Infleqtion, Inc.

Infleqtion, Inc. (formerly Churchill Capital Corp X, or CCX) is engaged in developing and commercializing quantum technology products, operating as a single reportable segment. The company's vision is to leverage quantum mechanics to expand human potential, with current offerings spanning quantum sensing, quantum computing, and software. These solutions are applied across various sectors including defense and security, artificial intelligence (AI), energy optimization, space, materials discovery, and cybersecurity. Infleqtion's core approach is built on an integrated quantum technology platform utilizing neutral atoms, which are described as nature's ideal qubits, enabling an adaptable, scalable, and high-fidelity path to quantum advantage across multiple applications. The company's high-performance quantum clocks and quantum RF sensors are already delivering quantum advantage, offering superior precision compared to classical systems and unlocking new applications in national security and commercial domains. ¹

The company's competitive positioning is rooted in its neutral atom architecture, which offers advantages in qubit layout flexibility, connectivity, and scalability without requiring cryogenics, differentiating it from competitors like IonQ (trapped ion), IBM and Rigetti (superconducting circuits), and PsiQuantum (photonic qubits). ² Infleqtion is one of the few companies to have demonstrated control of multiple logical qubits and the execution of a prototype application in materials science with logical qubits. ³ The company's room-temperature neutral atom architecture provides benefits in qubit layout flexibility, connectivity, and scalability. ⁴

Infleqtion's business model is diversified, generating revenue through direct product sales, quantum computing as a service via cloud-based access, software licensing, and government and commercial contracts. This hybrid model aims to support both near-term commercial traction and long-term strategic growth as scalable quantum systems mature. The company serves a global customer base including government, national security, research, and commercial sectors, with notable partners and customers such as the U.S. Department of Defense, DARPA, NASA, SAIC, Lockheed Martin, NVIDIA, and the UK National Quantum Computing Centre. ⁵

The company's product and service lines include quantum sensing, quantum computing, and quantum software. In quantum sensing, offerings include the Tiqker optical atomic clock, Sqywire quantum RF sensor, and the Exaqt suite of quantum inertial and gravitational sensors. These products are designed for precision timing, RF signal detection, and navigation in GPS-denied environments, sold directly to end customers and through strategic partners. ⁶ The Tiqker optical atomic clock delivers picosecond-level precision timing and short-term stability previously only available with laboratory-scale hydrogen masers, in a compact, ruggedized package. ⁷ The Sqywire is a rugged RF quantum sensor for detecting and localizing electromagnetic signals, offering high sensitivity and tunability across the RF spectrum. ⁸ The Exaqt family of inertial and gravitational sensors is for GPS-denied navigation, subsurface monitoring, and geophysical surveying. ⁹

In quantum computing, the flagship Sqale system is a room-temperature quantum computer with demonstrated high fidelity (99.73% controlled-Z (CZ) gate) and the industry's largest neutral atom array outside of a research institution. ¹⁰ As of December 31, 2025, the company has achieved 12 logical qubits. ¹¹ The Sqale system supports arrays of up to 1,600 trapped atoms. ¹² Users interact with Sqale through Superstaq, a proprietary middleware platform that compiles, optimizes, and executes quantum programs based on hardware-specific topology and noise characteristics. ¹³

The quantum software portfolio includes Superstaq and Contextual Machine Learning (CML). Superstaq is offered under a software license for advanced quantum circuit optimization across multiple hardware backends, including third-party systems. ¹⁴ CML is a quantum-inspired classical AI tool designed to enhance AI workload performance, particularly for large-context, high-throughput workloads, and is compatible with both classical GPU and future large-scale quantum computing environments. ¹⁵ Benchmarking has shown CML achieves >10x memory savings versus Transformer technology by using quantum data carriers. ¹⁶

For the year ended December 31, 2025, Infleqtion reported a net loss of $66,931,068 ¹⁷, compared to a net loss of $51,910 ¹⁸ for the period from January 4, 2024 (inception) through December 31, 2024. The net loss for 2025 included a change in fair value of subscription agreement liability of $69,585,366 ¹⁹, general and administrative costs of $1,990,219 ²⁰, and a subscription agreement expense of $6,044,986 ²¹, partially offset by income earned on marketable securities held in the Trust Account of $10,689,503. ²² As of December 31, 2025, the company had cash of $702,154 ²³ and marketable securities held in the Trust Account of $423,689,503. ²⁴ The accumulated deficit as of December 31, 2025, was $77,619,915 ²⁵. The company had no long-term debt as of December 31, 2025. ²⁶

The company's non-U.S. revenue was approximately 29% ²⁷ of total revenue for the fiscal year ended December 31, 2025. Sales to the U.S. government and its agencies represented approximately 60% ²⁸ of revenue for the fiscal year ended December 31, 2025, with approximately 12% ²⁹ related to contracts with the UK government. During the year ended December 31, 2025, cash used in operating activities was $2,272,729. ³⁰ The company withdrew $1,000,000 ³¹ in interest from the Trust Account for working capital purposes.

