Infleqtion to Go Public via Merger with Churchill Capital Corp X, Accelerating Quantum Innovation
Infleqtion, a global leader in neutral atom–based quantum technology, has announced its plans to go public through a definitive business combination agreement with Churchill Capital Corp X (NASDAQ: CCCX), a publicly traded special purpose acquisition company (SPAC). This strategic move aims to accelerate Infleqtion’s mission to commercialize quantum products that deliver transformative advancements in computing and precision sensing. Upon closing, the combined company will operate as Infleqtion and is expected to be listed on a leading North American exchange under the ticker “INFQ.”
A Leader in Quantum Technology
Infleqtion stands at the forefront of quantum innovation, with real-world deployments in both quantum computing and precision sensing. The company has earned the trust of industry leaders and government entities, including NVIDIA, the U.S. Department of Defense, NASA, and the U.K. government. Its groundbreaking achievements include:
- 1,600 physical qubits: A record-setting qubit array.
- 99.73% entangling fidelity: The highest achieved by a neutral atom company.
- Real-world application using logical qubits: One of only two companies globally to demonstrate this capability.
These milestones position Infleqtion as a pioneer in translating quantum science into practical solutions. As of June 30, 2025, the company reported approximately $29 million in trailing twelve-month revenue, reflecting an impressive ~80% compound annual growth rate (CAGR) over the past two years. Additionally, Infleqtion has secured approximately $50 million in booked and awarded business, representing potential multi-year value, and identified a pipeline of potential customers exceeding $300 million.
Transforming Quantum Science into Real-World Impact
Founded on Dana Anderson’s pioneering research in neutral atoms, Infleqtion has developed a commercial platform that uniquely powers both quantum computing and precision sensing from a single architecture. Its product portfolio includes quantum computers, quantum clocks, RF receivers, and inertial sensors—all engineered for real-world deployment and optimized with proprietary software. These systems are already being utilized by governments, enterprises, and research institutions to solve complex challenges across industries.
“Our team has reached a critical inflection point in transitioning from R&D to full-scale commercialization,” said Matt Kinsella, CEO and founding investor of Infleqtion. “This partnership with Churchill provides us with the capital and strategic expertise needed to expand our market leadership and meet the growing demand for quantum solutions in AI, national security, space, and beyond.”
A Compelling Investment Opportunity
Infleqtion combines scientific leadership, commercial traction, and robust growth potential, making it an attractive public investment opportunity in the burgeoning quantum sector. Key highlights include:
- Pioneering Team: Infleqtion boasts a world-class team of scientists and entrepreneurs with a proven track record of engineering and deploying commercial quantum systems.
- Quantum as a Force Multiplier: While classical systems face limitations in size, energy, and cost, quantum technology has the potential to unlock breakthroughs in AI, national security, and materials science. Infleqtion is already enhancing today’s GPUs through its quantum hardware and contextual machine learning software.
- Award-Winning Quantum Core: Infleqtion’s unique “build once, tailor to multiple markets” foundation enables scalability and capital efficiency, powering applications ranging from quantum computers to precision sensors.
- Large and Growing Markets: The quantum computing and sensing markets are projected to exceed $160 billion by 2040, spanning industries such as artificial intelligence, defense, energy, space, and financial services.
- Strategic Importance for National Security: Allied governments have invested over $40 billion in quantum technologies to secure geopolitical advantages. Infleqtion is a trusted partner to leading institutions like NASA, the U.S. Department of Defense, and the U.K. government, driving innovation in defense and intelligence while creating scalable solutions for broader markets.
Attractive Transaction Structure
The business combination values Infleqtion at a pre-money equity value of $1.8 billion, providing an attractive entry point for new shareholders. The transaction is expected to generate over $540 million in gross proceeds, including:
- $416 million held in Churchill X’s trust account as of June 30, 2025 (assuming no redemptions).
- Over $125 million raised through a common stock PIPE from leading institutional investors, including Maverick Capital, Counterpoint Global (Morgan Stanley), Glynn Capital, BOKA Capital, and LCP Quantum.
These proceeds will strengthen Infleqtion’s balance sheet, accelerate its technology and product roadmap, and expand applications into new end markets, including AI, national security, and space. The company’s strong financial position—$88 million in cash as of June 30, 2025, and a low operating cost structure with $21 million in trailing twelve-month cash burn—ensures it is well-capitalized for sustained growth.
Strategic Endorsements and Future Outlook
“Quantum is a defining technology opportunity of the coming decade, and we see neutral atoms as the modality best positioned to succeed,” said Kenneth Safar, Managing Director at Maverick Silicon. “Infleqtion is demonstrating how quantum can enhance AI today and deliver real performance gains across computing and sensing. That’s why we backed them early and continue to invest, believing in their vision, technology, and team.”
The boards of directors of both Infleqtion and Churchill X have unanimously approved the proposed business combination. The transaction is subject to customary closing conditions, including approval by Churchill X shareholders, regulatory approvals, and SEC review of the registration statement.
About Infleqtion
Infleqtion is a global leader in neutral-atom quantum technology. We design and build quantum computers, precision sensors, and quantum software for governments, enterprises, and research institutions. Our commercial portfolio includes quantum computers as well as quantum RF systems, quantum clocks, and inertial navigation solutions. Infleqtion is the partner of choice for governments and commercial customers seeking cutting-edge quantum capabilities.
About Churchill Capital Corp X
Churchill X is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.
