Bleichroeder Acquisition Corp. Ii · NASDAQ:BBCQ
Bleichroeder Acquisition Corp. Ii — Pasqal — Q2 2026 Earnings Presentation
50 slides from Bleichroeder Acquisition Corp. Ii's earnings presentation, Sep 24, 2026
Slide 1: Defining The Quantum Reality
Defining The Quantum Reality Analyst Day Presentation June 2026
Slide 2: Today’s Presenters
Today’s Presenters Wasiq Bokhari Chief Executive Officer Loïc Henriet Chief Technology Officer Stéphane Rougeot Chief Financial Officer 2
Slide 3: Today’s Agenda
Today’s Agenda 4 Executive Summary 12 Practical Quantum Computing: Today, Not Tomorrow 17 Pasqal’s Technology Advantage Q&A Session Break 29 Pasqal’s Commercial Success 35 Growth Execution & Financial Overview Q&A Session 3
Slide 4: Executive Summary
sh et Pasqal FR, Executive Summary
Slide 5: Our Mission Is To Be A Global Leader In This New Era of Computing
Our Mission Is To Be A GLOBAL LEADER IN INDUSTRIALIZED AND OPERATIONAL HIGH COMPLEXITY QUANTUM COMPUTERS Global Leader In This Pasqal has 7 Quantum Processing Units (QPUs) with 100 – 200+ qubits in New Era of Computing commercial use today, with 3 more in production. All QPUs operate without dee
Slide 6: Pasqal At A Glance
Pasqal At A Glance Delivering Real-World Business Solutions Today From Cutting Edge Scientific Breakthroughs DEEP SCIENTIFIC HERITAGE FULLY COMMERCIAL TODAY SOVEREIGN SUPPORT WITH KEY Quantum computing company 10 commercial QPUs STRATEGIC PARTNERS founded by a Nobel Laureate and John − 7 install
Slide 7: What Differentiates Pasqal
What Differentiates Pasqal COMMERCIAL QUANTUM COMPUTING PLATFORM AVAILABLE TODAY TO SOLVE HIGH VALUE BUSINESS PROBLEMS THAT MATTER 1 Commercial quantum computing platform that uniquely enables both analog and fault tolerant quantum computing at scale. 2 Full-stack offering across hardware, software
Slide 8: 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 9: Pasqal’s Leadership And Founding Team
Pasqal’s Leadership And Founding Team Technical Management Team with Operational Heritage Distinguished Founding Team Wasiq Bokhari Loïc Henriet Stéphane Rougeot Prof. Alain Aspect Prof. Antoine Dr. Georges-Olivier Browaeys Reymond Chief Executive Chief Technology Chief Financial Co-Founder Co-Found
Slide 10: Our History Pioneering The Neutral Atom Technology
Our History Pioneering The Neutral Atom Technology Quantum Advantage Displayed on TmMgGaO4 Prof. Alain Aspect's Nobel- Achieved Rydberg blockade Series A €25M; first 1,024-atom register; winning entanglement & quantum simulation (Prof. Orion Alpha QPU Aramco (Saudi Arabia) & Commissioning & experime
Slide 11: Pasqal Has Delivered Quantum Advantage
Pasqal Has Delivered Quantum Advantage In Materials Simulation, Pasqal Showed Results Not Achievable Through Classical Computers. RCS, 2023 QUANTUM TmMgGaO4, 2026 ADVANTAGE ZONE Ising, 2024 CLASSICAL LIMIT GBS, 2020 PERFORMANCE KCuF3, 2026 RCS, 2019 XY, 2024 USEFULNESS Quantum simulation Quantum sim
Slide 12: Practical Quantum Computing: Today, Not Tomorrow
Practical Quantum Computing: Today, Not Tomorrow 12
Slide 13: 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 VISUALIZATION 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 14: Pasqal’s Software Approach Can Win The Market
Pasqal’s Software Approach Can Win The Market SIMPLIFIED STACK Key Takeaways • Pasqal accelerates quantum development by providing a full-stack environment – from Software User Applications Quantum Applications Development Kits to applications The front-end where users design, develop, Quantum SDKs
Slide 15: We Deliver Quantum Revolution today
We Deliver Quantum Revolution today Our Full Stack Platform is Unique in Delivering Industry-Leading Analog Today and FTQC in 2029 PHASE I-II (NOW–2030)* PHASE III (2030–2035+)* From Utility to Advantage The “Fault-Tolerant" Era Hybrid as practical path: Fault tolerance unlocks scale: Quantum for ha
Slide 16: A $720B Market Opportunity By 2040
A $720B Market Opportunity By 2040 2040 Projected Market Optimization (Finance, Logistics) $720B $230B Machine Learning & AI $200B Materials & Life Sciences $190B FINANCIAL SERVICES Security & Cryptography LIFE SCIENCES & PHARMA $70B ADVANCED MATERIALS & ENERGY Cross-Sector / Other $30B LOGISTICS &
