Preparing Investment as Best in Class Quantum Computing Name Converts

This note goes out to those who may have followed me into Churchill Capital Corp X  (CCCX)  in anticipation of the impending merger with quantum computing startup Infleqtion. 

This note also goes out to those who found their own way into that trade/investment. A shareholder vote on the matter is scheduled for later on Thursday, February 12.

Once approved, every Class A Ordinary share of CCCX will automatically convert on a one-for-one basis into the common stock of the newly combined entity. That entity will be known as "Infleqtion Inc" and will trade under the symbol INFQ at the New York Stock Exchange on February 17, which is this coming Tuesday. The final day of trade for CCCX will be Friday, February 13.

There will be no "lock-up period" as this is not an initial public offering. Insiders will be free to trade the stock at any point after the merger is completed. Investors who are already invested in CCCX do not have to take any action in order to participate in the conversion. Your brokerage account will automatically update that position. Existing warrants will also convert on a one for one basis into INFQ warrants under the symbol INFQ WS.

New News

There has been some news that hit the tape this week, not related to the SPAC or the merger, but related to the startup:

On Monday, news broke that Infleqtion had landed a deal with the U.S. Department of Energy to help optimize current electric grid performance. Infleqtion is believed to be the first company to engage in a quantum computing project with the DOE and will focus "on advancing the application of quantum-enhanced computational methods" in this way. 

CEO Matt Kinsella said, "As the surge in power-intensive computing and new demands on domestic energy production push our infrastructure to its limits, securing the grid has become a matter of national capability."

Then, on Tuesday, Infleqtion announced a collaboration with NASA to launch the world's first quantum gravity sensor into low Earth orbit. This will be a one-year mission set to kick off in 2030 to be known as the "Quantum Gravity Gradiometer Pathfinder." 

The sensor will be capable of measuring Earth's gravitational fields and gradients. Changes in water, ice and land will be measured across the surface of the planet, operating in microgravity, enabling longer interaction times and improved measurement sensitivities.

The Chart​

Though we really do not know how this stock will behave once it converts, I do plan to hold onto all of my shares through that conversion. 

I do believe that Infleqtion is a "best in class" if not the "best in class" ​quantum computing firm at this point in the development of that industry, which is still in its infancy. In fact, I did liquidate my holdings of both D-Wave Quantum (QBTS)  and Quantum Computing (QUBT)  in order to concentrate my allocation to that space in this one name.

At the time of publication, Guilfoyle was long CCCX equity.