Infleqtion to Go Public in $1.8 bn Merger with Churchill Capital Corp X

Dana Anderson, a researcher at Infleqtion, has demonstrated a neutral‑atom quantum platform boasting 1,600 physical qubits and a 99.73 % entangling fidelity, with a proof‑of‑concept on eight logical qubits and a real‑world application on two logical qubits. The company, which has sold three quantum computers and hundreds of quantum sensors to clients such as NVIDIA, the U.S. Department of Defence and NASA, is merging with Churchill Capital Corp X in a transaction that values Infleqtion at a pre‑money equity of $1.8 billion and is expected to raise over $540 million in gross proceeds, positioning the combined entity to accelerate the commercialisation of its quantum technology under the ticker INFQ.

Infleqtion Merger with Churchill Capital Accelerates Quantum Commercialisation

Infleqtion, a Boulder‑based neutral‑atom quantum‑technology company, has agreed to merge with Churchill Capital Corp X, a New York‑listed special‑purpose acquisition company. The definitive business‑combination agreement, signed on 8 September 2025, will see the combined entity operate under the name Infleqtion and be listed on a major North American exchange under the ticker INFQ. The transaction values Infleqtion at a pre‑money equity of $1.8 billion and is expected to generate more than $540 million in gross proceeds, comprising $416 million held in Churchill Capital’s trust account as of 30 June 2025 and over $125 million raised through a common‑stock PIPE. The PIPE investors include Maverick Capital, Counterpoint Global (Morgan Stanley), Glynn Capital, BOKA Capital and LCP Quantum. The capital infusion will strengthen Infleqtion’s debt‑free balance sheet and support the company’s technology and product roadmap. No existing Infleqtion shareholders will sell shares or receive cash as part of the deal, and all will be locked up at closing. The merger is subject to approval of Churchill Capital shareholders, SEC review of the Form S‑4 registration statement, and regulatory approvals, including listing approval from the relevant stock exchange.

Matt Kinsella, Infleqtion’s CEO, said the partnership “provides the additional capital and strategic expertise required to accelerate commercialization, expand our market leadership, and meet the rapidly growing demand for quantum solutions across AI, national security, and space.” Michael Klein, Chairman and CEO of Churchill Capital Corp X, added that Infleqtion “stands out with its breakthrough neutral‑atom platform and proven engineering capabilities, already delivering meaningful impact in quantum computing and sensing.”

Neutral‑Atom Quantum Platform Powers Computing and Precision Sensing

Infleqtion’s commercial platform is built around a 1,600‑qubit lattice, the largest neutral‑atom array reported to date, and achieves an entangling‑gate fidelity of 99.73 %. In laboratory proof‑of‑concept experiments, the company assembled eight logical qubits, of which two were employed in a real‑world application, demonstrating error‑corrected quantum logic on operational workloads. The platform’s single‑product architecture allows the same qubit array to run high‑performance quantum algorithms and deliver precision‑sensing outputs without separate hardware stacks, with proprietary software refining pulse sequences and calibrating qubit interactions. The platform also includes quantum clocks, radio‑frequency receivers and inertial navigation modules, all engineered for field deployment. Clients such as NVIDIA, the U.S. Department of Defense, NASA and the United Kingdom government have already fielded Infleqtion’s systems. By 30 June 2025 the company had sold three quantum computers and a broad array of quantum sensors, generating approximately $29 million in trailing‑12‑month revenue, with an additional $50 million in booked and awarded business and a customer pipeline exceeding $300 million.

Use of Proceeds to Expand AI, National Security and Space Markets

The proceeds will accelerate Infleqtion’s commercialisation strategy by enabling rapid expansion of its product portfolio—quantum computers, clocks, RF receivers and inertial sensors—into new end markets such as artificial intelligence, national security and space. The capital will fund the development of larger qubit arrays, refinement of error‑correction protocols, and scaling of its quantum‑RF receivers, clocks and inertial navigation solutions that are already in use by NVIDIA, the U.S. Department of Defense, NASA and the U.K. government. It will also strengthen the company’s debt‑free balance sheet, support aggressive investment in research and development, and facilitate new ecosystem partnerships, broadening the customer base and unlocking further use cases across high‑impact sectors.