Louisville-based quantum computing firm Infleqtion has agreed to merge with Churchill Capital Corp. X, a special purpose acquisition company led by Michael Klein. The deal gives Infleqtion a pre-money value of $1.8 billion and is set to provide more than $540 million in cash. This pool includes about $416 million held in trust accounts and $125 million from a private stock placement, with investors including Maverick Capital, Counterpoint Global, and Glynn Capital. The merger is expected to close later this year or in early 2026.
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The company stated that the funds will help reinforce its balance sheet and speed up work on its neutral atom quantum computer. In addition, the money will go toward driving customer use of its products. Infleqtion chose to merge with Churchill after weighing offers from other sponsors, noting the firm’s history of delivering funds from its trust accounts.
Business and Market Context
Infleqtion has already sold three quantum computers and hundreds of quantum sensors. The sensors can serve as precision clocks or provide location systems that back up GPS. The company reported $29 million in trailing 12-month revenue through June and expects about $50 million of booked and awarded work by the end of 2025. Last year, Infleqtion also secured $11 million from the United States Department of Defense to support its positioning systems.
The firm follows other quantum players that chose a SPAC path to public markets, such as IonQ (IONQ), Rigetti Computing (RGTI), and D-Wave Quantum (QBTS).
Meanwhile, large technology names are shaping the sector. Alphabet (GOOG) and International Business Machines (IBM) continue to pursue systems that rely on cryogenic cooling. Infleqtion’s neutral atom design works at room temperature, which could prove easier to scale. Nvidia (NVDA) has also built links across the field and recently joined a funding round for Honeywell’s (HON) Quantinuum, valued at $10 billion.
As Infleqtion prepares to go public, it aims to grow its business with both computers and sensors while building a stronger capital base to support future growth.
We used TipRanks’ Comparison Tool to compile and compare all publicly traded quantum companies featured in the piece. This helps investors gain a wider look at the stocks and the overall sector.
