no funding history is on record, which is unusual for a company claiming €140M. The dependence on European government contracts concentrates revenue risk; if political priorities shift or budgets tighten, Pasqal has limited commercial customer diversification. Meanwhile, cloud-access competitors like IBM and Amazon Braket increasingly offer multiple backends, commoditizing the hardware layer and squeezing margins for pure-play quantum vendors. Pasqal must prove it can convert government grants into repeatable commercial revenue before the next funding round.

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