BOKA Group Confirms Infleqtion Filing for de-SPAC Transaction

• Transaction values Infleqtion at an enterprise value of $2.39 billion, including $1.8 billion pre-money equity value and $460 million in expected gross proceeds

• Backed by strong institutional support, with a PIPE north of $125 million, underscoring deep investor appetite

• Infleqtion is a proven leader in quantum technology, with strategic partnerships with U.S. Department of Defense, NASA, UK Government and NVIDIA

• John James, Managing Partner, BOKA Group: “We led Infleqtion’s Series B because we saw the makings of a category-defining company at the frontier of quantum and national security.”

• BOKA is to sovereign resilience today what Carlyle Group was to U.S. defense and national security investment in the 1990s.

New York & London, September 8, 2025 – BOKA Group announces that its portfolio company Infleqtion, a global leader in neutral atom-based quantum technology, has entered into a definitive business combination agreement with Churchill Capital Corp. X (Nasdaq: CCCX).The merger will accelerate Infleqtion’s mission to commercialize quantum products that deliver step-change improvements in computing and sensing. Upon closing, the combined company will operate as Infleqtion and is expected to be listed on the Nasdaq under the ticker “INFQ.”

The transaction values Infleqtion at an enterprise value of $2.39 billion and is expected to provide more than $460 million in gross proceeds, anchored by a $125 million fully committed PIPE from leading U.S. institutional investors including BOKA, Maverick Capital, Counterpoint Global, and Glynn Capital.

Approximately $416 million of cash is held in Churchill’s trust account as of June 30, 2025. All existing Infleqtion shareholders will roll 100% of their equity into the combined company.

BOKA first invested in Infleqtion in 2022, leading its $110 million Series B with a $35 million anchor commitment – the largest single check in the company’s history. That investment set the post-money valuation at $460 million and drew follow-on commitments from Motorola’s Galvin family and global investors such as Sumitomo and Breakthrough Victoria, alongside reinvestments from U.S. funds including Maverick Capital.

John James, Managing Partner at BOKA Group, said: “We led Infleqtion’s Series B because we saw the makings of a category-defining company at the frontier of quantum and national security. Our $35 million anchor investment set the benchmark for global institutions to follow, positioning the company for scale.”

Infleqtion has established itself as a trusted partner to the U.S. Department of Defense and NASA, as well as to enterprises including NVIDIA, JP Morgan, and L3Harris, providing quantum systems for sensing, navigation, and secure communications. In December 2024, it announced a strategic partnership with NVIDIA, leveraging the CUDA-Q platform to pioneer logical-qubit applications and improve the efficiency of NVIDIA’s advanced chips through quantum-inspired AI. Beyond its U.S. programs, Infleqtion is working closely with allied governments worldwide. It is the only foreign partner in Japan’s Quantum Moonshot program, is collaborating with the Australian Army on quantum physically unclonable functions, and has deployed the first neutral-atom quantum computer at the UK’s National Quantum Computing Centre (NQCC), supported by a grant to boost gate-speed performance by 10–100x. In a first-of-its-kind achievement in 2024, the UK completed commercial flight trials of advanced quantum-based navigation systems using Infleqtion’s Tiqker quantum clock, which cannot be jammed or spoofed by hostile actors.

Infleqtion has also achieved industry-leading technical milestones, with a record 1,600 physical qubits, 99.73% two-qubit (entangling) fidelity, and six logical qubits demonstrated. It is one of only two companies worldwide to deliver a real-world application using logical qubits, underscoring its leadership on the path to quantum advantage. Building on these achievements, Infleqtion’s portfolio addresses a global market opportunity of more than $160 billion in advanced computing and precision sensing, with applications spanning defense, AI, space, energy, and materials science.

Revenue has grown more than threefold in the past two years to approximately $29 million trailing twelve months, supported by $50 million in booked and awarded business for 2025 and an identified customer pipeline exceeding $300 million.

Infleqtion’s proposed entry valuation comes at a discount to its U.S.-listed quantum peers – all of which also went public via SPAC transactions. As of September 4, 2025, IonQ, D-Wave, and Rigetti traded at enterprise value-to-revenue multiples of 91x, 242x, and 353x, respectively, with an average of 229x. By comparison, Infleqtion is generating $29 million in trailing twelve-month revenue, has $50 million in booked contracts, and an identified pipeline exceeding $300 million – positioning the company for scaled growth at a more compelling entry point.

John James continued: “Infleqtion’s SPAC filing shows how frontier science can be scaled into U.S. sovereign capability and capital markets. Every one of its listed peers – IonQ, Rigetti, and D-Wave – went public via SPAC, but Infleqtion enters with stronger revenue, deeper partnerships with the U.S. government, and a more compelling valuation. This is the next wave: quantum, AI, and autonomy moving from the lab to deployment. Our investors, many of whom were early backers of Carlyle, see BOKA playing the same role in sovereign resilience today that Carlyle did in national security investment in the 1990s.”

Matt Kinsella, CEO and founding investor of Infleqtion, said: “This is our inflection point, as we move from pilots to production with real deployments at leading customers. We are growing revenue, scaling product deployments, and proving the value of quantum in critical areas such as national security, AI and space.

“We are well-capitalized today as a private company, and this partnership with Churchill provides additional capital and expertise that we expect to accelerate commercialization, expand partnerships, and meet surging demand for applications that classical technologies cannot solve.”

“Since the beginning of our collaboration, BOKA Group has been an invaluable partner not just in providing financial backing but also in guiding our strategy. With their expert counsel, we have successfully navigated key challenges … and capitalized on significant growth opportunities. Their strategic deployment of capital has allowed us to successfully complete new product launches, such as Tiqker, our next-generation atomic clocks, acquisitions such as Super.tech, a world leader in quantum software application and two integrated silicon photonics companies, SiNoptiq Inc. and Morton Photonics, positioning us for sustained growth in the years to come.”

Infleqtion’s proposed listing comes as global defense and dual use technologies undergo a structural re-rating. Worldwide defense spend has reached $2.4 trillion, with NATO members adding $180 billion since 2022. Once excluded from ESG frameworks, national security technologies are increasingly reframed as sovereign resilience, opening the sector to mainstream capital. More than $28 billion was invested in defense-tech in the first half of 2025 alone, with Infleqtion’s IPO set to be among the most significant transactions in this shift.

J.P. Morgan served as financial advisor to Infleqtion; Citigroup Global Markets served as capital markets advisor to Churchill Capital Corp. X.

END

This press release is for informational purposes only. It does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Infleqtion, Churchill Capital Corp X, or any other entity, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Certain statements contained herein may be forward-looking in nature and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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About BOKA Group

BOKA Group is a U.S. and UK-based investment firm focused on deep technology across defense and national security. The firm partners with leading innovators and allied governments, particularly in the United States, to strengthen sovereign resilience and accelerate the commercialization of frontier technologies. Led by John James, who previously completed a SPAC merger in 2021 that valued the company at nearly $3 billion, BOKA brings a proven capital markets track record alongside decades of experience in private equity, government engagement, and technology scaling. Its investors – many of whom were early backers of the Carlyle Group – view BOKA as playing a similar role in sovereign resilience today that Carlyle did in U.S. national security investment in the 1990s.

About Churchill Capital Corp X

Churchill X is a blank check company formed for to effect a merger, amalgamation, share exchange, asset acquisition, or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry. It was founded in 2024 and is led by veteran dealmaker Michael Klein, former head of Citi’s Markets & Banking business in Europe and Co-Head of Global Investment Banking at Salomon Smith Barney, who serves as its CEO and Chairman.