Infleqtion will go public through a merger with a blank-check company, led by veteran Wall Street dealmaker Michael Klein, valuing the quantum computing startup at $1.8 billion before new investment, the companies said on Monday.
The merger with special purpose acquisition company (SPAC) Churchill Capital Corp X is expected to provide Infleqtion with more than $540 million before costs, including a co-investment from institutional investors such as Maverick Capital, Counterpoint Global and Glynn Capital.
Infleqtion, which builds quantum computers and precision sensors, said proceeds would accelerate product development and expand applications in areas such as artificial intelligence, national security and space.
The combined company is expected to list under the ticker “INFQ” on a North American exchange.
Infleqtion CEO Matthew Kinsella expects the completion of the deal later this year or in early 2026, according to Bloomberg News, which first reported the development.
The Klein-led SPAC had about $416 million set aside in its trust account as of June 30, and Infleqtion has also lined up more than $125 million from institutional investors through PIPE – or money that would go to the company if the deal is completed.
In recent years, quantum computing firms such as IonQ, Rigetti Computing and D-Wave Quantum have gone public through SPAC mergers as interest grows in this new form of computing.
A SPAC is a shell firm that raises money through an IPO to merge with a private business and take it public, offering companies an alternative route to the market that bypasses the longer and costlier process of a traditional IPO.
Infleqtion’s systems are used by chip designer Nvidia, the U.S. Department of Defense, NASA and the UK government. The company has about $29 million in trailing 12‑month revenue as of June 30 and it expects about $50 million in booked and awarded business by the end of 2025.
