Pasqal Heads Into Debut Print With Activist on the Register and Borrow Costs Near 300%

Pasqal Holding SA (PSQL) reports its first earnings as a public company on September 24, entering the print with a uniquely charged ownership structure, extreme borrow costs, and fresh analyst coverage — all within weeks of listing.

The most newsworthy fact about PSQL right now is the presence of an activist on its 13D/G register. Bpifrance Participations S.A. filed a Schedule 13D on September 3, disclosing an 11.4% stake of roughly 24.5 million shares — the 13D designation signals active intent, not passive ownership. A second holder, Inflection Point Fund I, LP, filed a Schedule 13G the following day, reporting a 7.0% position. Together, the two holders account for nearly a fifth of outstanding shares. Readers should note the standard caveat: 13D/G positions are event-driven disclosures around the 5% threshold, and stakes are "as last disclosed" — holders dropping below 5% may exit without filing again.

The borrow market tells its own story about how hard it is to bet against this stock. Cost to borrow has run near 300% for most of September — briefly hitting 342% in early September before easing slightly to 296% on the most recent reading. That level is extreme by any measure. Yet despite those punishing costs, availability has actually loosened sharply over the past week, rising 73% to 231% of estimated short interest, well above its 52-week tightest reading of 89%. That combination — very expensive to borrow, but more shares now technically available — reflects a lending market in flux around the debut print rather than a building short squeeze. The stock itself has pulled back hard, falling 24% over the past month to $7.40, though it bounced 1.2% on the most recent session.

Two initiations landed in the two weeks before the print, both bullish. Canaccord Genuity initiated on September 22 with a Buy and a $16 target; Roth Capital initiated on September 9 with a Buy and a $20 target. The consensus mean target of $15.58 implies more than 100% upside from the current price — a wide gap that reflects the speculative nature of early-stage quantum computing as much as conviction about near-term financials. ORTEX's own stock score for PSQL stands at 82.1, with a growth sub-score of 97.2 — exceptional for a company this early in its life. Value, predictably, scores just 28.3. The European Innovation Council Fund is the only institutional holder on record, with a 6.8% stake reported in late August.

Tomorrow's print is less about proving profitability and more about whether Pasqal can demonstrate the operational trajectory — revenue ramp, cash burn management, and hardware milestones — that justifies fresh analyst Buy ratings at targets more than double the current market price.