Quantum computing firm Infleqtion has begun trading on the New York Stock Exchange following the completion of its Special Purpose Acquisition Company (SPAC) merger with Churchill Capital Corp X.

Churchill X, a special-purpose acquisition company, delisted from the Nasdaq following the deal, which was first announced in September 2025. Each of the units sold by the company in its own IPO have been separated out and will no longer be listed.

SPACs are shell companies that list on the stock market. These ‘blank check’ companies have large amounts of capital and the specific aim of merging with an operating company. Investors group together and fund (also called sponsoring) a SPAC, which then goes through an IPO. The SPAC then finds a target (known as an operating company) and merges with it, allowing the target company to go public quicker than a traditional IPO.

In a statement, Infleqtion said that under the terms of the agreement, it received more than $550 million of gross proceeds, including nearly 100 percent of the cash held in Churchill X’s trust account prior to the redemption deadline. More than $125 million of incremental capital was also raised by the company through a common stock PIPE from leading existing Infleqtion stockholders and new institutional investors.

“Infleqtion was founded on a simple conviction: neutral atoms are the best path for commercializing quantum technology because they are scalable and economical. That architectural advantage, paired with our vertically integrated hardware and software stack that spans quantum computing and sensing, has translated into growing commercial traction across government and industry,” said Matthew Kinsella, CEO, Infleqtion.

“As a public company, we can accelerate our technology roadmap and expand deployments in areas such as aerospace, defense, and critical infrastructure, bringing practical quantum solutions to market at increasing speed and scale.”

Founded as ColdQuanta and spun out from the University of Colorado in 2007, Infleqtion develops and designs instruments and systems for quantum technology applications. It is developing neural atom-based quantum technology for its Sqale quantum computer and using rubidium-based atomic clocks for its positioning, navigation, and timing (PNT) offering, known as Tiqker.

Infleqtion’s product portfolio includes quantum computers, quantum clocks, RF receivers, inertial sensors, and proprietary software. It claims Nvidia, the US DoD, NASA, and the UK Government as customers.

Plans for Infleqtion's SPAC merger were announced in September. Churchill went public in May 2025 in a $414m IPO. The SPAC was formed by Michael Klein, who is also the founder and managing partner of New York-based strategic advisory and investment firm M. Klein and Company, LLC, and is sponsored by Churchill Capital.

Rival quantum computing firms D-Wave, Rigetti, and IonQ have all gone public via SPAC mergers. Xanadu Quantum is in the process of doing so, while Honeywell-backed Quantinuum is set to IPO in the near future.