Infleqtion, Inc. · NYSE:INFQ
Infleqtion — SPAC Merger (September 2025)
60 slides from Infleqtion's SPAC merger presentation, September 2025
Slide 1: Infleqtion to go public in partnership with Churchill Capital Corp X
to go public in partnership with CHURCHILL CAPITAL CORP X (NASDAQ: CCCX) Full-spectrum quantum built on neutral atoms Redefining what’s possible in quantum computing and precision sensing Investor Presentation September 2025
Slide 2: About this presentation
About this presentation This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a business combination (the “proposed transaction”) between ColdQuanta, Inc. (“Infleqtion”) and Churchill Capital Co
Slide 3: About this presentation
About this presentation Additional Information About the Proposed Transaction and Where to Find It The proposed transaction will be submitted to shareholders of Churchill X for their consideration. Churchill X intends to file a registration statement on Form S-4 (the “Registration Statement”) with t
Slide 4: Investor's guide to quantum
Investor’s guide to quantum Highly accurate timekeeping devices that use atoms’ quantum transitions System that contains qubits to be manipulated to perform quantum Atomic clock QPU (Quantum Processing Unit) to measure time operations – similar to a CPU or GPU, but for quantum algorithms Ability of
Slide 5: Churchill Capital X
CHURCHILL CAPITAL X Michael Klein Matthew Kinsella Pranav Gokhale Chairman and Founding Investor and Co-founder and Chief Executive Officer Chief Executive Officer Chief Technology Officer • 35+ years of experience in strategic advisory • Nearly 20 years of experience at Maverick Capital, • Nearly 2
Slide 6: Churchill Capital: proven track record
Churchill Capital: proven track record Highly experienced in launching unique, high-growth companies in the public equity markets CHURCHILL CAPITAL Our most recent closed partnership Substantial shareholder value creation ($ per share) $10.5B 6 +8.5x $85.35 Growth capital Closed go-public delivered(
Slide 7: Churchill Capital: repeatable investment framework for critical technology
Churchill Capital: repeatable investment framework for critical technology From nuclear to autonomy, and now quantum – essential for U.S. competitiveness with multi-decade growth potential Nuclear Autonomous Quantum AltC CHURCHILL IX CHURCHILL X Critical for national competitiveness ✓ ✓ ✓ Quantum =
Slide 8: Infleqtion: set up for success in the public markets
Infleqtion: set up for success in the public markets Simple, shareholder-aligned transaction focused on long-term value creation $1.8 billion >$540 million 100% Pre-money equity value Expected transaction proceeds(1) Infleqtion rollover and lock-up(2) Attractive entry point given Positioned to accel
Slide 9: Infleqtion: attractive entry valuation with meaningful upside potential
Infleqtion: attractive entry valuation with meaningful upside potential Leading technology, distinct business model, and attractive financial profile Discount to peers Advanced commercial traction Observed market capitalization for public peers ($B) LTM Revenue(1) ($M) Capital Raised YTD $52 $1.4B $
Slide 10: Harness the power of quantum to expand human potential
Our mission Harness the power of quantum to expand human potential Commercialize neutral atom-based quantum products that provide orders of magnitude improvement in computing and sensing applications Artificial National Energy Scientific Space Intelligence Security Optimization Discovery Ex
Slide 11: What we do
What we do We design, build, and sell quantum computers, precision sensors, and software to governments, corporations, and research institutions Core Compute Sensing Software Infleqtion’s neutral atom core First in Earth’s Orbit Contextual Machine Neutral atom Next-generation Compact quantum Quantum
Slide 12: Our products in use
Our products in use On the ground, in the sea, in the sky, and in space First quantum computer installation at the Sea trial of hybrid navigation systems Pilot program for putting quantum National Quantum Computing Centre on Royal Navy's experimental vessel experiments and sensors in space Only fore
Slide 13: Compelling investment for public investors
