41 slides from Bleichroeder Acquisition Corp. Ii's SPAC merger presentation, Mar 5, 2026
Slide 1: Defining The Quantum Reality
Defining The Quantum Reality March 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) 3 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,” “int
Slide 4: Disclaimer (Continued): Additional Information About the Potential Transaction
Disclaimer (Continued) 4 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 Potent
Slide 5: Disclaimer (Continued): Note Regarding Trademarks
Disclaimer (Continued) 5 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 mar
Slide 6: A Global Leader In Neutral Atom Quantum Computing
A Global Leader In Neutral Atom Quantum Computing INVESTORS AND PARTNERS TRUST US Founded in 2019 by Nobel Laureate Raised $300M+ to date 275+ people globally with deep bench of 70+ PhDs 86 patents (1) (53 hardware and 33 software patents) Offices/presence in France, US, Canada, KSA, S. Ko
Slide 7: Pasqal To Go Public In Partnership With Bleichroeder
Pasqal To Go Public In Partnership With Bleichroeder 7 (1) Cash - in - trust as of February 28, 2026. (2) Includes over $200 million raised in Merlin Labs and over $200 million raised in Pasqal. Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ), a SPAC led and backed by Michel Combes and Andrew Gundl
Slide 8: Pasqal Leadership And Founding Team
8 Pasqal Leadership And Founding Team Dr. Georges - Olivier Reymond Chief Strategic Alliances Officer & Co - Founder Prof. Antoine Browaeys Co - Founder & Scientific Lead 2025 John S. Bell Prize Prof. Alain Aspect Co - Founder & Chairman of Pasqal’s Scientific Advisory Board 2022 Nobel Prize Laureat
Slide 9: The Quantum Industry's Path To Fault Tolerant Quantum Computing
9 The Quantum Industry’s Path To Fault Tolerant Quantum Computing Industry Sector Key Milestones & Adoption Activities Finance Early adopters in portfolio optimization and risk modeling — such as major global banks — are moving from theory to utility - scale experiments. Life Sciences Use molecular
Slide 10: Our Technology And Product Roadmap
Our Technology And Product Roadmap Orion HARDWARE R&D COMMERCIAL HARDWARE PRODUCTS ON - PREM & CLOUD Physical qubits per QPU Logical qubits Logical fidelity 95% 98% 99,9% 99,9999% ALGORITHM & ACCELERATED LIBRARIES Beta 100+ qubits Alpha 100+ qubits Gamma 140 – 200+ qubits Vela 200+ qubits First QA C
Slide 11: Neutral Atoms: A Cost-Effective Technology For Scalable Quantum Computing
Neutral Atoms: A Cost - Effective Technology For Scalable Quantum Computing *Indicative understanding of the technology Cost Ions Neutral atoms # qubits • Thanks to room - temperature, neutral - atom consume less energy and can be deployed on - site at lower cost Super conducting Photonic Cost Of Ma
Slide 12: Large Market Opportunity For Pasqal Solutions
Large Market Opportunity For Pasqal Solutions 12 Quantum Market Opportunity (1) • Quantum computing presents a projected $700 - $800 billion market opportunity from 2035 - 2040 • End markets span across financial services, global energy, travel, transportation and mobility, healthcare, among others
Slide 13: Pasqal's GTM Strategy
13 Pasqal’s GTM Strategy HOW WE SELL Direct Sales of QPUs and cloud hours to enterprise, HPC, supercomputing and research customers Indirect sales through Microsoft Azure and Google Cloud for cloud hours to enterprise and research customers Ecosystem partners (e.g. CapGemini, BCG, Tata) integrate/re
Slide 14: A Pioneer In Quantum Solutions Offerings
14 A Pioneer In Quantum Solutions Offerings ENERGY & UTILITIES Energy generation, Oil & Gas: Various upstream, midstream and downstream use cases Energy management: Optimize grid operations and smart distribution Advanced materials: Speed up next - gen batteries and energy storage Renewable innovati
Slide 15: Quantum Computing Is The Third Pillar Of The Future Of HPC
15 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 CPU GPU QUANTUM HPC workflows combine multiple types of specialized computing resources: Quantum computing will be one of them Complex challenges will be
Slide 16: Key Partners Accelerate and Support Scalable Quantum Adoption
First - of - its - kind collaboration in Quantum Computing to combine neutral atom and superconducting modes Long - term collaboration around software innovation and integration for quantum - centric supercomputing Start of commercial co - sales 16 Key Partners Accelerate and Support Scalable Quantu
Slide 17: Pasqal Has The Software Approach To Win The Market
Pasqal Has The Software Approach To Win The Market User Applications The front - end where users design, develop, and submit quantum programs along with specifying computational resources Resource Coordination "Middleware" that coordinates the hybrid execution environment - the bridge between classi
Slide 18: Our Quantum + AI Approach Is A Competitive Advantage
18 Our Quantum + AI Approach Is A Competitive Advantage (1) Source: Global Quantum Intelligence (GQI). AI Trained On Quantum Data Solving Differential Equations With AI Quantum - Enhanced Graph Machine Learning Quantum Feature Maps For AI Pasqal: The Industrial Quantum AI Engine We Are Not Just Buil
Slide 19: Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale
