Pasqal’s technology is built on Nobel Prize-winning research by co-founder Prof Alain Aspect.
French quantum company Pasqal reported a 14pc growth in revenue in the first half of this year and more than €300m in cash reserves to fund its upcoming commercialisation goals.
Pasqal went public late last month after merging with the special purpose acquisiton company Bleichroeder in a transaction that valued the new entity at around $2bn. That transaction left about €313m in cash to support its plans as a public business. The company’s current market valuation sits at just more than $1.5bn.
The quantum company reported a nearly €60m operating loss for H1, which included more than €37m in share-based payments and on-time charges.
Founded in 2019 on Nobel Prize–winning research by co-founder Prof Alain Aspect, Pasqal builds and operates neutral-atom quantum computers, available both on-premises and through the cloud.
The company’s quantum systems are used across sectors by customers including Saudi Aramco, Crédit Agricole CIB and LG Electronics, and is supported by partnerships with Nvidia and IBM. Pasqal has additional offices in Saudi Arabia, Canada, the US and South Korea.
In its first financial report as a public company, Pasqal also reported a revenue of €3.9m in quantum processing unit-related services – up 34pc year-over-year, while booked and awarded business – such as grants, tax credit and multi-year customer contracts – sat at €70.4m.
The company received an European Innovation Council (EIC) Fund Award at the 2026 TechEU Equity Summit in Luxembourg earlier this week, a recognition which came after it became one of the first companies in the EIC Fund’s portfolio to go public.
“During the first half of 2026, we continued to deepen our engagement with our customers of choice across financial services, energy and advanced materials to solve high-value business problems and integrate quantum computing into real-world workflows,” said Dr Wasiq Bokhari, Pasqal’s CEO.
“At the same time, we continue to execute against our roadmap. Recent milestones, including the demonstration of more than 1,000 physical qubits, industry-leading progress in logical qubits, and the successful application of our systems to solve complex differential equations and simulate materials beyond the practical reach of classical computing, reinforce our confidence in the strength and differentiation of Pasqal’s neutral-atom approach.
“With a growing portfolio of customer engagements, a differentiated technology platform, a disciplined approach to capital allocation, and a strong balance sheet to support future growth, we remain focused on delivering practical quantum solutions that create value today while building the foundation for the next generation of quantum computing,” he said. Pasqal intends to also list itself on the European stock exchange Euronext by next year.
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