Infleqtion to go public in SPAC deal valuing quantum computing firm at $1.8 billion

By Jaspreet Singh

September 8, 20259:02 PM GMT+1

https://www.reuters.com/legal/transactional/infleqtion-go-public-spac-deal-valuing-quantum-computing-firm-18-billion-2025-09-08/

United States one dollar bills are seen on a light table at the Bureau of Engraving and Printing in Washington in this November 14, 2014, file photo. Dollar bulls were on the defensive on March 30, 2016 after Federal Reserve chair Janet Yellen's cautious tone left markets wondering if there will be even one hike to U.S. interest rates this year. REUTERS/Gary Cameron/File Photo

Sept 8 (Reuters) - 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 told Reuters he expects the deal to complete later this year or in early 2026.

The company has roughly 185 employees. It has raised $283 million in funding so far since its inception in 2007.

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.

Quantum computing firms such as IonQ (IONQ.N), opens new tab, Rigetti Computing (RGTI.O), opens new tab and D-Wave Quantum (QBTS.N), opens new tab have gone public through SPAC mergers in recent years.

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 (NVDA.O), opens new tab, 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.

Bloomberg News first reported about the deal earlier in the day.