Who is behind IPAX? Bleichroeder
The people who set Inflection Point Acquisition Corp. up, what they have done before, and what happened to the shareholders who backed their earlier vehicles — every outcome cited to an SEC filing.
Liquidation / termination drag: 0 liquidations and 0 terminations across 14 vehicles raised → 0% attrition (terminations 1.25×, stale shells 0.75×).
Mixed record · high confidence — the same inputs always produce the same score.
Track record
The fleet this sponsor runs today, and the SEC-verified fate of every prior vehicle we have traced.
- Bleichroeder Acquisition Corp I · 2024→ Merlin IncMRLNCompleted
Bleichroeder — RIA-affiliated SPAC line tied to Michael Blitzer's Inflection Point. Prior-vehicle track record (SEC-verified via formerNames): Bleichroeder Acquisition Corp I (formerly Inflection Point Acquisition Corp IV) COMPLETED → Merlin Inc (MRLN, Nasdaq, 2026). Current vehicles BBCQ (in-deal) and BCCQ (searching). Net: 1 completed deSPAC (still listed). Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov. — research profile — Bleichroeder is a New York-based registered investment advisor focused on ultra-high-net-worth families, with roots tracing back to the storied Arnhold and S. Bleichroeder investment bank originally founded in Germany in 1931 and relocated to New York in 1937. That firm's asset management arm was eventually renamed First Eagle Investment Management, with majority control sold to Blackstone and Corsair Capital in December 2015. The Bleichroeder name persists in the SPAC franchise, which is led by Andrew Gundlach, the co-CEO of Bleichroeder and head of Goldiron, who serves as Executive Chairman across the vehicles. Gundlach co-founded the first two SPACs alongside Michel Combes, the well-known telecom and technology executive. The management bench also includes Marcello Padula as CEO of the second and third vehicles (a former BofA Securities investment banking VP who executed over $25 billion in transactions), Robert Folino as CFO (also COO and Head of Trading at Bleichroeder), and directors including Christopher Kellen of First Eagle Administrative Services, Clemence Rasigni (a former Senior Managing Director at Merrill Lynch with over two decades of capital markets experience), Kathy Savitt, Antoine Theysset, and Philippe Nyssen. Bleichroeder Acquisition Corp. I (BACQ) raised $250 million in October 2024 and was reportedly trading approximately 14% above its $10 offer price; it is pending a combination with Merlin, an autonomous aircraft pilot technology developer, and has since been renamed Inflection Point Acquisition Corp. IV. Bleichroeder Acquisition Corp. II (BBCQ) priced a $250 million IPO in January 2026 (closing at $287.5 million with overallotment), and on March 4, 2026 announced a definitive business combination with Pasqal, a French neutral-atom quantum computing company, at a $2.0 billion pre-money valuation with a deal size of approximately $2.64 billion. The transaction includes $250 million in committed convertible financing (upsized from an initial $200 million) backed by sponsor-affiliated investor Inflection Point, BPIfrance Large Venture, and other institutional investors, targeting up to $500 million in gross proceeds for Pasqal assuming no redemptions. The SEC declared the joint F-4 registration statement effective on August 5, 2026, with a shareholder vote scheduled for August 25, 2026. BBCQ shares have traded modestly above trust value at around $10.18 to $10.20. Bleichroeder Acquisition Corp. III (BCCQ) priced a $300 million IPO on July 7, 2026, backed by Bleichroeder Sponsor 3 LLC, and has not yet identified a target; it focuses on disruptive growth industries with a global mandate. The BBCQ-Pasqal deal is the sponsor's most significant pending transaction and carries both notable ambition and potential concerns. Pasqal, co-founded by Nobel laureate Alain Aspect, has deployed seven quantum computers and serves over 25 commercial customers including Sumitomo, CMA CGM, and Thales, with partnerships spanning IBM and NVIDIA. However, the company reported only approximately €16 million in 2025 commercial revenue against a €66 million-plus booked and awarded business pipeline, making the $2 billion pre-money valuation a rich
1 sentence withheld from the text above. It stated a vehicle count (three vehicles) that does not reconcile with the record we counted: 14 vehicles — 13 in the live database and 1 SEC-verified prior vehicles. Neither side has been corrected here, and the stored research is unchanged; a count we cannot reconcile is not a count we will publish.
Full sponsor record →Why the sponsor matters
The thirty-second version, for anyone who has never traded a SPAC.
A SPAC is an empty listed company; the sponsor is the only substance it has before a deal. They pick the target, negotiate the terms, and typically hold founder shares — equity they received nearly free — which pay off for them even in deals that lose public holders money. A sponsor’s prior vehicles are the closest thing to evidence about how this one ends.
How the founder-share incentive works is covered in our plain-English guide to the sponsor promote.
In plain English
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.