50 slides from Bleichroeder Acquisition Corp. Ii's SPAC merger presentation, Jun 30, 2026
Slide 1: Defining The Quantum Reality: Analyst Day Presentation June 2026
Defining The Quantum Reality Analyst Day Presentation June 2026
Slide 2: Today's Presenters
Today's Presenters 2 Wasiq Bokhari Chief Executive Officer Loïc Henriet Chief Technology Officer Stéphane Rougeot Chief Financial Officer
Slide 3: Today's Agenda
3 Today's Agenda Executive Summary 4 Practical Quantum Computing: Today, Not Tomorrow 12 Pasqal's Technology Advantage 17 Pasqal's Commercial Success 29 Growth Execution & Financial Overview 35 Q&A Session Break Q&A Session
Slide 4: Executive Summary
Executive Summary 4
Slide 5: Our Mission Is To Be A Global Leader In This New Era of Computing
G L O B A L L E A D E R I N I N D U S T R I A L I Z E D A N D O P E R A T I O N A L H I G H C O M P L E X I T Y Q U A N T U M C O M P U T E R S Pasqal has 7 Quantum Processing Units (QPUs) with 100 – 200+ qubits in commercial use today, with 3 more in production. All QPUs operate without deep cryoge
Slide 6: Pasqal At A Glance
Delivering Real-World Business Solutions Today From Cutting Edge Scientific Breakthroughs 6 Pasqal At A Glance DEEP SCIENTIFIC HERITAGE FULLY COMMERCIAL TODAY SOVEREIGN SUPPORT WITH KEY STRATEGIC PARTNERS Quantum computing company founded by a Nobel Laureate and John S. Bell prize winner Pioneered t
Slide 7: What Differentiates Pasqal
What Differentiates Pasqal 7 (1) Includes 3 QPUs currently in production. (2) Includes grants; as of March 2026. (3) Includes $250M Committed Convertible Financing initially announced in connection with Business Combination. COMMERCIAL QUA NTUM COMPUTING PLA TFORM A VAILABLE TODAY TO SOLVE HI GH VA
Slide 8: 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 Cen
Slide 9: Pasqal's Leadership And Founding Team
Pasqal's Leadership And Founding Team 9 Technical Management Team with Operational Heritage Distinguished Founding Team Wasiq Bokhari Chief Executive Officer Loïc Henriet Chief Technology Officer Co-Founder • 2022 Nobel Prize in Physics Prof. Alain Aspect • Entanglement experiments Prof. Antoine Bro
Slide 10: Our History Pioneering The Neutral Atom Technology
Pasqal's First Commercial Computer Deployed 10 Prof. Alain Aspect's Nobel- winning entanglement experiments Achieved Rydberg blockade & quantum simulation (Prof. Antoine Browaeys) Series A €25M; first Orion Alpha QPU delivered 1,024-atom register; Aramco (Saudi Arabia) & Distriq (Canada) deliveries
Slide 11: Pasqal Has Delivered Quantum Advantage In Materials Simulation
Pasqal Has Delivered Quantum Advantage In Materials Simulation, Pasqal Showed Results Not Achievable Through Classical Computers. 11 PERFORMANCE USEFULNESS CLASSICAL LIMIT KCuF3, 2026 TmMgGaO4, 2026 "Math for math's sake" GBS, 2020 RCS, 2023 RCS, 2019 Quantum simulation Toy model Ising, 2024 XY, 202
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
13 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 CPU GPU QUANTUM HPC workflows combine multiple types of specialized computing resources: Quantum computing will be one of them Complex challenges will be
Slide 14: Pasqal's Software Approach Can Win The Market
Pasqal's Software Approach Can Win The Market User Applications The front-end where users design, develop, and submit quantum programs along with specifying computational resources Resource Coordination The bridge between classical CPUs, GPUs and QPUs. "Middleware" that coordinates the hybrid execut
Slide 15: We Deliver Quantum Revolution Today
PHASE I-II (NOW–2030)* From Utility to Advantage PHASE III (2030–2035+)* The "Fault-Tolerant" Era Hybrid as practical path: Quantum for hard subproblems & HPC/AI for the end-to-end workflow. Verticals focus: Materials & Chemicals, Energy, Finance, Logistics, Telco. Technical ramp: Error mitigation,
