41 slides from Bleichroeder Acquisition Corp. Ii's SPAC merger presentation, March 2026
Slide 1: Defining The Quantum Reality
Defining The Quantum Reality M arc h 2026
Slide 2: Disclaimer
Disclaimer These materials are provided for informational purposes only and have been prepared to assist interested parties in making their own evaluation with respect to a business combination (the “Potential Transaction”) between Pasqal Holding SAS (“Pasqal”) and Bleichroeder Acquisition Corp. II
Slide 3: Disclaimer (Continued)
Disclaimer (Continued) All statements other than statements of historical facts contained in this presentation are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
Slide 4: Disclaimer (Continued)
Disclaimer (Continued) Additional Information About the Potential Transaction and Where to Find It Additional information about the Potential Transaction, including a copy of the business combination agreement will be filed by Bleichroeder in a Current Report on Form 8-K with the SEC. The Potential
Slide 5: Disclaimer (Continued)
Disclaimer (Continued) Note Regarding Trademarks Pasqal, the Pasqal logo, and other registered or common law trade names, trademarks, or service marks of Pasqal appearing in this presentation are the property of Pasqal. This presentation contains additional trade names, trademarks, and service marks
Slide 6: A Global Leader In Neutral Atom Quantum Computing
A Global Leader In Neutral Atom Quantum Computing Pasqal builds and delivers industry-ready neutral atom quantum processing units (“QPUs”) that transform cutting-edge scientific breakthroughs into real-world business solutions across multiple industries Quantum Innovator Scaled Commercial Delivering
Slide 7: Pasqal To Go Public In Partnership With Bleichroeder
Pasqal To Go Public In Partnership With Bleichroeder Bleichroeder and Pasqal Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ), a SPAC led and backed by Michel Combes and Andrew Gundlach, is a special purpose acquisition company with $288.8M cash-in-trust(1) Bleichroeder’s unique competitive edge:
Slide 8: Pasqal Leadership And Founding Team
Pasqal Leadership And Founding Team Pasqal founding team created neutral atom technology, believed to be one of the most scalable technology in quantum computing 1982: Nobel Prize experiment demonstrating experimentally entanglement by Prof. Alain Aspect 2001: First experimental demonstration of a t
Slide 9: The Quantum Industry’s Path To Fault Tolerant Quantum Computing
The Quantum Industry’s Path To Fault Tolerant Quantum Computing PHASE I: The "Quantum Utility" Era PHASE II: The "Quantum Advantage" Era PHASE III: The "Fault-Tolerant" Era (2024–2026) (2027–2030) (2031–2035+) Focus: Hybrid classical-quantum algorithms and Focus: High-fidelity analog and logical qub
Slide 10: Our Technology And Product Roadmap
Our Technology And Product Roadmap 2022 2023 2024 2025 2026E 2027E 2028E 2029E HARDWARE R&D Physical qubits per QPU 200 1,000 10,000-50,000 10+ PIC enabled parallel 1Q gates 100+ PIC enabled parallel 2Q gates Logical qubits 2 20 200 Logical fidelity 95% 98% 99,9% 99,9999% Break-even MegaQuOps COMMER
Slide 11: Neutral Atoms: A Cost-Effective Technology For Scalable Quantum Computing
Neutral Atoms: A Cost-Effective Technology For Scalable Quantum Computing Cost Of Machines (BOM Costs)* Infrastructure Capex + Operating Costs* Cost of the infrastructure + Energy to support machines Cost Cost by QPU Super conducting Photonic Photonic Super conducting Ions Neutral Ions atoms Neutral
Slide 12: Large Market Opportunity For Pasqal Solutions
Large Market Opportunity For Pasqal Solutions Pasqal Product Qubits Incremental Use Cases Quantum Market Opportunity(1) Orion Alpha 100+ with upgrade optionality Optimization Orion Beta 100+ with upgrade optionality Optimization • Quantum computing presents a projected $700-$800 billion market oppor
Slide 13: Pasqal’s GTM Strategy
Pasqal’s GTM Strategy WHAT HOW WHY WE SELL WE SELL IT WORKS Quantum Processor Units (QPUs) on- Direct Sales of QPUs and cloud hours Dedicated Access: enterprise premises deployments to HPC and to enterprise, HPC, supercomputing customers deploy in their own data supercomputing datacenters and resear
Slide 14: A Pioneer In Quantum Solutions Offerings
