Company to join Nasdaq via SPAC merger
Quantum computing firm Infleqtion is to go public via a Special Purpose Acquisition Company (SPAC) merger.
Infleqtion, which is developing neutral atom–based quantum technology, and Churchill Capital Corp X, a publicly traded special purpose acquisition company, this week announced they have entered into a definitive business combination agreement.
SPACs are shell companies that list on the stock market. These ‘blank check’ companies have large amounts of capital and the specific aim of merging with an operating company. Investors group together and fund (also called sponsoring) a SPAC, which then goes through an IPO; the SPAC then finds a target (known as an operating company) and merges with it, allowing the target company to go public quicker than a traditional IPO.
The transaction is expected to provide more than $540 million of gross proceeds to Infleqtion. This will comprise $416m of cash held in Churchill X’s trust account and more than $125m of incremental financing via a common stock PIPE from investors including Maverick Capital, Counterpoint Global (Morgan Stanley), Glynn Capital, BOKA Capital, LCP Quantum, and others.
The boards of directors of both companies have each unanimously approved the proposal. The deal is still subject to approval by Churchill X shareholders, the concurrent PIPE transaction, and other closing conditions.
Upon closing, the combined company will operate as Infleqtion and is expected to be listed on the Nasdaq under the ticker INFQ.
“Churchill Capital is proud to partner with companies that are shaping the future of technology,” said Michael Klein, chairman and CEO of Churchill Capital Corp X. “Infleqtion stands out with its breakthrough neutral atom platform and proven engineering capabilities, already delivering meaningful impact in quantum computing and sensing. We are excited to support Infleqtion’s leadership team as they advance the quantum era and create enduring value for shareholders.”
Founded as ColdQuanta and spun out from the University of Colorado in 2007, Infleqtion develops and designs instruments and systems for quantum technology applications. It is developing neural atom-based quantum technology for its Sqale quantum computer and using rubidium-based atomic clocks for its positioning, navigation, and timing (PNT) offering, known as Tiqker.
Infleqtion’s product portfolio includes quantum computers, quantum clocks, RF receivers, inertial sensors, and proprietary software. It claims Nvidia, the US DoD, NASA, and the UK Government as customers.
To date, Infleqtion has sold three quantum computers and hundreds of quantum sensors, generating approximately $29m in trailing twelve-month revenue as of the end of June, 2025. The company said it expects to see approximately $50m of booked and awarded business at year-end 2025, and claims a potential customer pipeline exceeding $300m. The company said it has $88m in cash to hand, with $21m in trailing 12 month cash burn.
“We have reached a critical inflection point in our journey from R&D to commercialization, and this partnership is a testament to our team’s incredible work,” said Matt Kinsella, CEO and founding investor of Infleqtion. “As we move from successful pilots to full-scale production for our leading customers, this partnership with Churchill provides us with 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.”
Rival quantum computing firms D-Wave, Rigetti, and IonQ have all gone public via SPAC mergers.
Earlier this year Infleqtion closed a $100m Series C funding round with participation from the likes of Glynn Capital, Morgan Stanley’s Counterpoint Global fund, and SentinelOne.
Churchill went public in May in a $414m IPO. The SPAC was formed by Michael Klein, who is also the founder and managing partner of New York-based strategic advisory and investment firm M. Klein and Company, LLC, and is sponsored by Churchill Capital.
Source: DCD
