Pasqal’s €313m Cash Pile Frames First Public Quantum Report
French quantum company Pasqal reported first-half revenue growth, €313m in cash after its Bleichroeder merger, and a nearly €60m operating loss as it pursues commercialization.
Pasqal entered its first reporting season as a public quantum company with more than €300m in cash and a 14pc first-half revenue increase, giving the French business a larger balance sheet for a commercialization push that is still producing heavy losses.
Silicon Republic reported that the company went public late last month through a merger with special purpose acquisition company Bleichroeder.
The transaction valued the combined entity at about $2bn and left Pasqal with roughly €313m in cash.
Its market value now sits just above $1.5bn.
The listing changes the pressure around Pasqal’s neutral-atom quantum computing strategy.
The business was founded in 2019, with Aspect’s Nobel-recognized physics work sitting behind its neutral-atom approach.
Pasqal builds and operates quantum computers that customers can use on premises or through the cloud.
The public-company structure gives Pasqal more capital for that roadmap, but also puts recurring financial disclosures around a market where commercial demand is still developing.
Revenue from quantum processing unit-related services reached €3.9m in the first half, up 34pc from a year earlier.
Booked and awarded business, including grants, tax credits and multi-year customer contracts, stood at €70.4m.
Those figures show a wider pipeline than the revenue currently recognized in the accounts.
Losses remained substantial.
Pasqal posted an operating loss of nearly €60m for the first half, including more than €37m in share-based payments and one-time charges.
The company’s first report therefore presents two pictures at once: more customer activity and cash after the market debut, alongside costs that still far exceed recognized sales.
Pasqal’s customer list spans energy, finance and electronics.
The company names Saudi Aramco, Crédit Agricole CIB and LG Electronics among users of its systems, and it works with Nvidia and IBM through partnerships.
Its footprint also extends beyond France, with additional offices in Saudi Arabia, Canada, the United States and South Korea.
This week also brought European Innovation Council recognition in Luxembourg, where Pasqal received a Fund Award during the 2026 TechEU Equity Summit.
The award came after Pasqal became one of the first EIC Fund portfolio companies to reach public markets.
Chief executive Dr Wasiq Bokhari framed the first half around deeper customer work in financial services, energy and advanced materials, as well as progress on the company’s technical roadmap.
Pasqal cited a demonstration of more than 1,000 physical qubits, work on logical qubits, and applications involving differential equations and materials simulation.
The next step in the company’s market plan is European.
Pasqal intends to list on Euronext by next year, adding another venue to a business now measured by both scientific milestones and public-company financial results.
For now, its first report leaves the central trade-off clear: €313m in post-merger cash supports the quantum roadmap, while €3.9m in first-half QPU services revenue shows how early the commercial base remains.
