Core Viewpoint - Churchill Capital Corp X (NASDAQ: CCCX) is highlighted as a notable investment opportunity, particularly due to its merger with Infleqtion, a quantum technology company, although it comes with significant risks and volatility [1][2][3]. Group 1: Company Overview - Churchill Capital Corp X is a Special Purpose Acquisition Company (SPAC) that is merging with Infleqtion, which specializes in neutral atom-based quantum technology [2][3]. - The stock has shown considerable volatility but has been trending upwards, indicating potential for dramatic gains [2]. Group 2: Analyst Insights - Steve Grasso, CEO of Grasso Global, recommends CCCX but advises investors to be cautious and only invest if they are willing to accept high risks [1][2]. - The stock is described as not suitable for conservative investors, emphasizing its speculative nature [2][3]. Group 3: Market Context - The article suggests that while CCCX has potential, there are AI stocks that may offer better returns with lower risk, indicating a competitive landscape for investment opportunities [4].

Industry Overview - Quantum computing stocks have seen significant price increases, with some companies doubling or tripling in value due to speculative momentum and investor enthusiasm [1][2] - The excitement is driven by the potential of quantum technology to transform sectors like drug discovery, cryptography, and artificial intelligence, despite most companies being pre-revenue [1] Rigetti Computing - Rigetti Computing has experienced a remarkable stock surge, up approximately 183% year-to-date and over 4,500% in the past 12 months, despite a recent 25% pullback from its 52-week high [4][5] - In Q2 2025, Rigetti reported revenues of $1.8 million, a decline of 41.9% year-over-year, with net losses of $39.7 million and an EPS of -5 cents [5] - The company's current valuation is nearly $14 billion, trading at over 1,700 times sales, indicating a highly speculative investment [6] BTQ Technologies - BTQ Technologies has rapidly gained attention since its Nasdaq debut in late September 2025, focusing on post-quantum cryptography [8][9] - The stock has surged 281% year-to-date and 122% in the past month, driven by retail speculation and interest in quantum-proof cybersecurity [9][10] - For Q2, BTQ reported sales of approximately $47,000, down from $65,000 a year ago, with a net loss of roughly $1.4 million [10] Churchill Capital Corp X - Churchill Capital Corp X is positioned as a credible entry point into quantum computing following its merger announcement with Infleqtion, valued at $1.8 billion [11][12] - Infleqtion generated nearly $29 million in trailing 12-month revenue, growing at an impressive 80% CAGR, providing a tangible revenue base for the future merged entity [14] - Citron Research has rated Infleqtion as "far superior to Rigetti," with a fair value estimate of $55 per share, indicating a favorable risk-reward profile for investors [15]

Core Viewpoint - Churchill Capital Corp X (NASDAQ: CCCX) is merging with Infleqtion, a quantum company that specializes in quantum computing and is already selling quantum sensing products, indicating a strategic move into the quantum technology sector [1] Company Summary - Churchill Capital Corp X is pursuing a merger with Infleqtion, which focuses on both quantum computing and quantum sensing, suggesting a diversification of its portfolio into advanced technology [1] Industry Summary - The merger highlights the growing importance of quantum technology in various sectors, as companies seek to leverage advancements in quantum computing and sensing for competitive advantage [1]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed financial statements, including balance sheets, operations, equity changes, cash flows, and explanatory notes [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Total assets significantly increased to **$418.1 million** by June 30, 2025, driven by IPO proceeds in the Trust Account Condensed Balance Sheets | Metric | June 30, 2025 ($) | December 31, 2024 ($) | | :------------------------------------------ | :-------------- | :------------------ | | Total Assets | $418,059,568 | $157,937 | | Cash and marketable securities held in Trust Account | $416,158,518 | $— | | Total Liabilities | $3,102,760 | $184,847 | | Shareholders' Deficit | $(201,710) | $(26,910) | | Class A Ordinary Shares subject to possible redemption | $415,158,518 | $— | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Net income for Q2 2025 was **$1.97 million**, primarily from Trust Account interest, contrasting with prior period losses Net Income (Loss) and Trust Account Income | Period | Net Income (Loss) ($) | Income earned on cash and marketable securities held in Trust Account ($) | | :------------------------------------------------ | :---------------- | :---------------------------------------------------- | | Three Months Ended June 