Slide 16: A $720B Market Opportunity By 2040
A $720B Market Opportunity By 2040 Source: Global Quantum Intelligence (GQI) as of February 2026. 2040 Projected Market $720B FINANCIAL SERVICES CROSS-SECTOR APPLICATIONS LOGISTICS & TRANSPORT LIFE SCIENCES & PHARMA ADVANCED MATERIALS & ENERGY $30B $70B $190B $200B $230B Cross-Sector / Other Securit
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 scale the qubit count to 10,000 physical qubits and beyond, following our roadmap(1) DUAL DIGITAL-ANALOG MODES The dual analog-digital capability, offers the opportunity of near-term val
Slide 19: 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 Cen
Slide 20: Neutral Atoms Are Considered Best-Suited To Reach Broad Quantum Advantage And FTQC
Estimated max number of qubits per single QPU 1995 2000 2005 2010 2015 2020 2025 0.001 0.01 0.1 Ions Superconducting Neutral atoms Neutral atoms are most promising for scale Fidelities are rapidly achieving parity with older modalities 20 Neutral Atoms Are Considered Best-Suited To Reach Broad Quant
Slide 21: Why Neutral Atoms Is A Winning Modality
21 Why Neutral Atoms Is A Winning Modality PASQAL (Neutral Atoms) Superconducting (IBM, Google) Trapped Ion (IonQ, Quantinuum) Photonic (PsiQ, Xanadu) Annealing (D-Wave) Scalability (per QPU) 10K – 50K ~3,000–6,000 ~100–200 Theoretical only n/a Qubits today 1,024 demonstrated ~133 (Heron) 36–56 Limi
Slide 22: Technological Advancements For Scaling A Neutral Atom QPU
Technological Advancements For Scaling A Neutral Atom QPU Key technology enablers: 1. LOADING 2. MOVEMENT 3. RE-ARRANGEMENT ▪Optical architecture for large arrays: high power laser and high numerical aperture optics ▪High-fidelity assembly: optimized rearrangement + two-cycle strategy ▪Cryogenic 4 K
Slide 23: Results: Defect-free 1,024 Atom Register
Results: Defect-free 1,024 Atom Register 1Atoms loaded. 2 Rearranged. Few defects. 3 1,024 atoms rearranged. No defect. 1,000+ physical qubits REACHED 23
Slide 24: One-to-One Quantum Simulation Of TmMgGaO4
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 machines Five QPUs gave the same answer. One-to-One Quan
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 We use 4 physical qubits (+ 1 flag qubit) to encode 2 logical qubits, with checks based on the parity Target state ۧ ȁ00 𝐿= 1 2 ۧ ȁ0000 + ۧ ȁ1111 WITHOUT ERROR DETECTION Probability ~ 40% WITH ERROR DETECTION Probability
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 usi
Slide 28: Modular Hardware & Rapid Innovation
Modular Hardware & Rapid Innovation Pasqal Customers Get Future-Proof Systems To Match Their Needs Qubit number upgrade Noise reduction Digital gates Error correction Addressability QPU 28 Modular and Upgradable Systems for Future-Proofed Excellence Pasqal's modular hardware architecture enables cli
Slide 29: Pasqal's Commercial Success
Pasqal's Commercial Success 29
Slide 30: Pasqal's Vertically Integrated Go-To-Market Approach
30 Pasqal's Vertically Integrated Go-To-Market Approach 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. C
Slide 31: Quantum Computing Deployed Commercially Today
Quantum Computing Deployed Commercially Today 31 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 toda
Slide 32: High Impact Use Cases Across Multiple Industries
ENERGY ▪Portfolio optimization ▪Risk modeling ▪Oil & Gas: Upstream to Downstream ▪Grid Optimization FINANCIAL SERVICES € $ ▪Materials discovery ▪Battery modeling ▪Molecular simulation HIGH VALUE MATERIALS & CHEMICALS LOGISTICS & MOBILITY ▪Routing High Impact Use Cases Across Multiple Industries We h
Slide 33: Pasqal Is A Global Leader In High-qubit Quantum Processing Units
33 Pasqal Is A Global Leader In High-qubit Quantum Processing Units Source: Publicly available information as of May 2026. (1) Includes public and private fundraising. (2) Includes $250M Committed Convertible Financing initially announced in connection with Business Combination. (3) Includes U.S. De
