Infleqtion, a neutral-atom quantum technology company, and Churchill Capital Corp X (NASDAQ: CCCX), a publicly traded special purpose acquisition company, have entered into a definitive business combination agreement. 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.” The transaction values Infleqtion at a pre-money equity value of $1.8 billion.

The transaction is expected to provide over $540 million of gross proceeds to Infleqtion, including over $125 million of incremental financing via a common stock PIPE (Private Investment in Public Equity). This PIPE was raised from new and existing institutional investors, including Maverick Capital, Counterpoint Global (Morgan Stanley), Glynn Capital, BOKA Capital, and LCP Quantum. Infleqtion reported approximately $29 million in trailing twelve-month revenue as of June 30, 2025, and expects approximately $50 million of booked and awarded business by year-end 2025.

Infleqtion designs and builds quantum computers, precision sensors, and software based on neutral atom technology. The company reports achieving technical milestones, including a record qubit array of 1,600 physical qubits and 99.73% entangling fidelity. It is also one of two companies to demonstrate a real-world application using logical qubits. Infleqtion has sold three quantum computers and hundreds of quantum sensors to customers such as NVIDIA, the U.S. Department of Defense, NASA, and the U.K. government.

The proceeds from the transaction are intended to accelerate Infleqtion’s technology and product roadmap, expand applications to new end markets including AI, national security, and space, and scale customer adoption. Matt Kinsella, CEO of Infleqtion, noted that the partnership with Churchill provides the additional capital and strategic expertise needed to accelerate commercialization. The business combination is subject to shareholder and regulatory approvals.

Read the full announcement here.

September 8, 2025

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