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NEW YORK/BOULDER - Quantum technology company Infleqtion has submitted a confidential draft registration statement on Form S-4 to the Securities and Exchange Commission on October 29, marking a key step toward its planned merger with special purpose acquisition company Churchill Capital Corp X (NASDAQ:CCCX). Churchill shares have taken a significant hit recently, dropping 14.56% over the past week despite posting strong returns of nearly 70% over the last six months, according to InvestingPro data.
The transaction, first announced on September 8, is expected to deliver over $540 million in gross proceeds assuming no redemptions by Churchill X shareholders. This includes more than $125 million raised through a common stock PIPE from institutional investors.
Upon closing, Infleqtion would become the first publicly listed neutral-atom quantum technology company, trading under the ticker symbol INFQ. The company specializes in quantum computers, precision sensors, and software for governments, enterprises, and research institutions.
Since announcing the proposed business combination, Infleqtion reports achieving 12 logical qubits with error detection and loss correction, ahead of its 2026 target. The company has also expanded its collaboration with NVIDIA to integrate quantum architecture with GPU-accelerated AI systems.
Additionally, Infleqtion demonstrated what it calls the world’s first quantum optical clock for underwater autonomous navigation in partnership with the Royal Navy, and announced a strategic partnership with Silicon Light Machines to enhance quantum computer performance.
The business combination remains subject to approval by Churchill X shareholders, SEC effectiveness of the registration statement, and other closing conditions. The transaction is expected to close in Q1 of 2026, according to the press release statement.
Proceeds from the transaction will be used to accelerate Infleqtion’s technology roadmap and product commercialization, with focus on applications across artificial intelligence, national security, and space.
In other recent news, Infleqtion, a quantum technology company, is set to participate in the 2025 Q+AI Conference in New York City from October 19-21. Two of its executives, Chief Strategy Officer Paul Lipman and Chief Technology Officer Pranav Gokhale, are scheduled to speak on topics related to quantum AI applications and quantum approaches to designing AI software. Additionally, Infleqtion is in the spotlight due to its impending merger with Churchill Capital Corp X. Citron Research has highlighted Churchill Capital Corp X as a promising investment opportunity, emphasizing Infleqtion’s advanced position in the quantum technology race compared to Rigetti Computing. Citron predicts that stocks of Churchill Capital Corp X and Rigetti Computing will reach parity soon, with Churchill eventually commanding a premium. These developments mark significant progress for Infleqtion and its strategic direction in the quantum technology sector.
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