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].

Table of Contents As filed with the Securities and Exchange Commission on May 8, 2025. Registration No. 333-286799 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Jay Taragin c/o Churchill Capital Corp X 640 Fifth Avenue, 14th Floor New York, NY 10019 Telephone: (212) 380-7500 (Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service) Copies to: Douglas S. Ell ...

Table of Contents As filed with the Securities and Exchange Commission on April 28, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION (State or Other Jurisdiction of Incorporation or Organization) Cayman Islands 6770 86-1946291 (Primary Standard Industrial Classification Code Number) 640 Fifth Avenue, 14th Floor (IRS Employer Identification Number) Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Churchill Capital Corp X (Exact Name of Regist ...