Quantum News Nexus

Infleqtion stock has begun trading on the NYSE (INFQ) right on schedule following the completion of its merger with Churchill Capital Corp X, which resulted in $550 million in gross proceeds for Infleqtion.

That’s according to a press release issued this morning, which stated, “The strong support from Churchill X’s shareholders resulted in Infleqtion receiving over $550 million of gross proceeds, including nearly 100% of the cash held in Churchill X’s trust account prior to the redemption deadline and more than $125 million of incremental capital raised through a common stock PIPE from leading existing Infleqtion stockholders and new institutional investors.”

The $550 million figure represents the largest gross proceeds from a quantum firm/SPAC business combination since IonQ reaped more than $600 million back in 2021. There are at least a couple more such deals in line to be completed this year, including previously announced SPAC mergers for Xanadu Quantum Technologies and Horizon Quantum Computing. There also could be a Quantinuum IPO before the year is done.

Infleqtion arrives to public trading on a wave of significant news in recent days. CEO Matthew Kinsella appeared on CNBC this morning and, as I expected, focused several comments on quantum sensing and timing as more near-term revenue opportunities than quantum computing, whose commercial viability he described as more of a 2028 consideration.

Infleqtion is touting itself as the first pure-play neutral-atom quantum computing company on the stock market, and much has been made of how investors now can place their stock bets on all of the major quantum computing modalities, with Infleqtion representing neutral-atom, IonQ pushing trapped-ion, Rigetti Computing and IBM (and soon Horizon) touting superconducting, D-Wave repping quantum annealing (and, more recently, superconducting as well), and Quantum Computing, Inc. (and eventually Xanadu) back photonic quantum computing.

All quantum stocks have been down year-to-date, and for the most part, going back to last November, but I suppose the variety allows investors to spread their hopes and risk as we await 2028 or 2029. INFQ was around $15.15 at mid-day, up about $1.50 on the day at that point, but off the day’s high of $17.51. Infleqtion is scheduled to ring the NYSE opening bell tomorrow.

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Quantum News Nexus is a site from freelance writer and editor Dan O’Shea that covers quantum computing, quantum sensing, quantum networking, quantum-safe security, and more. You can find him on X @QuantumNewsGuy and doshea14@gmail.com.