Infleqtion going public with SPAC merger

BOULDER — Infleqtion will merge with Churchill Capital Corp X (NASDAQ: CCCX), a special purpose acquisition company, or SPAC, in a deal that takes the Boulder quantum information firm public amid its technology commercialization push and a flurry of fundraising.

“We have reached a critical inflection point in our journey from R&D to commercialization, and this partnership is a testament to our team’s incredible work,” Infleqtion CEO Matt Kinsella said in a prepared statement. “As we move from successful pilots to full-scale production for our leading customers, this partnership with Churchill provides us with the additional capital and strategic expertise required to accelerate commercialization, expand our market leadership, and meet the rapidly growing demand for quantum solutions across AI, national security, and space.”

Infleqtion, the trade name used by ColdQuanta Inc., raised a $100 million Series C round this summer. The company hired Kinsella early last year, a few months prior to raising more than $10 million from investors. With local operations in Louisville and Boulder, Infleqtion had previously raised a $110 million Series B round in 2022 to jumpstart commercialization of its technology.

The company, which uses neutral atom technology to build quantum computers, quantum clocks, RF receivers and inertial sensors, said Monday that it “has sold three quantum computers and hundreds of quantum sensors, generating approximately $29 million in trailing twelve-month revenue” as of June.

Infleqtion, which claims a $1.8 billion valuation, said that it expects the go-public merger to gross $540 million in proceeds to be used to strengthen the company’s balance sheet, accelerate technology development, expand applications of products and drive customer adoption.

The firm has about 180 employees across the organization, roughly 100 of which are in Colorado, working at a pair of facilities in Boulder and Louisville, which are about 20,000 square feet each. The Boulder facility houses the company’s quantum computer, while the Louisville office is the primary home of Infleqtion’s Tiqker quantum-timekeeping technology. The company also has outposts in Chicago; Madison, Wisconsin; Australia; and the United Kingdom.

Quantum theory attempts to explain the behavior of matter at atomic and subatomic levels. Because quantum computers take advantage of special properties of quantum systems such as superposition, their computing power and speed are exponentially greater than a traditional computer. 

Applications of quantum science could revolutionize the way humans discover new drug therapies, map the cosmos, navigate the sea, protect sensitive data, combat climate change and maybe even discover new forms of life in deep space.

The Boulder Valley — with the University of Colorado Boulder physics department, the National Institute of Standards and Technology and JILA (formerly known as the Joint Institute for Laboratory Astrophysics) — has become one the world’s epicenters of quantum research over the past few decades.

The local quantum ecosystem got a major shot in the arm last year when the U.S. Department of Commerce’s Tech Hub program granted Elevate Quantum, a nonprofit consortium of about 100 stakeholders who represent industry, academia, capital and laboratories in Colorado and New Mexico, a Phase 2 Tech Hub designation that unlocked $127 million in state and federal funds, which are expected to generate several billion more dollars of private investment in the region’s quantum industry.

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