30, 2025 | $1,973,286 | $2,158,518 | | Three Months Ended June 30, 2024 | $(7,230) | $— | | Six Months Ended June 30, 2025 | $1,955,086 | $2,158,518 | | Inception (Jan 4, 2024) through June 30, 2024 | $(51,841) | $— | Basic Net Income Per Class A Ordinary Share | Period | Basic Net Income Per Class A Ordinary Share ($) | | :------------------------------------------------ | :------------------------------------------ | | Three Months Ended June 30, 2025 | $0.06 | | Six Months Ended June 30, 2025 | $0.10 | [Condensed Statements of Changes in Shareholders' Deficit](index=6&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Shareholders%27%20Deficit) Shareholder deficit widened to **$(201,710)** by June 30, 2025, influenced by IPO-related transactions Shareholders' Deficit and Key Changes | Metric | January 1, 2025 ($) | June 30, 2025 ($) | | :------------------------------------------ | :-------------- | :-------------- | | Total Shareholders' Deficit | $(26,910) | $(201,710) | **Key changes during Q2 2025:** * Accretion for Class A Ordinary Shares to redemption amount: $(8,927,505) * Sale of 300,000 Private Placement Units: $3,000,000 * Fair Value of Public Warrants at issuance: $3,177,450 * Net income: $1,973,286 [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Significant cash inflow from IPO financing activities, with **$414 million** invested in the Trust Account, resulting in **$1.23 million** cash at period end Cash Flow Summary (Six Months Ended June 30, 2025) | Activity | Amount ($) | | :-------------------------------- | :-------------- | | Net cash used in operating activities | $(757,617) | | Net cash used in investing activities | $(414,000,000) | | Net cash provided by financing activities | $415,990,009 | | Net Change in Cash | $1,232,392 | | Cash – End of period | $1,232,392 | - Proceeds from sale of Public Units: **$414,000,000**. Proceeds from sale of Private Placement Units: **$3,000,000**[25](index=25&type=chunk) [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Detailed notes cover company formation, IPO, accounting policies, related party transactions, commitments, and subsequent events [Note 1—Description of Organization and Business Operations](index=8&type=section&id=Note%201%E2%80%94Description%20of%20Organization%20and%20Business%20Operations) Incorporated January 4, 2024, as a blank check company, completed **$414 million** IPO on May 15, 2025, with proceeds in Trust Account - Company incorporated as a Cayman Islands exempted company on January 4, 2024, for the purpose of effecting a business combination[28](index=28&type=chunk) - Initial Public Offering (IPO) consummated on May 15, 2025, selling **41,400,000** units at **$10.00** per unit, generating gross proceeds of **$414,000,000**[31](index=31&type=chunk) - An aggregate of **$414,000,000** from IPO net proceeds and a portion of Private Placement proceeds are held in a Trust Account, invested in U.S. government treasury bills or money market funds[34](index=34&type=chunk) [Note 2—Summary of Significant Accounting Policies](index=10&type=section&id=Note%202%E2%80%94Summary%20of%20Significant%20Accounting%20Policies) Outlines GAAP basis, emerging growth company status, Trust Account investments, and tax policies - Unaudited condensed financial statements prepared in accordance with GAAP for interim financial information and SEC rules (Form 10-Q and Article 8 of Regulation S-X)[50](index=50&type=chunk) - As an emerging growth company, the Company elected not to opt out of the extended transition period for complying with new or revised financial accounting standards[53](index=53&type=chunk) - As of June 30, 2025, **$416,107,540** was invested in U.S. Treasury Securities and **$556** was held in cash within the Trust Account[57](index=57&type=chunk) - The Company is considered an exempted Cayman Islands company and is not subject to income taxes in the Cayman Islands or the United States; its tax provision was zero[68](index=68&type=chunk) [Note 3—Initial Public Offering](index=15&type=section&id=Note%203%E2%80%94Initial%20Public%20Offering) IPO completed May 15, 2025, selling **41.4 million** units at **$10.00** each, totaling **$414 million**, including over-allotment - IPO consummated on May 15, 2025[77](index=77&type=chunk) - Sold **41,400,000** Public Units at **$10.00** per unit, generating total gross proceeds of **$414,000,000**[77](index=77&type=chunk) - The sale included the full exercise of the underwriters' Over-Allotment Option of **5,400,000** units[77](index=77&type=chunk) [Note 4—Private Placement](index=16&type=section&id=Note%204%E2%80%94Private%20Placement) Sponsor purchased **300,000** private units for **$3 million**; BTIG affiliate invested **$500,000** for corresponding interests - Sponsor purchased **300,000** Private Placement Units at **$10.00** per unit for an aggregate of **$3,000,000**[80](index=80&type=chunk) - An affiliate of BTIG