Slide 34: Industry Leading Manufacturing Capabilities Available to Serve Customer Demand
34 Industry Leading Manufacturing Capabilities Available to Serve Customer Demand Pasqal's Investment in Infrastructure and Processes Enables Delivery of up to 13 Quantum Computers per Annum Subject To Full Staffing and Parts Availability Expected Production Capacity Based On QPU Type Total Capacity
Slide 35: Growth Execution & Financial Overview
Growth Execution & Financial Overview 35
Slide 36: Growth Pillars
Growth Pillars Building a Global Presence Build a broader commercial presence across Europe, U.S., GCC and Asia Pacific with new regional teams and ongoing collaborations Scaling Quantum Computing As A Service (QCaaS) Expand cloud-based quantum access and accelerate QCaaS adoption using enterprise-r
Slide 37: Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale
37 Commercial Revenue Growth Since 2024 Creates Foundation To Drive Scale And Future Growth Expected To Be Well Capitalized To Deliver Our Roadmap ($M) (1) Pasqal audited financials. (2) Pasqal existing cash reflects current cash balance of €120.1M as of May 31, 2026. Figures are converted to USD ba
Slide 38: Pasqal's Technology Approach Results in a Capital Efficient Business Model
38 Pasqal's Technology Approach Results in a Capital Efficient Business Model Source: Pasqal F-4/A, pp. F-43, F-45, F-56 and F-58; company calculations. 1. Includes purchase of material, changes in inventory, employee salaries and benefit expenses, professional services and other services, depreciat
Slide 39: Peer Valuation
Peer Valuation Public Comparables Recent De-SPACs Valuation as of 6/26/2026 Pro-Forma Enterprise Value Based on Business Combination Agreement Price USD, Billions Based on Company filings and other publicly available information. (1) Implied pro forma valuation based on SPAC trading price as of 6/26
Slide 40: Transaction Overview
40 Transaction Overview Estimated Uses ($M) Rollover Equity Value $2,000.0 Cash to Balance Sheet(4) 645.2 Est. Fees and Expenses 36.0 Total $2,681.2 • Pasqal to be acquired by Bleichroeder Acquisition Corp. II at Pre- Money Equity Value of ~$2.0 billion • Transaction to result in $645.2M cash to bal
Slide 41: Expected Use Of Proceeds
Expected 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 Build on first display of quantum advantage in materials science achieved in Q1 2026 INTER
Slide 42: Pasqal To Go Public In Partnership With Bleichroeder
Pasqal To Go Public In Partnership With Bleichroeder 42 (1) Cash-in-trust as of May 31, 2026. (2) Includes over $200 million raised in Merlin Labs and over $250 million raised in Pasqal. Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ), a SPAC led and backed by Michel Combes and Andrew Gundlach, is
Slide 43: Disclaimer
Disclaimer 43 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. I
Slide 44: Disclaimer (Continued)
Disclaimer (Continued) 44 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): Additional Information About the Business Combination
Disclaimer (Continued) 45 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.
Slide 46: Disclaimer (Continued): Note Regarding Trademarks
Disclaimer (Continued) 46 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 ma
Slide 47: Risk Factors
Risk Factors 47 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 48: Risk Factors (Continued)
Risk Factors (Continued) 48 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 m
Slide 49: Risk Factors (Continued): Private Placement
Risk Factors (Continued) 49 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 C
Slide 50: Risk Factors (Continued)
Risk Factors (Continued) 50 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