Slide 17: Pasqal’s Technology Advantage
Pasqal’s Technology Advantage 17
Slide 18: Fundamental Advantages Of Neutral Atom Technology
Fundamental Advantages Of Neutral Atom Technology SCALABILITY No major roadblocks anticipated in the near-term to Lower cost and scale the qubit count to 10,000 physical qubits and beyond, following our roadmap(1) manufacturing simplicity DUAL DIGITAL-ANALOG MODES The dual analog-digital capability,
Slide 19: 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 20: Neutral Atoms Are Considered Best-Suited To Reach Broad Quantum Advantage And FTQC At Scale
Neutral Atoms Are Considered Best-Suited To Reach Broad Quantum Advantage And FTQC At Scale Estimated max number of qubits per single QPU ~50k Error Neutral atoms 0.1 Neutral Fidelities are atoms are rapidly achieving most parity with older promising for modalities 0.01 scale ~3-6k Super conducting
Slide 21: Why Neutral Atoms Is A Winning Modality
Why Neutral Atoms Is A Winning Modality Trapped Ion PASQAL Superconducting Photonic Annealing (IonQ, (Neutral Atoms) (IBM, Google) (PsiQ, Xanadu) (D-Wave) Quantinuum) Scalability (per QPU) 10K – 50K ~3,000–6,000 ~100–200 Theoretical only n/a 1,024 Qubits today ~133 (Heron) 36–56 Limited 5,000+ (anne
Slide 22: Technological Advancements For Scaling A Neutral Atom QPU
Technological Advancements For Scaling A Neutral Atom QPU 1. LOADING 2. MOVEMENT 3. RE-ARRANGEMENT Key technology enablers: ▪ Optical architecture for large arrays: high power laser and high numerical aperture optics ▪ High-fidelity assembly: optimized rearrangement + two-cycle strategy ▪ Cryogenic
Slide 23: Results: Defect-free 1,024 Atom Register
Results: Defect-free 1,024 Atom Register 1Atoms loaded. 2 Rearranged. 3 1,024 atoms rearranged. Few defects. No defect. REACHED 1,000+ physical qubits 23
Slide 24: One-to-One Quantum Simulation Of TmMgGaO4
One-to-One Quantum Simulation Of TmMgGaO4 TmMgGaO4 MODEL High-fidelity simulation of a real rare-earth material Simulation of the material with Pasqal quantum processing unit. It matches reality Quantitative match of simulations and predictions with measurements made @MagLab. Repeatable on different
Slide 25: From A Physical To A Logical Qubit
From A Physical To A Logical Qubit Physical vs logical qubits Building blocks for computing with logical qubits 1 Robust physical qubits 2 Reliable atomic operations 3 All-to-all connectivity 4 Fast Qubit readout 5 Error-detecting or error-correcting code 25
Slide 26: Error Detection Demonstration On A Pasqal System
Error Detection Demonstration On A Pasqal System Implementing a [[4,2,2]] code Target state 1 ȁ00ۧ𝐿 = ȁ0000ۧ + ȁ1111ۧ 2 We use 4 physical qubits (+ 1 flag qubit) to encode 2 logical qubits, with checks based on the parity Experimental WITHOUT ERROR DETECTION WITH ERROR DETECTION implementation…
Slide 27: Solve Differential Equations With Physical And Logical Qubits
Solve Differential Equations With Physical And Logical Qubits ▪ We solve differential equations, and compare end-to-end performance between logical and physical qubits ▪ We reach a lower error with logical qubits We believe this is the first time worldwide that differential equations can be solved u
Slide 28: Modular Hardware & Rapid Innovation
Modular Hardware & Rapid Innovation Pasqal Customers Get Future-Proof Systems 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 architecture enables client
Slide 29: Pasqal’s Commercial Success
Pasqal’s Commercial Success 29
Slide 30: Pasqal’s Vertically Integrated Go-To-Market Approach
Pasqal’s Vertically Integrated Go-To-Market Approach Customers get quantum solutions the way they want: On-Prem or Cloud based 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
Slide 31: Quantum Computing Deployed Commercially Today
Quantum Computing Deployed Commercially Today Pasqal QPUs Operating Today in Standard Data Centers Integrated within HPC Data Centers and Enterprises without deep cryogenics. QPU Architecture Built To Handle Both Analog and FTQC Modular approach provides the infrastructure for analog compute today,
