INFQ

Business Context and Reporting Period

Company: Churchill Capital Corp X (Note: Input metadata referenced "Infleqtion, Inc." but the filing text identifies the registrant as Churchill Capital Corp X, a Cayman Islands exempted company).

Reporting Period: Quarterly period ended March 31, 2025.

Business Status: The Company is a blank check company (Special Purpose Acquisition Company) formed on January 4, 2024, for the purpose of effecting a merger or business combination with an unidentified target. As of March 31, 2025, the Company had not yet commenced operations. All activity relates to formation and preparation for the Initial Public Offering (IPO).

Key Financial Metrics

Liquidity: As of March 31, 2025, the Company had no cash and a working capital deficit of $215,992. Liquidity needs were satisfied through a promissory note from the Sponsor.

Material Changes and Subsequent Events

Initial Public Offering (Subsequent Event): On May 15, 2025, subsequent to the reporting period, the Company consummated its IPO.

• Units Sold: 41.4 million Units (including full exercise of the 5.4 million unit over-allotment option).
• Gross Proceeds: $414,000,000 ($10.00 per Unit).
• Private Placement: Simultaneously sold 300,000 Private Placement Units for $3,000,000.
• Trust Account: $414,000,000 deposited into the Trust Account.
• Transaction Costs: $3,971,368 total, including $3,000,000 deferred underwriting fee.

Debt Repayment: The outstanding promissory note balance of $203,047 (as of March 31, 2025) was repaid in full at the closing of the IPO.

Share Capitalization: In April and May 2025, the Company effected share capitalizations, resulting in the Sponsor holding 10,350,000 Founder Shares. The 1,350,000 shares previously subject to forfeiture were secured due to the full exercise of the over-allotment option.

Outlook, Risks, and Contingencies

Outlook: The Company intends to use substantially all funds in the Trust Account to complete an Initial Business Combination. It expects to incur significant costs in pursuing acquisition plans. Management believes funds raised in the IPO are sufficient to finance working capital needs for one year post-IPO.

Risks:

• Geopolitical Instability: Ongoing conflicts (Russia-Ukraine, Israel-Hamas) and U.S. tariff policies may cause market volatility, supply chain interruptions, and impact the ability to complete a business combination.
• Going Concern: Prior to the IPO, the Company faced a working capital deficit. While the IPO resolved this, failure to complete a business combination within the Combination Period (24 or 27 months) will result in liquidation.
• Redemption Risk: Public shareholders may redeem shares for cash from the Trust Account, potentially reducing funds available for the business combination.

Contingencies:

• Deferred Underwriting Fee: $3,000,000 payable only upon completion of a business combination. This may be reduced to $1,500,000 if the Trust Account balance falls below $100,000,000 post-redemption.
• Administrative Support: Commencing May 14, 2025, the Company agreed to pay the Sponsor $30,000 per month for office space and administrative support.

Investor Verification Checklist

• Company Identity: Verify that the filing pertains to Churchill Capital Corp X, not Infleqtion, Inc., as the text explicitly names Churchill Capital Corp X.
• IPO Timing: Confirm the IPO occurred on May 15, 2025, which is a subsequent event to the March 31, 2025 balance sheet date.
• Trust Account Balance: Verify the $414,000,000 deposit into the Trust Account and the terms regarding permitted withdrawals for taxes and working capital.
• Founder Shares: Confirm the Sponsor holds 10,350,000 Class B shares and that the forfeiture provision was waived due to the over-allotment exercise.
• Deferred Fees: Review the conditions under which the $3,000,000 deferred underwriting fee is payable or reduced.