AMERICAN EXCEPTIONALISM ACQUISITION CORP. A Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements forthe past 90 days.Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulationS-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large acceleratedfiler, an accelerated filer, anon-acceleratedfiler, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule12b-2of the Exchange Act. Acceleratedfiler☐Smallerreportingcompany☒Emerging growth company☒ Largeacceleratedfiler☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new orrevised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2of the Exchange Act). Yes☒No☐As of November14, 2025, there were34,675,000ClassA ordinary shares, $0.0001 par value and14,785,714ClassB ordinary shares, $0.0001 par value, issuedand outstanding. Table of Contents AMERICAN EXCEPTIONALISM ACQUISITION CORP. AFORM10-QFOR THE QUARTER ENDED SEPTEMBER30, 2025TABLE OF CONTENTS Part I. Financial InformationItem 1. Interim Financial StatementsCondensed Balance Sheet as of September30, 2025 (Unaudited)Condensed Statement of Operations for the Period from July11, 2025 (Inception) Through September30, 2025 (Unaudited)Condensed Statement of Changes in Shareholders’ Deficit for the Period from July11, 2025 (Inception) Through September30, 2025(Unaudited)Condensed Statement of Cash Flows for the Period from July11, 2025 (Inception) Through September30, 2025 (Unaudited)Notes to Condensed Financial Statements (Unaudited)Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPart II. Other InformationItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. ExhibitsPart III. Signatures Table of Contents PART I - FINANCIAL INFORMATION AMERICAN EXCEPTIONALISM ACQUISITION CORP. ACONDENSED BALANCE SHEETSEPTEMBER30, 2025(UNAUDITED) Shareholders’ DeficitPreference shares, $0.0001par value;5,000,000shares authorized;noneissued or outstanding at September30, 2025 (1)On September25, 2025, the Company issued an additional2,464,285founder shares to the Sponsor through share capitalization. As a result, theSponsor holds an aggregate of14,785,714founder shares. All share and per share amounts have been retroactively presented (see Notes 5).(2)Includes1,928,571ClassB ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part by theunderwriters. Subsequently, on September29, 2025, the underwriters exercised their over-allotment option in full as part of the closing of theInitial Public Offering. As such, the1,928,571founder shares are no longer subject to forfeiture (see Note 5). The accompanying notes are an integral part of the unaudited condensed financial statements. Table of Contents AMERICAN EXCEPTIONALISM ACQUISITION CORP. ACONDENSED STATEMENT OF OPERATIONSFOR THE PERIOD FROM JULY11, 2025 (INCEPTION) THROUGH SEPTEMBER30, 2025(UNAUDITED) (1)On September25, 2025, the Company issued an additional2,464,285founder shares to the Sponsor through share capitalization. As a result, theSponsor holds an aggregate of14,785,714founder shares. All share and per share amounts have been retroactively presented (see Notes 5).(2)Includes1,928,571ClassB ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part by theunderwriters. Subsequently, on September29, 2025, the underwriters exercised their over-allotment option in full as part of the closing of theInitial Public Offering. As such, the1,928,571founder shares are no longer subject to forfeiture (see Note 5). The accompanying notes are an integral part of the unaudited condensed financial statements. Table of Contents AMERICAN EXCEPTIONALISM ACQUISITION CORP. ACONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICITFOR THE PERIOD FROM JULY11, 2025 (INCEPTION) THROUG