Quantum Startup Infleqtion Plans To Go Public at 1.8 billion
staff writer • September 30, 2025
Infleqtion, a Boulder, Colorado-based quantum technology leader specializing in neutral atom-based systems, has entered a definitive agreement to go public through a SPAC merger with Churchill Capital Corp X (CCCX), valuing the company at a pre-money equity of $1.8 billion, announced on September 8, 2025.
This deal, led by veteran dealmaker Michael Klein, is expected to provide over $540 million in gross proceeds, including $416 million from CCCX’s trust and $125 million from PIPE investors like Maverick Capital and Morgan Stanley’s Counterpoint Global. Infleqtion, formerly ColdQuanta, develops quantum computers, precision sensors, atomic clocks, and software for applications in AI, national security, and space.
Details of Infleqtion’s SPAC Merger and $1.8 Billion Valuation
The SPAC merger with Churchill Capital Corp X, announced on September 8, 2025, values Infleqtion at $1.8 billion pre-money, providing financial flexibility to scale operations. The transaction, unanimously approved by both boards, includes $416 million from CCCX’s trust (as of June 30, 2025) and over $125 million in PIPE financing from institutional investors.
Expected to close in late 2025 or early 2026, subject to shareholder approval and customary conditions, the deal bypasses traditional IPO complexities for faster market access.
Proceeds will strengthen the balance sheet, accelerate neutral atom quantum development, and expand customer adoption in AI and national security. Infleqtion’s $29 million revenue and $50 million booked business by year-end underscore its growth, with the merger enabling unicorn status and positioning under ticker “INFQ.” This move reflects surging investor confidence in quantum’s commercial potential.
Who is Infleqtion: Leadership, Technology, and Background
Infleqtion, rebranded from ColdQuanta in 2023, is led by CEO Matthew Kinsella, with roots in University of Colorado Boulder research. The company engineers neutral atom quantum systems, using lasers to trap and manipulate atoms as qubits for stable, scalable computing and sensing. Key technologies include quantum cores for high-fidelity operations, atomic clocks with quantum advantage, RF receivers, and inertial sensors for resilient navigation.
The merger timeline begins with the September 8, 2025, announcement, following an investor call on the same day. Shareholder approval and PIPE closing are targeted for Q4 2025, with completion by early 2026, pending regulatory reviews.
Impact of the Merger on Infleqtion’s Market Position
This move positions Infleqtion in a Midwest innovation hub, enhancing access to talent and infrastructure for national security and AI applications. The expansion, part of broader ties like ARPA-E programs, solidifies Chicago as a quantum leader, driving economic impact through job creation and tech advancement.
As more startups go public, it catalyzes industry-wide innovation, policy support, and global competition.
- Growth Trajectory: Post-merger, Infleqtion targets $50 million booked business by 2025 end, scaling to $160 billion quantum markets by 2040.
- Innovation Focus: Chicago quantum computer deployment by 2028, enhancing neutral atom scalability for defense and AI.
- Risks and Rewards: High volatility in quantum, but strong pipeline and partnerships offer long-term returns.
- Investor Appeal: Attractive entry via public listing, with $300 million pipeline signaling multi-year value.
Future prospects include global expansion and utility-scale systems, but investors should monitor tech risks and market adoption in this nascent field.
FAQ: Key Questions About Infleqtion’s SPAC Merger and Expansion
Who is Infleqtion and what does it specialize in?
A Boulder-based quantum firm using neutral atom technology for computers, sensors, and clocks, serving DoD and NASA
$29 million revenue as of June 2025.
What is the SPAC merger valuation and proceeds?
$1.8 billion pre-money equity value, with over
$540 million gross proceeds.
When is the Infleqtion merger expected to close?
Late 2025 or early 2026, pending approvals
announced September 8, 2025.
How will Infleqtion use merger funds?
To accelerate quantum development, expand applications in AI and security, and scale customer adoption
$50 million booked business by 2025 end.
What is Infleqtion’s Chicago expansion?
$50 million investment for a utility-scale quantum computer at IQMP, creating dozens of jobs
announced July 23, 2025.
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