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 2026Rev growth
~100% unaudited revenue growthin 2025 (per SPAC announcement, Mar 2026Gross margin
not disclosedOp margin
not disclosedloss-making — typical early quantum pure-playCapex intensity
high — QPU manufacturing build-out across France + Canada13 QPU/yr capacityValuation
~$2.0B pre-money equity value / ~$2.6B pro formaSPAC merger w/ Bleichroeder Acquisition Corp II, announced Mar 2026; close expected H2 2026Valuation trail
$2.6B2.6× 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
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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
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