BOULDER, Colo. & NEW YORK, November 04 2025 -- Infleqtion, a global leader in neutral-atom–based quantum technology, and Churchill Capital Corp X, a publicly traded special purpose acquisition company, today announced the confidential submission of a draft registration statement on Form S-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (“SEC”) on October 29, 2025. The submission of the Registration Statement marks an important milestone toward the completion of the previously disclosed proposed business combination between Infleqtion and Churchill Capital Corp X (“Churchill X”).

Infleqtion translates quantum technology into solutions that expand human potential. Infleqtion designs, builds, and sells quantum computers, precision sensors, and software to governments, enterprises, and research institutions. As a first mover in neutral atom technology – a leading quantum modality recognized for scalability, flexibility, and cost efficiency – Infleqtion has built a commercial platform that is practical, differentiated, and ready to scale. This approach uniquely enables Infleqtion to power both quantum computing and precision sensing from a single product architecture. The company’s product portfolio includes quantum computers, quantum clocks, RF receivers, and inertial sensors, all engineered for real-world deployment and optimized with Infleqtion’s proprietary software. These systems are already in use in collaboration with NVIDIA, and by the U.S. Department of Defense, NASA, and the U.K. government.

As announced on September 8, 2025, Infleqtion intends to become a publicly traded company through the proposed business combination. Upon closing, Infleqtion will become the first publicly listed neutral-atom quantum technology company and the only public company with commercial leadership across both quantum computing and precision sensing.

Infleqtion is already well-capitalized, and the proposed business combination is expected to deliver over $540 million in gross proceeds (assuming no redemptions by shareholders of amounts held in trust by Churchill Capital Corp X), including more than $125 million of incremental capital raised through a common stock PIPE at the transaction valuation from leading existing and new institutional investors. Proceeds from the proposed business combination will accelerate Infleqtion’s technology roadmap and product commercialization, expanding applications across artificial intelligence, national security, and space, and unlocking additional real-world use cases.

Since announcing the proposed business combination with Churchill X, Infleqtion has continued to advance its technology leadership:

• Achieved 12 logical qubits with error detection and loss correction—surpassing its prior 2026 target and positioning the company ahead of schedule on its roadmap to deliver 1,000 logical qubits by 2030.
• Expanded collaboration with NVIDIA to bring Infleqtion’s NVQLink quantum architecture to GPU-accelerated AI systems, with installation of an NVQLink-enabled Sqale quantum computer underway at the Illinois Quantum & Microelectronics Park.
• Demonstrated the world’s first quantum optical clock for underwater autonomous navigation, in partnership with the Royal Navy—advancing GPS-free positioning capabilities.
• Announced a strategic partnership with Silicon Light Machines to enhance quantum computer performance through next-generation optical technologies.

Upon closing, the combined company will operate as “Infleqtion, Inc.” and is expected to be listed on a leading North American exchange under the ticker symbol “INFQ.” The business combination remains subject to approval by Churchill X shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions. The business combination is expected to close in Q1 of 2026, assuming no extended federal government shutdown.