Analyst Day M A R C H 1 1 , 2 0 2 6 investors@infleqtion.com 1 | 2026 Infleqtion. All rights reserved Disclaimers This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries) is being delivered on behalf of Infleqtion, Inc. (the "Company"). The sole purpose of this presentation is to provide information to the research analysts in connection with their review of the Company. This presentation does not ...

Core Insights - Inflection has gone public through a SPAC merger, raising $550 million to capitalize on emerging quantum opportunities [1][3] - The capital will be allocated to research and development, as well as sales and marketing, focusing on quantum technologies beyond just quantum computing [4][5] Funding and Allocation - The $550 million raised will be divided into two main areas: research and development, and sales and marketing [4] - The R&D efforts will focus on developing quantum sensors and computing technologies, with a roadmap aiming for useful quantum computing by the end of 2028 [6][14] Technology and Differentiation - Inflection's quantum technology is based on neutral atoms, allowing for a flexible approach that does not require cryogenic freezers, differentiating it from competitors [9][10] - The company aims to address various applications, including clocks, sensors, and computers, rather than solely focusing on quantum computing [10][11] Market Applications and Partnerships - Current use cases for quantum sensing include a $20 million contract with NASA to deploy sensors for gravity sensing, which can provide insights into environmental changes [17][18] - The company anticipates that quantum computing will start to deliver commercially useful applications in material science by 2028 [14][15] Industry Context - Quantum computing poses a potential risk to cryptocurrency due to its ability to break encryption methods that are currently secure against classical computers [19]

Core Viewpoint - IonQ has announced the acquisition of SkyWater Technology for approximately $1.8 billion, aiming to create a vertically integrated full-stack quantum platform company [1][2]. Group 1: Acquisition Details - The acquisition deal includes a cash-and-stock component where SkyWater shareholders will receive $35 per share, subject to certain conditions [2]. - The transaction is expected to close in Q2 or Q3 of 2026, pending regulatory approvals and shareholder consent [2]. Group 2: Strategic Implications - SkyWater will continue to serve existing markets, including aerospace, defense, and commercial sectors, while integrating IonQ's quantum technologies into its offerings [1][2]. - The combined entity aims to enhance capabilities in fault-tolerant quantum computing and accelerate the development of next-generation quantum chips [4][5]. Group 3: Market Position and Future Plans - IonQ plans to establish a comprehensive US quantum supply chain, supporting initiatives like the Microelectronics Commons network [6]. - The acquisition is expected to bolster IonQ's position in providing quantum solutions to government, aerospace, and finance sectors, enhancing its Federal division [5][6].

Core Insights - The integration of quantum technology into drones is essential for advancing quantum networking, computing, and sensing across various domains [1][3][4] - The company is collaborating with a pioneering drone organization to enhance fleet coordination, surveillance, and signal detection using quantum computing and sensors [5][6] Quantum Technology Applications - Quantum sensors are currently utilized in submarines for inertial navigation and on ships, while quantum networks and computers are operational on land [2] - The partnership aims to embed quantum sensors into drone platforms for improved positioning and navigation capabilities [5] Performance and Achievements - The company has achieved significant advancements in quantum computing, including a 20x performance improvement over classical computation, reducing a month of processing to just a day and a half [9][10] - The latest quantum computer, announced recently, is reported to be 260 million times more powerful than previous models, with aspirations to further reduce computation time [10] Market Position and Financials - The company has raised $3 billion between July and October, establishing credibility in the quantum sector and enhancing government and private sector engagement [12] - Despite a 47% decline in share price from its peak, the company continues to pioneer in the quantum computing field, having invented the category in 1995 [11][12]

Core Viewpoint - Citron Research favors Infleqtion over Rigetti Computing Inc., highlighting the valuation gap and the progress made by Infleqtion in the quantum technology sector [1][2]. Company Comparison - Infleqtion is positioned as a "far superior quantum company" compared to Rigetti, with diverse revenue streams from quantum sensors, atomic clocks, and RF systems, while Rigetti relies more on prototypes and demos [3][4]. - Infleqtion's partnership with NVIDIA Corp. is a significant advantage, providing credibility and potential future opportunities, as NVIDIA has showcased Infleqtion in various high-profile events [4]. Valuation Insights - Citron claims that Infleqtion deserves a higher valuation, potentially surpassing Rigetti's market cap of $14 billion, suggesting that at a $15 billion valuation, Rigetti's stock price should be $46.88, while Infleqtion's would be $58.82 [5]. - Rigetti shares have seen a substantial increase of nearly 370% over the past six months, trading at $44.96, while Churchill Capital, Infleqtion's SPAC partner, has gained 100% since the merger announcement [6].