PASQAL·Quantum Computing — neutral-atom (analog + digital, full-stack)Pre-IPO · Private

Pasqal SAS (pending Nasdaq: BBCQ)

ConvictionWeak

Full-stack quantum hardware: on-premise QPU sales/deployment + Quantum-as-a-Service (QaaS via Azure, Google Cloud, OVHcloud, Scaleway) + government/enterprise R&D grants and contracts. Pre-revenue-scale; ~100% rev growth in 2025 off a small base, funded by equity and sovereign backing.

Revenue

not disclosedin absolute terms; ~$80M booked & awarded business incl. grants (Mar 2026

Rev growth

~100% unaudited revenue growthin 2025 (per SPAC announcement, Mar 2026

Gross margin

not disclosed

Op margin

not disclosedloss-making — typical early quantum pure-play

Capex intensity

high — QPU manufacturing build-out across France + Canada13 QPU/yr capacity

Valuation

~$2.0B pre-money equity value / ~$2.6B pro formaSPAC merger w/ Bleichroeder Acquisition Corp II, announced Mar 2026; close expected H2 2026

Valuation trail

~$2.6B pro-forma equity value2.6× since Feb 2026

3 marks · Feb 2026–Mar 2026

private — no public price

Priced round Secondary / SPAC mark

Only the 2026 pre-listing marks are disclosed; Series A (€25M, 2021) and Series B (€100M, 2023) valuations were never disclosed and are omitted. SPAC is pro-forma/announced, not yet closed.

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Pasqal SAS (pending Nasdaq: BBCQ)

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence