Infleqtion Announces $1.8 Billion Merger with Churchill Capital to Accelerate Quantum Technology Commercialization

Infleqtion, a global leader in neutral atom-based quantum technology, has entered into a definitive business combination agreement with Churchill Capital Corp X (NASDAQ: CCCX) that values the quantum company at $1.8 billion pre-money equity value. This transaction represents a significant milestone in the commercialization of quantum technologies, providing Infleqtion with over $540 million in gross proceeds to accelerate its technology roadmap and expand into new markets including artificial intelligence, national security, and space applications.

The merger comes at a critical inflection point for quantum technology adoption, with Infleqtion having already demonstrated commercial traction through sales to major organizations including NVIDIA, the U.S. Department of Defense, NASA, and the U.K. government. The company has sold three quantum computers and hundreds of quantum sensors, generating approximately $29 million in trailing twelve-month revenue as of June 30, 2025, reflecting an 80% compound annual growth rate over the past two years. This growth trajectory is supported by approximately $50 million of booked and awarded business at year-end 2025 and a potential customer pipeline exceeding $300 million.

Infleqtion's neutral atom technology platform represents a leading quantum modality recognized for scalability, flexibility, and cost efficiency. The company's unique "build once, tailor to multiple markets" approach enables a single product architecture to power both quantum computing and precision sensing applications. This technical foundation has enabled Infleqtion to achieve industry-leading milestones including 1,600 physical qubits, 99.73% entangling fidelity, and proof-of-concept demonstrations on eight logical qubits, positioning the company as a front-runner on the path to quantum advantage.

The transaction structure provides Churchill X shareholders and new investors with an attractive entry point into the quantum technology sector, which is expected to exceed $160 billion in aggregate by 2040. The $540 million in gross proceeds includes $416 million from Churchill X's trust account and over $125 million from a common stock PIPE financing from leading institutional investors including Maverick Capital, Counterpoint Global (Morgan Stanley), and Glynn Capital. These funds will strengthen Infleqtion's balance sheet, accelerate technology development, and expand customer adoption without any existing shareholders selling shares or receiving cash consideration.

Quantum technology represents a defining opportunity of the coming decade, with neutral atoms emerging as the modality best positioned to succeed in practical applications. Infleqtion's full-stack hardware and software platform already extends the capabilities of today's GPUs through quantum hardware and contextual machine learning software, demonstrating how quantum can enhance artificial intelligence today while delivering real performance gains across computing and sensing applications. The company's strategic importance for national security is underscored by its partnerships with allied governments that have invested more than $40 billion in quantum technologies to secure geopolitical advantage.