Filed by Bleichroeder Acquisition 2 France pursuant to Rule 425
under
the Securities Act of 1933, as amended,
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934, as amended
Subject
Company: Bleichroeder Acquisition Corp. II (File No. 001-43045)
Pasqal Demonstrates Logical Qubits Outperform Physical Qubits Solving Differential Equations — An Industry
First for Neutral-Atom Quantum Computing
Palaiseau, France - May 21, 2026 – Pasqal Holding SAS
(“Pasqal”) today announced new research showing a more advanced approach to quantum computing that can deliver significantly
better results on practical problems. For the first time, the company demonstrated that “logical qubits”—a method designed
to reduce errors—outperform standard quantum computing techniques when solving differential equations on real hardware. Pasqal recently
announced plans to go public through a business combination with Bleichroeder Acquisition Corp. II.
In the study, published on arXiv, Pasqal used its quantum processor
to solve differential equations, a class of problems that underpin many real-world applications, from energy systems and materials science
to financial modeling. These equations are notoriously difficult to solve accurately and are often used as benchmarks for advanced computing
systems.
The results showed that Pasqal’s logical-qubit approach produced
more accurate answers than conventional methods, improving performance by more than 50% on average, and by up to ten times on certain
challenging problems. Notably, this improvement was achieved even though the logical-qubit method is more complex, underscoring its practical
value.
“What this work demonstrates is that logical qubits are not only
theoretically preferable — they are already performing better on a real computational task,” said Loïc Henriet, Chief
Technology Officer at Pasqal. “More importantly, by running a complete application rather than isolated subroutines, we were able
to identify precisely which error sources matter most for this class of problem. That understanding is what will guide the next phase
of hardware development.”
Addressing a Foundational Challenge in Quantum Computing
Quantum computers have long promised to solve problems beyond the reach
of classical systems, but their progress has been limited by errors that build up during calculations.
Pasqal’s research provides clear, real-world evidence that logical
qubits can overcome this challenge. By organizing multiple physical qubits into more stable units, logical qubits are better able to detect
and filter out errors before they affect results.
Until now, the performance benefit of logical encoding had
been validated primarily on elementary operations — entangled state preparation, algorithm subroutines — rather
than on complete, application-level computations. This work closes that gap.
Running on Pasqal’s neutral-atom processor, which has achieved
a gate fidelity of 99.4%, the research team implemented a quantum kernel algorithm to solve differential equations at both
the physical and logical qubit levels, then compared results systematically across 1,000 equations. Logical qubits outperformed
their physical counterparts by more than 50% on average, and by a factor of 10 on a representative nonlinear problem. The
logical implementation used a more complex circuit — and still produced more accurate results.
From Analog to Fault-Tolerant: A Deliberate Research Progression
Pasqal has established a track record in analog
quantum computing, with applications in optimization, simulation, and machine learning across multiple industries. The extension into
logical qubit computation reflects a deliberate research progression: the team pursued this direction once the underlying hardware
performance — now at 99.4% combined gate fidelity — reached a level where application-grade results became achievable.
The type of problems tackled in this research, differential equations, govern
the behavior of complex systems across a wide range of industries. In aerospace, they model structural loads and fluid dynamics;in energy,
heat transfer and grid stability;in pharmaceutical development, reaction kinetics and molecular behavior;in finance, risk and
volatility modeling. The ability to solve these problems with greater accuracy using quantum processors — operating as
accelerators within hybrid quantum-classical workflows — represents a concrete step toward quantum utility at scale.
Pasqal’s research program extends this work to additional application
domains including materials, finance and energy. Near-term priorities include improving gate performance, increasing the
number of logical qubits, and advancing error detection and correction capabilities. Improving how these problems are solved could
unlock new efficiencies, better predictions, and faster innovation.
“What surprised us is that our logical qubits turned out to be
naturally resistant to exactly the types of noise that make solving differential equations harder. We got better results than we had initially
anticipated. This is why running complete applications matters;you discover things that testing individual building blocks alone never
reveals. This result is a direct product of the PROQCIMA programme, which has created exactly the right conditions for this kind of foundational,
application-driven research to happen at scale in France”, Henriet said.