invested **$500,000** in the Sponsor for interests corresponding to **50,000** Private Placement Units and **200,000** Founder Shares[80](index=80&type=chunk) [Note 5—Related Party Transactions](index=16&type=section&id=Note%205%E2%80%94Related%20Party%20Transactions) Details Founder Shares, administrative support agreement (**$30,000** monthly), IPO Promissory Note repayment, and potential Working Capital Loans - Sponsor holds **10,350,000** Founder Shares, which convert into Public Shares at the time of the initial Business Combination and are subject to transfer restrictions[81](index=81&type=chunk)[85](index=85&type=chunk) - Company agreed to reimburse the managing member of the Sponsor **$30,000** per month for administrative support, commencing May 14, 2025[87](index=87&type=chunk) - IPO Promissory Note from Sponsor for up to **$600,000** to cover IPO expenses was fully repaid at the closing of the Initial Public Offering[88](index=88&type=chunk) - Sponsor or affiliates may provide Working Capital Loans up to **$1,500,000**, convertible into units of the post-business combination entity at **$10.00** per unit; no borrowings as of June 30, 2025[89](index=89&type=chunk) [Note 6—Commitments and Contingencies](index=17&type=section&id=Note%206%E2%80%94Commitments%20and%20Contingencies) Includes a deferred underwriting fee of up to **$3 million** and BTIG Founder Shares valued at **$667,472**, subject to lock-up - Underwriters are entitled to a deferred fee of up to **$3,000,000**, payable only upon the Company's completion of its initial Business Combination[90](index=90&type=chunk) - BTIG was allocated **360,000** Founder Shares as upfront underwriting compensation, with a fair value of **$667,472** at grant, determined using a PWERM valuation model[91](index=91&type=chunk) - BTIG Founder Shares and certain interests allocated to Condor Investments V are subject to 180-day lock-up restrictions as required by FINRA Rule 5110(e)(1)[94](index=94&type=chunk) [Note 7—Shareholders' Deficit](index=20&type=section&id=Note%207%E2%80%94Shareholders%27%20Deficit) Details authorized and outstanding shares (Class A, Class B, Preference) and warrants, including exercise and redemption terms - Authorized Preference Shares: **5,000,000**; none issued or outstanding as of June 30, 2025[97](index=97&type=chunk) - Class A Ordinary Shares: **500,000,000** authorized; **300,000** issued and outstanding (excluding **41,400,000** subject to possible redemption) as of June 30, 2025[98](index=98&type=chunk) - Class B Ordinary Shares: **50,000,000** authorized; **10,350,000** issued and outstanding as of June 30, 2025[99](index=99&type=chunk) - Warrants outstanding as of June 30, 2025: **10,350,000** Public Warrants and **75,000** Private Placement Warrants, each exercisable for one Class A Ordinary Share at **$11.50**[100](index=100&type=chunk) - Public Warrants are redeemable for cash at **$0.01** per warrant if Class A Ordinary Share price equals or exceeds **$18.00** for 20 trading days within a 30-day period[102](index=102&type=chunk) [Note 8—Fair Value Measurements](index=22&type=section&id=Note%208%E2%80%94Fair%20Value%20Measurements) Classifies assets/liabilities by fair value hierarchy; Trust Account assets are U.S. Treasury Bills; Public Warrants valued at **$3.18 million** at IPO - Fair value hierarchy classifies assets and liabilities into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (unobservable inputs)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - As of June 30, 2025, assets held in the Trust Account comprised **$556** in cash and **$416,107,540** invested in U.S. Treasury Bills[109](index=109&type=chunk) - The fair value of Public Warrants at the Initial Public Offering was **$3,177,450** (**$0.307** per Public Warrant), determined using a Monte Carlo Simulation Model[110](index=110&type=chunk) [Note 9—Segment Information](index=22&type=section&id=Note%209%E2%80%94Segment%20Information) Operates as a single segment, with CODMs assessing performance based on net income/loss and total assets - The Company has determined it has only one operating segment[112](index=112&type=chunk) - Chief Executive Officer and Chief Financial Officer are identified as the chief operating decision makers (CODMs)[112](index=112&type=chunk) - CODMs review net income or loss, total assets, and general and administrative costs to assess performance and allocate resources[113](index=113&type=chunk)[114](index=114&type=chunk) [Note 10—Subsequent Events](index=23&type=section&id=Note%2010%E2%80%94Subsequent%20Events) Public Shares and Warrants began separate trading July 7, 2025; new directors appointed August 1, 2025, with **$75,000** annual compensation - Public Shares (CCCX) and Public Warrants (CCCXW) commenced separate trading on the Nasdaq Global Market on July 7, 2025[116](index=116&type=chunk) - Paul Lapping and Stephen Murphy were appointed as directors, effective