Public funding underpins Pasqal's model

Government money is not just extra fuel here, it is what turns Pasqal from a lab project into a deployable national infrastructure vendor. Grants and public procurements pay for the expensive parts that customers will not fully fund yet, including chip industrialization, fault tolerant milestones, and supercomputer integration. That lets Pasqal sell early systems before recurring cloud and software revenue is mature.

• Pasqal sits inside a specifically European funding stack. Q-PLANET is a €50M pilot line, coordinated by Pasqal across 28 organizations in 11 member states, built to move neutral atom components from research devices into an industrial supply chain, not just to support one company’s product roadmap.
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• Public buyers are already part of demand, not just supply. EuroHPC signed Pasqal to deliver the SOL quantum computer in March 2025, showing how government backed HPC centers act as first customers for machines that still look more like scientific instruments than standard IT hardware.
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• This pattern is common across quantum hardware. Atom Computing relied heavily on DARPA and other U.S. programs before its first commercial system sale, while Infleqtion still gets most revenue from government customers. The sector is using state funding to bridge the gap between physics progress and self sustaining product demand.
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The next step is for this public funding base to compound into recurring revenue. If Pasqal can use government backed installations to seed cloud usage, maintenance, software libraries, and data products, it can evolve from winning grants and procurements to owning a durable installed base across Europe’s quantum and HPC stack.