Quantum and Deep-Tech Funding Tests Public-Market Appetite

Pasqal's Nasdaq debut reportedly generated roughly $360M and briefly pushed its valuation toward $2B, despite redemptions reducing expected proceeds from $500M. The listing marks a potential transition for European quantum from research-led startup to industrial-scale company, but the gap between valuation and reported €16.5M 2025 revenue makes commercialization, national-security positioning, and valuation discipline key communications issues.