Slide 32: High Impact Use Cases Across Multiple Industries
HIGH VALUE MATERIALS ENERGY & CHEMICALS High Impact ▪ Oil & Gas: Upstream to ▪ Materials discovery Use Cases Downstream ▪ Battery modeling Across Multiple ▪ Grid Optimization ▪ Molecular simulation Industries We have executed over € $ FINANCIAL SERVICES LOGISTICS & MOBILITY 25 use cases in multiple
Slide 33: Pasqal Is A Global Leader In High-qubit Quantum Processing Units
Pasqal Is A Global Leader In High-qubit Quantum Processing Units (Including 3 in Production) 10 Quantum Computer Delivered Capital Raised(1) 7 6 3 3 3 0 0 $550M+(2) $1.2B+(3) $600M+ $350M+(3) $4B+ $500M+ $1.2B+(3) $1.5B+(3) Source: Publicly available information as of May 2026. (1) Includes public a
Slide 34: Industry Leading Manufacturing Capabilities Available to Serve Customer Demand
Industry Leading Manufacturing Capabilities Available to Serve Customer Demand Pasqal’s Investment in Infrastructure and Processes Enables Delivery of up to 13 Quantum Computers per Annum Subject To Full Staffing and Parts Availability Expected Production Capacity Based On QPU Type (1) QPU Type QPU
Slide 35: Growth Execution & Financial Overview
Growth Execution & Financial Overview 35
Slide 36: Growth Pillars
Growth Pillars Deliver quantum-embedded data—unavailable through QCaaS + Quantum Data classical methods—to unlock new insights in catalysis, corrosion, and memory materials Build on first demonstration of quantum advantage in Quantum Advantage (QA) materials science with impactful one-to-one simulat
Slide 37: Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale And Future Growth
Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale And Future Growth Expected To Be Well Capitalized To Revenue (€M)(1) Deliver Our Roadmap ($M) €66M+ Booked and Awarded $645.2 Business including Grants as of € 23.7 March 2026 (3) $255.4 10 € 14.3 QPUs (7 Installed, 3 in Producti
Slide 38: Pasqal’s Technology Approach Results in a Capital Efficient Business Model
Pasqal’s Technology Approach Results in a Capital Efficient Business Model Total Operating Expenses1 (€M) Capital Expenditures by Type (€M) Cash Burn (FCF)2 (€M) *Includes non-cash expenses Cash burn narrowed ~30% to €35.1M in FY2025 on higher revenue and lower capex € 76.1 € 61.3 € 50.0 € 20.1 € 0.
Slide 39: Peer Valuation
Peer Valuation Pasqal’s Valuation In Line with Peers While Delivering Growing Commercial Quantum Computing Revenues Public Comparables Recent De-SPACs USD, Billions $19.1 $18.2 $8.2 $6.0 $3.6 $3.0 $3.5 (1) $2.0 $3.3 (1) $1.9 $1.8 $0.8 (Pre-Money Cash ~$2.3B ~$2.0B ~$590M ~$420M ~$270M ~$440M ~$100M
Slide 40: 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 $645.2M cash to balance sheet, assuming no redemptions Assumed Share Price $10.00 • $250
Slide 41: Expected Use Of Proceeds
Expected 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 Build on first display of quantum advantage in GROWTH ▪ Address market use cases in key ge
Slide 42: 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 $291.4M cash-in-trust(1) Bleichroeder’s competitive edge: Michel
Slide 43: 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 “Business Combination”) between Pasqal Holding SAS (“Pasqal”) and Bleichroeder Acquisition Corp. II (
Slide 44: 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 45: Disclaimer (Continued)
Disclaimer (Continued) Additional Information About the Business Combination and Where to Find It Additional information about the Business Combination, including a copy of the business combination agreement was filed on March 4, 2026, by Bleichroeder in a Current Report on Form 8-K with the U.S. Se
Slide 46: 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 47: 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 48: 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 49: 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 $250 million in the Private Placement, or that the amount of funds raised in the Private Placement will be sufficient to consummate the Business Comb
Slide 50: 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.