August 1, 2025, with Mr. Lapping becoming the chairperson of the Audit Committee[117](index=117&type=chunk) - Each director will receive cash compensation of **$75,000** per annum, effective August 1, 2025[118](index=118&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's analysis of financial condition, IPO impact, liquidity, and risks for completing a business combination [Overview](index=24&type=section&id=Overview) Blank check company formed January 4, 2024, completed IPO May 15, 2025, must complete business combination by May 13, 2028 - Company is a blank check company incorporated on January 4, 2024, for the purpose of effecting a business combination[123](index=123&type=chunk) - Initial Public Offering consummated on May 15, 2025[123](index=123&type=chunk) - Must complete an initial Business Combination within 36 months following the effectiveness of its IPO registration statement (May 13, 2028) to avoid Nasdaq delisting[125](index=125&type=chunk) [Results of Operations](index=24&type=section&id=Results%20of%20Operations) No operating revenues; post-IPO net income of **$1.97 million** (Q2 2025) from Trust Account interest, contrasting with prior losses - No operating revenues generated to date; activities focused on organization, IPO, and identifying acquisition candidates[126](index=126&type=chunk) Net Income (Loss) Summary | Period | Net Income (Loss) ($) | | :------------------------------------------------ | :---------------- | | Three Months Ended June 30, 2025 | $1,973,286 | | Six Months Ended June 30, 2025 | $1,955,086 | | Three Months Ended June 30, 2024 | $(7,230) | | Inception (Jan 4, 2024) through June 30, 2024 | $(51,841) | - Net income for the three and six months ended June 30, 2025, primarily driven by **$2,158,518** in interest income from marketable securities held in the Trust Account[127](index=127&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) IPO generated **$414 million** gross proceeds, with **$414 million** in Trust Account; **$1.23 million** cash outside for operations - Initial Public Offering generated gross proceeds of **$414,000,000** from Public Units and **$3,000,000** from Private Placement Units[131](index=131&type=chunk) - A total of **$414,000,000** was placed in the Trust Account following the IPO and Private Placement[132](index=132&type=chunk) - As of June 30, 2025, the Company had **$1,232,392** in cash outside the Trust Account, intended for identifying target businesses and due diligence[136](index=136&type=chunk) - Sponsor or affiliates may loan up to **$1,500,000** for working capital or transaction costs, convertible into units of the post-business combination entity[137](index=137&type=chunk) - Company has sufficient funds for working capital needs for a minimum of one year from the date of issuance of these financial statements[139](index=139&type=chunk) [Off-Balance Sheet Arrangements](index=26&type=section&id=Off-Balance%20Sheet%20Arrangements) No off-balance sheet arrangements as of June 30, 2025 - The Company has no obligations, assets, or liabilities considered off-balance sheet arrangements as of June 30, 2025[141](index=141&type=chunk) [Contractual obligations](index=26&type=section&id=Contractual%20obligations) No long-term debt; **$30,000** monthly administrative fee and up to **$3 million** deferred underwriting fee - No long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[142](index=142&type=chunk) - Agreement to reimburse the managing member of the Sponsor **$30,000** per month for office space, utilities, and secretarial/administrative support[142](index=142&type=chunk) - Underwriters are entitled to a Deferred Discount of up to **$3,000,000**, payable only upon the completion of the initial Business Combination[143](index=143&type=chunk) [Critical Accounting Estimates](index=27&type=section&id=Critical%20Accounting%20Estimates) Key estimates include valuation of Public Warrants and BTIG Founder Shares - Critical accounting estimates include the valuation of Public Warrants at the Initial Public Offering and the BTIG Founder Shares[145](index=145&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, no quantitative and qualitative market risk disclosures are required - The Company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[146](index=146&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2025, providing reasonable assurance - Disclosure controls and procedures were effective as of June 30, 2025, as concluded by the Certifying Officers[147](index=147&type=chunk) - Disclosure controls and procedures provide only reasonable, not absolute, assurance that objectives are met due to inherent limitations[148](index=148&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) No material litigation is pending or contemplated against the company, its officers, or directors - No material litigation currently pending or contemplated against the Company, its