France’s Pasqal is heading to Nasdaq at a $2bn valuation, roughly 100 times its revenue. Its own filings spell out two things. Quantum computing might never pay off. And Paris can veto who owns the company.
Pasqal, the French quantum-computing firm, is going public in the United States. It is merging with a blank-cheque company, Bleichroeder Acquisition Corp. II, in a deal that values it at $2bn before its cash. Sifted’s Daphné Leprince-Ringuet read the 300-plus pages of filings, and they are an unusually frank look at the economics of quantum.
Start with the multiple. Pasqal made €16.5m in revenue in 2025. A $2bn price tag is about 100 times sales. That sounds steep until you look at the neighbours.
Cheap, by quantum standards
Chief executive Wasiq Bokhari says Pasqal is, relatively speaking, a bargain. He told Leprince-Ringuet that its listed peers trade far higher. Quantinuum hit the public markets last month. It trades near a $20bn market cap, roughly 647 times its 2025 revenue. Against that, 100x looks almost restrained.