During the reported period, CCX consummated its Initial Public Offering on May 15, 2025, selling 41.4 million Public Units ³² at $10.00 per Public Unit ³³, generating gross proceeds of $414,000,000. ³⁴ Simultaneously, it sold 300,000 Private Placement Units ³⁵ for $3,000,000. ³⁶ Transaction costs amounted to $4,638,840 ³⁷, consisting of $3,000,000 ³⁸ of deferred underwriting fee and $1,638,840 ³⁹ of other offering costs. On February 13, 2026, the company consummated the Business Combination with ColdQuanta, Inc. ⁴⁰ In connection with the closing, 37,821 Class A Ordinary Shares ⁴¹ were redeemed for cash at approximately $10.27 per share ⁴², totaling $388,453.90. ⁴³ Approximately $12,983,216 ⁴⁴ was paid from the Trust Account for Business Combination expenses, with the remaining balance of approximately $389,040,638 ⁴⁵ released for general corporate purposes. The company acquired Super.tech in 2022. ⁴⁶ Subsequent to the acquisitions of Morton Photonics, Inc. and SiNoptiq, Inc. in the first quarter of 2024, the company decided not to further invest in the commercialization of the photonics business from Morton, and management determined that intangible assets from both acquisitions no longer had substantive future economic benefits. ⁴⁷

Infleqtion's near-term commercial strategy is focused on delivering and scaling sensing solutions in operational environments where quantum precision offers substantial performance advantages. This includes compact optical atomic clocks for resilient timing, quantum RF sensors for contested electromagnetic environments, and gravimeters for GPS-denied navigation and geophysical monitoring. The company is also uniquely positioned to serve the growing market for space-based quantum technologies, as its neutral atom platform has already been demonstrated in orbit, and efforts continue to ruggedize and space-enable its technologies. Simultaneously, Infleqtion is expanding access to its quantum computing platform, Sqale, through on-premise system sales and developer tools for hybrid algorithm development. The company is developing Sqale to efficiently perform quantum simulations and solve complex optimization problems that are intractable for classical computers.

Major growth initiatives include scaling sensor manufacturing, increasing usage of the computing platform through customer and partner engagements, and broadening the distribution of its software offerings, Superstaq and CML, within enterprise and national security domains. Government agencies and public-sector programs are currently the largest buyers of quantum sensing and quantum computing technology globally, with national security initiatives forming a significant part of the addressable market. Sales into this market, both direct and through strategic partners, are expected to accelerate the reduction of size, weight, power, and cost (SWaP-C), which will ultimately open high-value, high-volume enterprise and industrial markets. Longer term, Infleqtion aims to advance the fidelity and scale of its quantum computing systems to enable fault-tolerant applications at the 100+ logical qubit level, while maintaining a diversified portfolio of sensing, computing, and software products.

The company's quantum computing roadmap targets achieving 100 logical qubits by 2028. ⁴⁸ It also aims to demonstrate MegaQuOp scale in 2028, which involves measuring one million sequential logical operations in a system. ⁴⁹ Infleqtion has demonstrated 12 logical qubits ⁵⁰ and is aiming to reach 30 logical qubits in 2026. ⁵¹ The global quantum sensing market (including timing) is projected to reach approximately $30 billion by 2040 ⁵², with primary use cases in precision timing, navigation, gravity measurement, and RF field detection. The global quantum computing market is expected to reach approximately $130 billion by 2040. ⁵³

The company's manufacturing capabilities are vertically integrated, developing and manufacturing critical quantum hardware, components, and technology in-house, and managing production planning across facilities in Boulder, Colorado, and Oxford, United Kingdom. This vertical integration allows for precise control over system performance, accelerated iteration cycles, and repurposing of core technology across sensing, timing, and computing platforms, enhancing manufacturability and scalability. In the future, Infleqtion may partner with third parties or outsource certain manufacturing aspects as it scales its commercial business.

