Infleqtion, a developer of neutral atom-based quantum technology, has agreed to merge with Churchill Capital Corp X (CCCX), a publicly listed special purpose acquisition company (SPAC).
The merger values Infleqtion at a pre-money equity valuation of $1.8bn.
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Following the completion of the merger, the new entity will operate under the name Infleqtion.
Infleqtion designs, manufactures, and sells quantum computers, precision sensors, and software to a range of clients, including government agencies, enterprises, and research institutions.
The company has developed a commercial platform that is both scalable and cost-effective, enabling it to support both quantum computing and precision sensing from a unified product architecture.
Its offerings include quantum computers, quantum clocks, RF receivers, and inertial sensors, all engineered for real-world applications and optimised with Infleqtion’s proprietary software.
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By GlobalDataThe firm’s systems are already operational within organisations such as Nvidia, the US Department of Defense, NASA, and the UK government.
In addition, the firm aims to leverage its technological advancements to unlock new possibilities across various fields, including AI, national security, and materials science.
Infleqtion CEO and founding investor Matt Kinsella said: “We have reached a critical inflection point in our journey from R&D to commercialisation, and this partnership is a testament to our team’s incredible work.”
The transaction is projected to yield more than $540m in gross proceeds for Infleqtion, which includes $416m in cash from Churchill X’s trust account as of 30 June 2025, assuming no redemptions, along with more than $125m in additional financing through a common stock PIPE from various institutional investors.
The investors include Maverick Capital, Counterpoint Global (Morgan Stanley), Glynn Capital, BOKA Capital, and LCP Quantum.
CCCX chairman and CEO Michael Klein said: “Infleqtion stands out with its breakthrough neutral atom platform and proven engineering capabilities, already delivering meaningful impact in quantum computing and sensing.”
Both Infleqtion and Churchill X’s boards of directors have unanimously endorsed the proposed merger, which is contingent upon approval from Churchill X shareholders, the concurrent PIPE transaction, and the fulfilment of various customary closing conditions.
