UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42392 Inflection Point Acquisition Corp. IV (Exact name of registrant as specified in its charter) | Cayman Islands | 98-17 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42392 Bleichroeder Acquisition Corp. I (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1797826 | | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42392 Bleichroeder Acquisition Corp. I (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

IPO and Financing - The company completed its Initial Public Offering on November 4, 2024, selling 25,000,000 Units at $10.00 per Unit, generating gross proceeds of $250,000,000[21]. - A total of $250,000,000 from the IPO proceeds, including $9,750,000 of the underwriter's deferred discount, was placed in the Trust Account[23]. - The company simultaneously completed a private sale of 425,000 Private Placement Units at $10.00 per Unit, generating gross proceeds of $4,250,000[22]. - The company has approximately $251.76 million available for a Business Combination as of December 31, 2024, after accounting for $8.75 million in deferred underwriting fees and taxes payable[56]. - The company may seek additional financing if the cash portion of the purchase price exceeds the amount available from the Trust Account, net of redemptions[60]. - The company intends to effectuate its initial Business Combination using cash from the proceeds of the Initial Public Offering and Private Placement, among other sources[57]. - The company may raise funds through equity-linked securities or loans to meet cash requirements for the initial Business Combination[88]. Business Combination Strategy - The company must complete its initial Business Combination by November 4, 2026, which is a 24-month period from the IPO closing[24]. - The company aims to capitalize on opportunities within the technology sector, focusing on businesses undergoing technological transformation[28]. - The company is positioned to identify attractive Business Combination opportunities leveraging the experience of its Co-Founders and Management Team[28]. - The management team is applying disciplined due diligence and value creation strategies to identify attractive investments, including those outside the TMT industries[35]. - The company aims to acquire businesses that generate stable free cash flow or have the potential to do so in the near term[40]. - The acquisition process will include comprehensive due diligence, including meetings with management, document reviews, and financial assessments[40]. - The company is targeting businesses with a defensible market position and unique product offerings that create barriers to entry for competitors[40]. - The initial Business Combination must have an aggregate fair market value of at least 80% of the assets held in the Trust Account[43]. - The company may pursue initial Business Combinations with affiliated companies, provided an independent valuation opinion is obtained to ensure fairness[46]. - The company has not yet selected any Business Combination target and is focusing on TMT industries, with no current basis for evaluating potential risks or merits[59]. - The company acknowledges the risk of depending on a single business post-Combination, which may expose it to economic and regulatory challenges[64]. - The company may continue to seek a Business Combination with a different target if the initial proposal is not approved[96]. Shareholder Rights and Redemption - Public Shareholders can redeem their Class A ordinary shares regardless of their voting decision on the initial Business Combination[77]. - A minimum cash requirement may be imposed for the initial Business Combination, which could affect the completion if cash available is insufficient[88]. - Shareholders holding more than 15% of the shares sold in the offering are restricted from seeking redemption rights without prior consent[89]. - The company may conduct redemptions without shareholder votes under certain conditions, but will seek approval if required by law or stock exchange rules[68]. - The company may enter into transactions to incentivize shareholders to vote in favor of the Business Combination, although no current commitments exist[71]. - The company will not complete the initial Business Combination if the aggregate cash consideration for redemptions exceeds available cash[88]. - Shareholders may redeem their shares either through a general meeting or a tender offer, based on the company's discretion[79]. - The company’s Sponsor, officers, and directors have agreed to waive their redemption rights concerning their shares in connection with the initial Business Combination[77]. - The per-share redemption amount for shareholders upon dissolution is approximately $10.07 as of December 31, 2024, net of taxes payable[101]. - If the initial Business Combination is not completed, the company will redeem Public Shares at a price equal to the aggregate amount in the Trust Account divided by the number of outstanding Public Shares[97]. - Shareholders must submit a written request for redemption two business days prior to the scheduled vote to exercise their redemption rights[91]. - If the Trust Account balance is reduced below $10.00 per public share due to creditor claims, the actual redemption amount may be less than $10.00[104]. Regulatory and Compliance - The company has registered its units, Class A ordinary shares, and Public Rights under the Exchange Act, with obligations to file annual, quarterly, and current reports with the SEC[111]. - Audited financial statements of the prospective target business will be provided to shareholders as part of proxy solicitation materials, which may need to comply with GAAP or IFRS[112]. - The company will evaluate its internal control procedures for the fiscal year ending December 31, 2025, as required by the Sarbanes-Oxley Act[113]. - The company has received a tax exemption undertaking from the Cayman Islands government for a period of 30 years, exempting it from certain taxes on profits and income[115]. - The company qualifies as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[115]. - The company will remain an emerging growth company until the earlier of November 4, 2029, or achieving total annual gross revenue of at least $1.235 billion[117]. - The company is classified as a "smaller reporting company," allowing it to provide only two years of audited financial statements[118]. - The company is not required to provide quantitative and qualitative disclosures about market risk due to its status as a smaller reporting company[158]. Market and Competitive Landscape - Worldwide spending on Digital Transformation is expected to exceed $4 trillion by 2027, with an estimated annual growth rate of over 16% from 2022 to 2027[30]. - The company is focusing on advanced connectivity through digital infrastructure, aiming to provide global internet access, including to remote areas previously unserved by traditional networks[33]. - Adoption of AI capabilities, such as machine learning and natural language processing, is expected to impact nearly all industries in the near term[33]. - The company is leveraging widespread cloud computing adoption, allowing small and medium-sized companies to thrive without incurring substantial fixed costs[33]. - The company is facing competition from other SPACs, private equity groups, and public companies in identifying target businesses for acquisition[109]. - There is no guarantee that all vendors and service providers will execute agreements waiving claims to the Trust Account, which could expose the company to potential claims[102]. Management and Team - The Management Team includes experienced individuals from the technology sector, enhancing the company's ability to identify investment opportunities[26]. - The management team has developed a broad network of contacts and corporate relationships, enhancing the sourcing of potential Business Combination targets[50]. - The company currently has two officers, Messrs. Gundlach and Robert Folino, who are not obligated to devote specific hours until the initial Business Combination is completed[110].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-42392 Bleichroeder Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands (State or othe ...