Infleqtion believes its cash, cash equivalents, and marketable securities as of December 31, 2025, should be sufficient to meet anticipated operating cash needs for at least the next 12 to 18 months ⁵⁴ based on its current business plan. The company's operating plan may change, potentially requiring additional funds sooner than planned through public or private equity or debt financings or strategic collaborations. Infleqtion may also seek additional capital due to favorable market conditions or strategic considerations, even if it believes it has sufficient funds. The company does not intend to pay cash dividends for the foreseeable future, planning to retain future earnings to finance business development and expansion. ⁵⁵

Management explicitly flagged several structural headwinds and execution risks to its growth plan. The business involves immature technology, facing significant barriers in producing products that meet desired technical specifications, including challenges in scaling and manipulating qubits, increasing their number and fidelity, transitioning to low-cost components, and scaling the relationship of logical to physical qubits. The company has a history of operating losses and may not achieve or sustain profitability, expecting higher losses in future periods due to significant expenses in product design, development, manufacturing, R&D, sales, and marketing. There is a risk that the company's computers may fail to achieve a broad quantum advantage, which is critical for commercial success. Estimates of market opportunity and forecasts of market growth may prove inaccurate, and advances in classical computing could be more robust for longer than anticipated, affecting the timing of quantum advantage. The company may not be able to scale its business quickly enough to meet customer and market demand, and failure to manage growth effectively could harm the business. The quantum technology industry is in its early stages and volatile, and if it develops slower than expected or in a manner not requiring Infleqtion's solutions, growth will be harmed. Inaccurate estimates of future supply and demand for products could lead to inefficiencies and hinder revenue generation. The company is highly dependent on key employees with specialized knowledge, and the ability to attract and retain senior management and other key employees is critical. Reliance on sales to certain customers, including the U.S. government (60% of 2025 revenue) ⁵⁶ and UK government (12% of 2025 revenue) ⁵⁷, exposes the company to risks of budgetary constraints and contract terminations.

Infleqtion faces material risks including the immaturity of its core quantum technology, which presents significant challenges in achieving technical specifications and scaling logical qubits to the target of 100 by 2028 ⁵⁸, a widely recognized threshold for commercial quantum advantage. The company has a history of operating losses, with net losses of $66,931,068 ⁵⁹ in 2025 and an accumulated deficit of $77,619,915 ⁶⁰, and expects increased losses due to R&D and expansion, potentially hindering future profitability. There is a risk that quantum advantage may not be achieved, or that market opportunity estimates and growth forecasts, such as the global quantum sensing market reaching $30 billion by 2040 ⁶¹ and the global quantum computing market reaching $130 billion by 2040 ⁶², may be inaccurate. Operational risks include the inability to scale the business quickly enough to meet demand, effectively manage growth, or accurately estimate future supply and demand, which could lead to inefficiencies and delayed revenue. The company is highly dependent on key employees with specialized knowledge, and the loss of such personnel could adversely impact strategy. Significant reliance on government contracts, representing approximately 60% ⁶³ of 2025 revenue from the U.S. government and 12% ⁶⁴ from the UK government, exposes Infleqtion to risks of budgetary constraints, early termination, audits, and investigations. Cybersecurity threats, including phishing attacks and ransomware, pose risks to sensitive information and IT systems, potentially leading to regulatory actions, litigation, and reputational harm, especially given compliance requirements like CMMC for defense contractors. The use of generative AI tools may introduce risks related to intellectual property protection and legal liability. International expansion exposes the company to foreign laws, regulatory requirements, intellectual property enforcement challenges, and foreign currency exchange rate fluctuations. Licensing of intellectual property, particularly from the University of Colorado and Wisconsin Alumni Research Foundation, is critical, and termination or changes to these agreements could severely impact the business.

Management's message to shareholders emphasizes a strategic dual-track approach: advancing towards 100+ logical qubit systems while simultaneously commercializing quantum sensors that already deliver advantage. This strategy is underpinned by the scalable, flexible, room-temperature neutral atom architecture and a vertically integrated, full-stack platform designed to accelerate innovation and manufacturability. Management highlights demonstrated product execution, a diversified revenue model, and strategic partnerships as key differentiators. The company is targeting a near-term milestone of 100 logical qubits ⁶⁵ by 2028 ⁶⁶ and aims to reach 30 logical qubits in 2026 ⁶⁷. Additionally, management intends to demonstrate MegaQuOp scale in 2028 ⁶⁸, measuring one million sequential logical operations in a system. Management believes that the company's cash, cash equivalents, and marketable securities as of December 31, 2025, should be sufficient to meet anticipated operating cash needs for at least the next 12 to 18 months ⁶⁹. The company does not anticipate paying any cash dividends in the foreseeable future, intending to retain future earnings to finance business development and expansion. ⁷⁰