StoneX Sets $15 Target on Pasqal (PSQL), Seeing 140% Upside in Neutral-Atom Quantum Play

Key Takeaways

• Gary Mobley of StoneX launched coverage on Pasqal with a Buy rating and set a $15 price target.
• The price target suggests potential upside of nearly 140% from Tuesday’s closing price.
• Shares of Pasqal increased approximately 1% to $6.26 during Tuesday’s session.
• The firm develops neutral-atom quantum computers and reported approximately €70.4 million in booked business at the halfway point of the year.
• The company is spearheading Q-PLANET, a €50 million European Union project focused on quantum supply chain development.

Pasqal stock received an encouraging endorsement this week. On Tuesday, Gary Mobley, an analyst at StoneX, began covering the quantum computing firm with a Buy recommendation.

Mobley established a $15 price objective for the shares. This represents potential gains of nearly 140% compared to Tuesday’s closing level.

PSQL shares advanced roughly 1% to reach $6.26 on Tuesday. The uptick coincided with the release of Mobley’s optimistic research report.

Pasqal Holding S.A. Ordinary Share, PSQL

The company completed its public listing in late August via a business combination with a special purpose acquisition company. While the stock has retreated from its initial trading levels, Mobley remains undeterred by the near-term pullback.

The analyst characterized Pasqal as “one of only a handful of quantum companies generating commercial revenue from systems installed in customer data centers today.” This operational reality sets it apart in an industry where many competitors are still validating their technology.

Another analyst joins the chorus

Mobley’s positive stance finds company among fellow Wall Street observers. Earlier in the same week, David Williams from Needham launched his own coverage with a Buy recommendation.

Williams portrayed Pasqal as “one of the most commercially advanced neutral-atom quantum platforms.” Receiving two favorable initiations within days is notable for any stock, particularly one barely past its first month of public trading.

The company’s technological foundation plays a central role in the investment thesis. Pasqal employs neutral atoms—trapped and manipulated using laser technology—as the fundamental building blocks of its quantum bits, diverging from the chip-based architectures favored by numerous rivals and backed by U.S. government initiatives.

CEO Wasiq Bokhari outlined the company’s rationale in an August interview with Barron’s. “You don’t have to manufacture a chip; we use individual atoms as our qubits,” he noted. He further explained that because the atoms are fundamentally identical, the system eliminates manufacturing defects and the need for physical wiring between qubits.

Mobley sees this architectural choice as potentially advantageous for scalability. He argues that neutral-atom platforms sidestep the expense and engineering challenges that chip-dependent competitors may encounter as they attempt to expand.

Financial metrics supporting the thesis

At the midpoint of 2026, Pasqal had accumulated approximately €70.4 million in booked and awarded contracts. According to Mobley’s analysis, commercial orders account for roughly half of this total.

From that backlog, €12.5 million is scheduled for fulfillment during the second half of the current year. This figure alone positions 2026 revenue to surpass the company’s entire 2025 performance.

Mobley also tracks other quantum computing stocks, including IonQ, D-Wave Quantum, and Rigetti Computing. He doesn’t view the quantum sector as destined for a single dominant player in the immediate future.

Rather, he proposes that investors may benefit from diversifying across multiple quantum names while the underlying technology continues to develop. The field remains in its formative stages, with no company yet achieving widespread commercial deployment at meaningful scale.

In parallel developments, Pasqal has taken the helm of Q-PLANET, a newly launched European program. The initiative has secured €50 million in funding over a three-year period and unites 28 organizations spanning 11 nations.

Q-PLANET aims to establish a homegrown European supply network for neutral-atom quantum hardware, encompassing laser systems and specialized atom chips. Three months following the program’s launch in Brussels, CTO Loïc Henriet stated that Q-PLANET has transitioned “from ambition to execution.”

As part of this collaboration, Pasqal will drive the creation of chip-integrated laser sources operating at 1013nm wavelength. The company will additionally contribute to the testing and validation of microfabricated vapor cells, components critical to atomic clocks and precision sensors.