A Quantum Computer from a Nobel Laureate: Analyst Expects Pasqal Shares to Rise 120%

Shares of Pasqal, a French quantum computer developer, rose 10.5% on October 6. An analyst at the financial group StoneX initiated coverage of the company, which went public on the Nasdaq in August, and immediately assigned its shares a “buy” rating with a price target of $15, implying that they could more than double in value.

Pasqal's stock price jumped 10.5% on Tuesday, October 6, on the Nasdaq, reaching $6.84.

StoneX analyst Gary Mobley has begun covering the company's stock. He recommended buying the stock (Buy rating) and set a price target of $15. The price target implies upside potential of nearly 120% from current levels.

Pasqal develops quantum computers in which individual neutral rubidium atoms serve as qubits—the basic building blocks of quantum computing. These atoms are trapped and controlled using lasers. One of the company’s co-founders is Alain Aspect, the 2022 Nobel Prize in Physics laureate, who received the award for his experiments on quantum entanglement.

The quantum computer developer went public on the Nasdaq on August 28 of this year through a merger with a SPAC, and initially saw success—as early as August 31, its shares reached an intraday high of $24.69, but by early October, they had fallen to about $6.

Mobley believes that investors should focus not so much on short-term stock price movements as on the company’s business. He calls Pasqal “one of the few quantum companies that is already generating commercial revenue from systems installed in clients’ data centers,” according to Barron’s. Such systems have already been installed and put into operation at major computing centers, such as the TGCC computing center of the CEA in France and the Forschungszentrum Jülich research center in Germany.

Mobli also considers Pasqal’s approach to building quantum devices using individual atoms controlled by laser beams to be promising. Pasqal itself also highlights the advantages of this approach when it comes to scaling.

For the first half of 2026, Pasqal reported revenue of €4.87 million, a 14% increase year-over-year. The operating loss tripled to €59.2 million, but a significant portion of it was attributable to one-time factors: stock-based compensation to employees and IPO-related expenses. As of the end of June, Pasqal ’s portfolio of orders received and contracts awarded to the company totaled approximately €70 million.

The strengthening of the commercial order backlog supports Mobli’s positive outlook on Pasqal. It accounts for €37 million, and approximately €12 million of that is expected to be recognized as revenue by the end of 2026, explained Pasqal CFO Stéphane Rouget during a conference call with investors following the first half of 2026, discussing the conversion of orders into revenue.

In September, three analysts began covering the company. On September 30, Needham analyst David Williams recommended buying the company’s stock with a price target of $16, calling Pasqal “one of the most commercially advanced neutral-atom-based quantum platforms,” according to Barron’s. Earlier in September, analysts at Canaccord and Roth also issued “buy” recommendations with price targets of $16 and $20, respectively.

On MarketWatch, Pasqal has four analyst ratings, all of which are “buy.” The average price target is $16.75, which is 145% higher than the closing price on October 6.