Just over a month after its public listing, a quantum computing stock has some analysts predicting shares could more than double.

StoneX analyst Gary Mobley became the latest to back French quantum computing developer Pasqal, initiating coverage Tuesday with a Buy rating and $15 price target. Pasqal shares rose 1.1% to $6.26 on Tuesday; Mobley's target suggests shares could rise nearly 140% from current levels.

The initiation came days after Needham analyst David Williams launched coverage of Pasqal at Buy, calling it "one of the most commercially advanced neutral-atom quantum platforms."

Pasqal went public in late August through a blank-check merger. While shares have lost momentum since popping in their debut, Mobley is looking past that short-term trend, dubbing Pasqal "one of only a handful of quantum companies generating commercial revenue from systems installed in customer data centers today."

The company is actively deploying physical hardware on-site at high-performance computing centers rather than relying solely on cloud access. To date, systems have been installed and commissioned at computing hubs like France's GENCI and Germany's Forschungszentrum Jülich.

Mobley also is a fan of Pasqal's approach to developing quantum hardware. The company utilizes neutral atoms, an approach which individual atoms are trapped and manipulated in a vacuum by laser beams. Like other proponents of the modality, Mobley believes neutral-atom systems are best positioned to scale without sharply driving up costs, power consumption, or complexity.

In a interview with Barron's in August, Pasqal CEO Wasiq Bokhari contrasted his company's approach with the chip-based model backed not just by industry peers, but the U.S. government. Washington has invested heavily in creating a domestic supply chain grounded in a foundry model.

"The wonderful thing about the neutral atom approach is that you don't have to manufacture a chip -- we use individual atoms as our qubits," Bokhari explained at the time. "All of those are identical, so we have no manufacturing errors, and we have no scalability issues that are related to manufacturing. We don't have to connect these atoms to each other through wires, either; they spontaneously connect to each other through their normal interactions."

The company closed the first half of the year with approximately EUR70.4 million in booked and awarded business. According to Mobley, roughly half of this amount represents Pasqal's commercial order book. With EUR12.5 million of that order book scheduled for completion in the second half of the year, the company has effectively secured more revenue for 2026 than it generated in all of 2025.

More broadly, Mobley -- who also covers quantum stocks like IonQ, D-Wave Quantum, and Rigetti Computing -- believes the industry isn't a winner-take-all market. Because quantum computing is still in its early stages and systems have yet to deliver broad commercial value, he suggests that "the best strategy for investors may be to take a portfolio approach to investing in the sector."