Infleqtion deal with Dept. of Commerce could be worth $100M

BOULDER — Infleqtion Inc. (NYSE: INFQ) says it has inked a deal with the U.S. Department of Commerce’s CHIPS Research and Development Office that could provide the Boulder quantum firm with as much as $100 million in new funding, should it reach certain technological development milestones.

“The (letter of intent) contemplates a portion of the award being funded up front and the remainder funded on a milestone-based award structure tied to eligible project costs and technical progress. The LOI also contemplates taxpayer upside through the issuance of Infleqtion common stock to the Department on the award date with a value of $100 million at a 15% discount to market based on the closing price on the execution date of the LOI or the definitive agreement, whichever is lower,” Infleqtion said in a news release. “The securities are expected to be held on a passive basis. Final terms remain subject to definitive award documents and required approvals. The proposed funding is contingent on completion of diligence and definitive award documents and internal approvals of the U.S. Government.”

Infleqtion, which went public in February through a special purpose acquisition company merger, uses neutral-atom technology to build quantum computers, quantum clocks, RF receivers and inertial sensors.

Because neutral atoms don’t have a positive or negative charge, the company claims, they can be bundled together more densely than charged particles and arranged in ways that make Infleqtion’s quantum hardware more scalable than existing supercomputer technology.

“With today’s CHIPS Research and Development investments in quantum computing, the Trump administration is leading the world into a new era of American innovation,” Commerce Secretary Howard Lutnick said in the release. “These strategic quantum technology investments will build on our domestic industry, creating thousands of high-paying American jobs while advancing American quantum capabilities.”

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