$16.4 $17.9 $17.9 $19.6 $26.1 Dec - 24 Mar - 25 Dec - 25 Jun - 25 Commercial Sep - 25 Grant 19 Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale And Future Growth ~1.60x Revenue Growth Expected To Be Well Capitalized To Deliver Our Roadmap $610.7 Current Cash on Hand Public with
Slide 20: Commercialization Levers To Drive Growth
20 Commercialization Levers To Drive Growth (1) Expanding Beyond The Home Market To A Global Presence Enterprise - Grade Ready QPU & Manufacturing Capabilities Scaling Quantum Computing As A Service (QCaaS) Build a broader commercial presence across Europe, U.S., GCC and Asia Pacific with new region
Slide 21: Investment Highlights
Investment Highlights Strong transaction dynamics including attractive valuation, strong management, and blue - chip partners and investors Significant intellectual property foundation with 86 patents, founded by Nobel prize - winning scientist and over 70 international PhDs on staff Commercial stag
Slide 22: Technology
Technology
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 val
Slide 24: We Believe Neutral Atoms Are Best-Suited To Reach Broad Quantum Advantage And FTQC At Scale
0 100,000 Neutral atoms ~3 - 6k Super conducting ~100 - 200 Trapped ions Estimated max number of qubit without need of QPU interconnect ~100k 1995 2000 2005 2010 2015 2020 2025 0.001 0.01 0.1 Ions Superconducting Neutral atoms Neutral atoms are well fitted for scaling up Fidelities are closing the g
Slide 25: Hardware Modular & Rapid Innovation
Hardware Modular & Rapid Innovation Pasqal customers can customize, improve, and future - proof solutions to match their needs Qubit number upgrade Noise reduction Digital gates Error correction Addressability QPU 25 Modular and Upgradable Systems for Future - Proofed Excellence Pasqal’s modular har
Slide 26: Integrated Photonics Drive Performance And Scalability Of Pasqal QPUs
Integrated Photonics Drive Performance And Scalability Of Pasqal QPUs We believe our core architectural strength is our ability to leverage integrated photonics for future digital machines, which we expect will increase scalability and performance while reducing footprint. With a dedicated team of 2
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 25+ use cases realized with Orion alpha in 2024 - 2025 Accessible via the Cloud Cloud DistriQ Canada Aramco KSA 2026 Cineca Italy Recent Deliveries 2025 28
Slide 29: In-House Manufacturing Capabilities Is Foundational To Our Success
29 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 Total Capacity Total Cap
Slide 30: Pasqal vs Trapped Ions and Superconducting Technologies
30 Trapped Ions (e.g. IonQ/Quantinuum) Superconducting (e.g. IBM/Rigetti) Pasqal (Neutral Atoms) Feature Magnetic Traps (Hard to shuttle ions across large chips) Physical Wires (Complex fabrication; difficult to wire thousands of qubits) Optical (Light) (No physical wiring; qubits are created by las
Slide 31: Pasqal's Algorithms Are Extendable Across Multiple Customer Use Cases
Optimization Quantum Simulation Machine Learning 31 Pasqal’s Algorithms Are Extendable Across Multiple Customer Use Cases Optimal Storage Plan Satellite Mission Planning Portfolio Optimization Auxiliary Spin R&D Magnetic Material Simulation Small - Molecule Drug Development Graph Partitioning Multi
Slide 32: Business Model and Valuation
Business Model and Valuation
Slide 33: Business Model
– On - Premise: Revenue recognized at commissioning, with staged cash payments across booking, delivery, and commissioning – Remote Access / Cloud: Monthly revenue based on active QPU fleet capacity and usage/booking rates – Services: This includes the development of use cases for clients, projected
Slide 34: Transaction Overview
34 Transaction Overview Estimated Uses ($M) $2,000.0 Rollover Equity Value 610.7 Cash to Balance Sheet 36.0 Est. Fees and Expenses $2,646.7 Total • Pasqal to be acquired by Bleichroeder Acquisition Corp. II at Pre - Money Equity Value of ~$2.0 billion • Transaction to result in ~$610.6M cash to bala
Slide 35: Use Of Proceeds
Use Of Proceeds TECHNOLOGY DEPLOYMENT ▪ Scale production ▪ Address market use cases ▪ HPC integration FTQC RAMP - UP Expected to deliver 200+ logical qubits by end of 2029 ACCELERATION OF QUANTUM ADVANTAGE Expected to reach impactful QA demonstrations by the end of Q1 2026 INTERNATIONAL COMMERCIAL &
Slide 36: Peer Valuation
Peer Valuation Valuation as of 2/27/2026 Pro - Forma Enterprise Value Based on Business Combination Agreement Price Based on Company filings and other publicly available information. (1) Implied pro forma valuation based on SPAC trading price. (1) (1) Pasqal’s Valuation in Line with Peers while Deli
Slide 37: Key Takeaways
A GLOBAL LEADER IN NEUTRAL ATOM QUANTUM COMPUTING Widely considered to be one of the Global Leaders in Neutral Atom Quantum Computing. Raised $300M+ to date , from leading global investors. Partners include IBM, Nvidia, Google & Microsoft STRONG COMMERCIAL TRACTION 40+ clients/partners, 25+ use case
Slide 38: Risk Factors
Risk Factors 38 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 Combin
Slide 39: Risk Factors (Continued)
Risk Factors (Continued) 39 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 th
Slide 40: Risk Factors (Continued): Private Placement and Business Combination
Risk Factors (Continued) 40 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
Slide 41: Risk Factors (Continued)
Risk Factors (Continued) 41 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 operatio