A Pioneer In Quantum Solutions Offerings We have identified 25+ use cases in multiple industry verticals HIGH VALUE MATERIALS ENERGY & UTILITIES & CHEMICALS € $ FINANCIAL SERVICES LOGISTICS & MOBILITY Energy generation, Oil & Gas: Materials science: Accelerate material Portfolio optimization: Optimi
Slide 15: Quantum Computing Is The Third Pillar Of The Future Of HPC
Quantum Computing Is The Third Pillar Of The Future Of HPC: CPU+GPU+QPU Based Computation VISUALISATION OF A HYBRID FUTURE HPC WORKFLOW CPU GPU QUANTUM CPU QUANTUM GPU HPC workflows combine Complex challenges will be The Cloud provides the multiple types of specialized addressed through an essential
Slide 16: Key Partners
Key Partners Accelerate and Support Scalable Quantum Adoption BLUE-CHIP TECHNOLOGY PARTNERS IBM (1) First-of-its-kind collaboration Pasqal QPUs integrated as Partnership extension with Reduce costly infrastructure in Quantum Computing to backends in NVIDIA CUDA- Microsoft Azure to allow barriers for
Slide 17: Pasqal Has The Software Approach To Win The Market
Pasqal Has The Software Approach To Win The Market Key Takeaways SIMPLIFIED STACK • Pasqal accelerates quantum development by providing a full-stack environment – from SDKs to applications User Applications Quantum Applications • The product enables scalable experimentation with standardized APIs an
Slide 18: Our Quantum + AI Approach Is A Competitive Advantage
Our Quantum + AI Approach Is A Competitive Advantage Pasqal: The Industrial Quantum AI Engine We Are Not Just Building A Quantum Computer We are building a proprietary Operating System for Quantum AI and Materials AI Trained On Solving Differential While competitors focus on universal gate-based Qua
Slide 19: Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale And Future Growth
Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale And Future Growth (1) Expected To Be Well Capitalized To LTM Revenue ($M) Deliver Our Roadmap ~1.60x Revenue Growth $80M+ $26.1 Booked and Awarded Cash on Hand ($M) Business including $610.7 Grants as of Dec-2025 $19.6 $17.9 $17.
Slide 20: Commercialization Levers To Drive Growth
Commercialization Levers To Drive Growth (1) Deliver quantum-embedded data—unavailable through QCaaS + Quantum Data As classical methods—to unlock new insights in catalysis, A Service (QDaaS) corrosion, and memory materials Quantum Advantage (QA) Target industrial quantum advantage in materials scie
Slide 21: Investment Highlights
Investment Highlights Expected total addressable market of $720B by 2040(1) unlocking new performance and 1 discovery milestones across complex industries Pasqal’s neutral atom architecture is believed to be one of the most scalable quantum 2 technologies that integrates across the full stack of har
Slide 22: Technology
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Slide 23: Fundamental Advantages Of Neutral Atom Technology
Fundamental Advantages Of Neutral Atom Technology SCALABILITY No major roadblocks anticipated in the near-term to scale the qubit count to 10,000 qubits and beyond, following our roadmap(1) DUAL DIGITAL-ANALOG MODES The dual analog-digital capability, offers the opportunity of near-term value with a
Slide 24: We Believe Neutral Atoms Are Best-Suited To Reach Broad Quantum Advantage And FTQC At Scale
We Believe Neutral Atoms Are Best-Suited To Reach Broad Quantum Advantage And FTQC At Scale Estimated max number of qubit without need of QPU interconnect ~100k 100,000 Neutral atoms ~3-6k are well fitted for scaling up ~100-200 0 Neutral atoms Super conducting Trapped ions 0.1 Fidelities are closin
Slide 25: Hardware Modular & Rapid Innovation
Hardware Modular & Rapid Innovation Pasqal customers can customize, improve, and future-proof solutions to match their needs Addressability Noise reduction Digital gates Qubit number upgrade QPU Error correction Modular and Upgradable Systems for Future-Proofed Excellence Pasqal’s modular hardware a
Slide 26: Integrated Photonics Drive Performance And Scalability Of Pasqal QPUs
Integrated Photonics Drive Performance And Scalability Of Pasqal QPUs The Optical Shrink Scaling via Photonic Integrated Circuits (PICs) Current Architecture: Future Architecture: We believe our core architectural Bulk (Orion Generation) PICs (future generations) strength is our ability to leverage
Slide 27: Commercial Strategy And Applications
Commercial Strategy And Applications
Slide 28: Pasqal Delivers Commercially Ready Neutral Atom QPUs