officers, or directors[151](index=151&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) Highlights risks including reduced Trust Account funds, Nasdaq delisting if no business combination by May 13, 2028, and post-combination share price volatility - Extension of the Combination Period could reduce the amount held in the Trust Account and adversely affect the ability to consummate an initial Business Combination or maintain Nasdaq listing[153](index=153&type=chunk) - Securities will likely be suspended from trading and delisted from Nasdaq if the initial Business Combination is not completed by May 13, 2028 (Nasdaq 36-Month Requirement)[154](index=154&type=chunk)[155](index=155&type=chunk) - There is no assurance that the share price of the post-Business Combination company will be greater than the Redemption Price (approximately **$10.03** per Public Share as of June 30, 2025)[158](index=158&type=chunk)[160](index=160&type=chunk) - Certain agreements related to the Initial Public Offering may be amended or their provisions waived without shareholder approval, potentially benefiting the Sponsor, officers, and/or directors[161](index=161&type=chunk) - Market conditions, economic uncertainty, or downturns could adversely affect the business, financial condition, operating results, and ability to consummate a Business Combination[162](index=162&type=chunk)[163](index=163&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Unregistered sale of **300,000** Private Placement Units for **$3 million**; **$414 million** IPO proceeds placed in Trust Account - Completed the unregistered sale of **300,000** Private Placement Units to the Sponsor for **$3,000,000**, pursuant to Section 4(a)(2) of the Securities Act[164](index=164&type=chunk) - Gross proceeds from the Initial Public Offering were **$414,400,000**, and from the Private Placement were **$3,000,000**[166](index=166&type=chunk) - A total of **$414,000,000** was placed in the Trust Account, with remaining proceeds held outside for identifying and consummating an initial Business Combination[167](index=167&type=chunk)[168](index=168&type=chunk) [Item 3. Defaults Upon Senior Securities](index=31&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities[171](index=171&type=chunk) [Item 4. Mine Safety Disclosures](index=31&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[172](index=172&type=chunk) [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements adopted or terminated by directors or officers - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements adopted or terminated by directors or officers during the quarter ended June 30, 2025[172](index=172&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) Lists various IPO-related agreements, organizational documents, and certifications filed or incorporated by reference - Lists various agreements (e.g., Underwriting Agreement, Warrant Agreements, Registration Rights Agreement) and certifications (e.g., CEO/CFO certifications) filed or incorporated by reference[174](index=174&type=chunk) SIGNATURES [Signatures](index=33&type=section&id=Signatures) Report signed by CEO Michael Klein and CFO Jay Taragin on August 13, 2025 - Report signed by Michael Klein, Chief Executive Officer, and Jay Taragin, Chief Financial Officer[179](index=179&type=chunk) - Date of signing: August 13, 2025[179](index=179&type=chunk)

Financial Performance - The company reported a net loss of $18,200 for the three months ended March 31, 2025, and a cumulative net loss of $44,611 since inception on January 4, 2024[97]. - The company has not generated any revenues to date and does not expect to do so until after completing a Business Combination[96]. - The company incurred expenses related to being a public entity, including legal and compliance costs, as well as due diligence expenses[96]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) generated gross proceeds of $414,000,000 from the sale of 41.4 million Units, including a full exercise of the underwriters' over-allotment option of 5.4 million Units[100]. - A total of $414,000,000 was placed in the Trust Account following the IPO, with $3,971,368 incurred in offering costs, including a deferred underwriting fee of $3,000,000[101]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[102]. Financial Obligations and Debt - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025, and has a monthly obligation of $30,000 for office space and administrative support[106][107]. - The company may need additional financing to complete its Business Combination or to address potential redemptions of Public Shares[105]. Risks and Economic Factors - The company is exposed to various economic factors that could adversely affect its ability to complete a Business Combination, including market volatility and geopolitical instability[98]. - The company has no critical accounting estimates to disclose as of March 31, 2025[109].