Pasqal Holding SA

PSQL · NASDAQ

$5.56−$0.09 (−1.59%)TodayMarket closed · Oct 23, 7:18 PM ET

Prev close $5.65

PSQL analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 6 analysts

Average $17.08 (+207.3% upside)

Low: $15.15
Now: $5.56
High: $21.00

Upgrades and downgrades

The latest rating actions, newest first

PSQL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
StoneX	Oct 6, 2026	Initiates	Buy	$15.00	61%
Needham	Sep 30, 2026	Initiates	Buy	$16.00	51%
Canaccord Genuity	Sep 28, 2026	Maintains	Buy	$16.00	60%
Canaccord Genuity	Sep 22, 2026	Initiates	Buy	$16.00	60%
Roth Capital	Sep 9, 2026	Initiates	Buy	$20.00	46%

The case for and against

Updated Oct 21, 2026

Bull case

Pasqal Holding is attractive fundamentally because it has already built a commercially relevant installed base of seven QPUs, three more in production, and €70.4 million in booked and awarded business, with €12.5 million scheduled for 2H26 and 1H26 revenue up 14% to €4.9 million. Its neutral-atom architecture is capital-light by design, requiring no chip fab or deep cryogenics, while capex fell to €10.8 million in FY25 and cash burn narrowed about 30% to €35.1 million, supported by roughly €312.9 million of cash. The company also has a differentiated upgrade path from analog workloads today toward Vela in 2026, Centaurus in 2027 and Lyra in 2029, plus strategic backing from the French State and partnerships with NVIDIA and IBM.

Bear case

Pasqal Holding is fundamentally challenged by a capital-intensive model that still has not proven scaled commercial revenue, with 1H26 revenue of only €4.9M against an operating loss of €59.2M and a net loss of €53.2M, signaling weak operating leverage and persistent cash burn. Its neutral-atom platform faces material technical and execution risks, including short coherence times, complex optical control, high two-qubit gate error rates, and a difficult analog-to-digital transition, all of which could delay fidelity gains and fault tolerance. Even with booked and awarded business of €70.4M and a $250M convertible financing, the company’s slow procurement cycles, limited recurring analog use-case monetization, and substantial dilution overhang argue for a cautious outlook.

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