Pasqal Delivers Commercially Ready Neutral Atom QPUs Already deployed within HPC (Supercomputing) Data Centers Accessible via the Cloud Cloud 25+ use cases realized with Orion alpha in 2024-2025 Recent Deliveries 2025 2026 DistriQ Aramco Cineca 28 Canada KSA Italy
Slide 29: In-House Manufacturing Capabilities Is Foundational To Our Success
In-House Manufacturing Capabilities Is Foundational To Our Success Pasqal’s Investment in Infrastructure and Processes Enables Delivery of up to 13 Quantum Computers per Annum Subject To Full Staffing and Parts Availability Expected Production Capacity Based On QPU Type (1) QPU Type QPU Productions
Slide 30: The Pasqal Hardware Advantage
The Pasqal Hardware Advantage While Competitors Struggle with Wiring and Cryogenics, Pasqal Scales Using Light. Pasqal Has Delivered the Most Quantum Computers in the Market Today. Feature Pasqal Superconducting Trapped Ions (Neutral Atoms) (e.g. IBM/Rigetti) (e.g. IonQ/Quantinuum) Quantum Computer
Slide 31: Pasqal’s Algorithms Are Extendable Across Multiple Customer Use Cases
Pasqal’s Algorithms Are Extendable Across Multiple Customer Use Cases Optimization Quantum Simulation Machine Learning Optimal Storage Plan Auxiliary Spin Graph Partitioning R&D Magnetic Material Simulation Satellite Mission Planning Small-Molecule Drug Multi-Physics Simulations Development Portfoli
Slide 32: Business Model and Valuation
Business Model and Valuation
Slide 33: Business Model
Business Model GLOBAL OVERVIEW Business model assumes selling QPUs for on-premise and remote access / cloud with various new generations of QPUs becoming available for commercial use throughout the projection period (2026E – 2030E) Key revenue streams and their recognition methodology include: ‒
Slide 34: Transaction Overview
Transaction Overview • Pasqal to be acquired by Bleichroeder Acquisition Corp. II at Pre- Money Equity Value of ~$2.0 billion Pro Forma Valuation at Closing ($M, except per share data) • Transaction to result in ~$610.6M cash to balance sheet, assuming no redemptions or repayments Assumed Share Pric
Slide 35: Use Of Proceeds
Use Of Proceeds FTQC ACCELERATION INTERNATIONAL TECHNOLOGY RAMP-UP OF QUANTUM COMMERCIAL & DEPLOYMENT Expected to deliver 200+ logical qubits ADVANTAGE ORGANIZATIONAL Scale production by end of 2029 Expected to reach impactful QA GROWTH Address market use cases in key geographies including US,
Slide 36: Peer Valuation
Peer Valuation Pasqal’s Valuation in Line with Peers while Delivering Growing Quantum Computing Revenues Public Comparables Recent De-SPACs USD, Billions $12.9 $6.4 $5.5 (1) $3.1 $3.3 $2.3 (1) $2.0 $1.1 $1.1 (1) $0.5 $0.6 Pro-Forma Enterprise Value Based on Business Valuation as of 2/27/2026 Combina
Slide 37: Key Takeaways
Key Takeaways A GLOBAL LEADER IN NEUTRAL ATOM QUANTUM EXCEPTIONAL TEAM COMPUTING Only QC company with a Nobel Laureate as a co- Widely considered to be one of the Global Leaders founder. Executives with strong commercial, in Neutral Atom Quantum Computing. Raised academic and public sector backgroun
Slide 38: Risk Factors
Risk Factors The below list of risk factors has been prepared solely for purposes of the proposed private placement transaction (the “Private Placement”) as part of the proposed business combination of Bleichroeder Acquisition Corp. II (“Bleichroeder”) and Pasqal Holding SAS (the “Business Combinati
Slide 39: Risk Factors (Continued)
Risk Factors (Continued) Competition. The quantum computing industry is competitive on a global scale and we may not be successful in competing in this industry or establishing and maintaining confidence in its long-term business prospects among current and future partners and customers. As the mark
Slide 40: Risk Factors (Continued)
Risk Factors (Continued) Risks Related to the Private Placement Capital Raise. There can be no assurance that we will be able to raise the anticipated $[200] million in the Private Placement, or that the amount of funds raised in the Private Placement will be sufficient to consummate the Business Co
Slide 41: Risk Factors (Continued)
Risk Factors (Continued) Compliance with Laws. Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect us and the Combined Company’s business, including Bleichroeder, and our ability to consummate the Business Combination, and results of operations.