Notes on Research
| ● | The paper: “Benchmarking a machine-learning differential equations solver on a neutral-atom logical
processor” — 40 authors, Pasqal and Université Paris-Saclay
/ Institut d’Optique. Available at: https://arxiv.org/abs/2605.21276 |
| ● | Two world firsts: (1) first experimental use of quantum kernels to solve differential equations; and (2) first benchmark
of logical vs. physical qubits on a quantum machine learning application. |
| ● | Key results: logical kernel outperforms physical by >50% on average across 1,000 equations (median residual 0.042 vs.
0.069); 10x improvement on a nonlinear equation (error 0.011 vs. 0.122). |
| ● | Hardware: fidelity 99.4%. |
| ● | Error detection: [[4,2,2]] quantum error-detecting code, encoding 2 logical qubits into 4 physical qubits. |
| ● | Funding: PROQCIMA / France 2030. PROQCIMA is a France 2030 programme bringing together French academia and industry to
advance fault-tolerant quantum computing, with a focus on error correction and logical qubit architectures. This research is among the
first experimental results to emerge from the programme. |
Contacts
Investors
investors@pasqal.com
Media
pr@pasqal.com
About Pasqal
Pasqal is a global leader in delivering practical quantum computing
at scale utilizing neutral atom technology and dedicated software for industry, science, and governments. Since its founding in 2019,
Pasqal has leveraged Nobel Prize winning research to build high-performance quantum systems and cloud-ready software designed to address
complex challenges in optimization, simulation, and artificial intelligence.
Headquartered in France, Pasqal employs over 275 people and serves
over 25 clients and partners, including Aramco, CMA CGM, OVHcloud, Thales, IBM (Pasqal is part of the IBM Quantum Network), and Sumitomo.
Backed by more than USD 300 million in total funding from leading international
investors, Pasqal is pursuing a listing on Nasdaq in partnership with Bleichroeder Acquisition Corp. II (Nasdaq: BBCQ) and is accelerating
the adoption of scalable, high-performance quantum computing worldwide.
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Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might”, “will,”
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include, but are not limited to, statements regarding future events, and the proposed business combination between Bleichroeder Acquisition
Corp. II (“Bleichroeder”) and Pasqal Holding SAS (“Pasqal”).
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and the business combination, and actual results may differ materially. These risks and uncertainties include, but are not limited to:
general economic, political, social and business conditions; uncertainty or changes with respect to laws and regulations; the
inability of the parties to consummate the business combination; failure to realize the anticipated benefits of the business combination;
the risk that the business combination disrupts Pasqal’s current plans and operations; the risk from Pasqal
pursuing an emerging technology, facing significant technical challenges and the potential that it may not achieve
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The business combination will be submitted to shareholders
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a registration statement on Form F-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/prospectus
and certain other related documents, which will serve as both the proxy statement/prospectus to be distributed to its shareholders
in connection with its solicitation for proxies for the vote by its shareholders in connection with the business combination and other
matters to be described in the Registration Statement, as well as the prospectus relating to the offer and sale of the securities to be
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Investors and security holders will be able to obtain copies of these documents (if and when available) and other documents filed
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Participants in the Solicitation
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executive officers, and other members of management, employees and consultants, under SEC rules, may be deemed participants
in the solicitation of proxies from Bleichroeder’s shareholders with respect to the business combination. A list of the
names of Bleichroeder’s directors and executive officers and a description of their interests in Bleichroeder and the
business combination is contained in the sections entitled “Management,” “Principal Shareholders,” and “Certain
Relationships and Related Party Transactions” of the Final Prospectus filed by Bleichroeder with the SEC on January 8,
2026 and the Current Report on Form 8-K filed with the SEC on January 9, 2026, each of which is available free of charge at the SEC’s
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proxies from Bleichroeder’s shareholders with respect to the business combination, and their direct and indirect interests,
will be contained in the Registration Statement and the proxy statement/prospectus when they become available.
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Offer or Solicitation
This communication is for informational purposes only and is not (i)
an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities, nor shall there be any sale, issuance
or transfer of securities in any jurisdiction in contravention of applicable law nor (ii) the solicitation of any vote in any jurisdiction
pursuant to the business combination or otherwise. No offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of 1933 or exemptions therefrom. No securities commission or securities
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