1 Pioneering team building the future of compute Value proposition Unique team solving the world’s hardest problems with quantum 2 First mover in neutral atom architecture Infleqtion views neutral atoms as the most promising quantum modality Real-world logical qubit application Compelling 3 Foundati
Slide 14: Pioneering team building the future of compute
1 Who we are Pioneering team Matt Kinsella Chief Executive Officer Dana Anderson Chief Science Officer Pranav Gokhale Chief Technology Officer Paul Lipman Chief Strategy Officer building the future Founding Investor Founder Co-founder of compute 230+ At-scale technical Building upon Unique team solv
Slide 15: Quantum is a computing force multiplier
Quantum is a computing force multiplier 1 Classical systems hit walls on size, energy, and cost Just as GPUs sat alongside CPUs and unlocked new technology (e.g., + AI), quantum processors (“QPUs”) sit alongside CPUs and GPUs, with QPUs potential to unlock amazing new capabilities and markets Levera
Slide 16: Rich history of innovation and validation
Rich history of innovation and validation 1 Crucial milestones achieved, putting Infleqtion on an accelerated path to quantum advantage Announced partnership for World’s 1st Illinois quantum computer quantum flight trials Collaboration Chosen for DARPA IMPAQT Second quantum computing program World’s
Slide 17: Already expanding the applications of GPUs
Already expanding the applications of GPUs 1 Our hardware and software improve classical bottlenecks of memory, data quality, and compute Amplifying today… …and supercharging tomorrow Enhancing GPU Delivering higher quality, Unlocking mechanisms Infleqtion is driving towards productivity multi-modal
Slide 18: First mover in neutral atom architecture
2 Our approach Neutral atoms = nature’s perfect qubits Infleqtion’s Natural advantage neutral atom core Ideal uniformity, stability, and long-lasting performance The heart of all our products First mover in Commercially scalable neutral atom Can be arranged in large arrays using optical tweezers arc
Slide 19: Neutral atoms: the foundation of Infleqtion's platform
Neutral atoms: the foundation of Infleqtion’s platform 2 Build once, tailor to multiple markets Lasers Neutral atom core Quantum products Computers Award- winning quantum Clocks core RF Receivers Inertial Sensors 19 Churchill Capital
Slide 20: Neutral atoms: the best quantum approach
Neutral atoms: the best quantum approach 2 Inherent advantages with superior commercial applications Neutral Atom Trapped Ion Superconducting Photonics has... Thousands of qubits ✓ ✓ in a single cell Applications demonstrated with ✓ ✓ logical qubits Room temperature ✓ ✓ operation(1) Reco
Slide 21: Neutral atoms: a frontrunner in the quantum race
Neutral atoms: a frontrunner in the quantum race 2 Exceeding others in physical qubit quantity and quality; both required to achieve a logical qubit Qubit quantity Qubit quality 5 10k Ion traps Caltech with Infleqtion cold atom source cell Metric type Ion traps fit (x2 every 5.0y) 5 Entangled State
Slide 22: Real-world logical qubit application
3 Our leadership The quantum advantage formula Real-world Qubit quantity Qubit quality logical qubit More physical qubits = Lower error rates = application Larger problems can be tackled More reliable computations Foundation for a potential fault- tolerant quantum computer Logical qubit Building blo
Slide 23: What is a logical qubit and why does it matter?
What is a logical qubit and why does it matter? 3 The foundation for achieving quantum advantage Quantum error correction (illustrated) Logical qubits are a reliable unit of quantum information • Built from many fragile physical qubits • Physical qubits are prone to errors How is a • Combining physi
Slide 24: Infleqtion is on the path to quantum advantage in computing
Infleqtion is on the path to quantum advantage in computing 3 Recent breakthroughs have meaningfully accelerated progress Commercial Foundational R&D Error Detection Error Correction Our metrics Advantage Physical 10,000+ Logical Qubits 4,000+ Qubits 1,600 1000 10,000 1000 100 1000 ✓ 100 1 kiloqubit
Slide 25: Our products: full stack commercial quantum offering
4 Software Our products Quantum App Contextual Machine Development Learning Proprietary operating system Breakthrough algorithms for Accelerating AI today; to force-multiply quantum speedups in biotech, materials scales beyond LLM ability hardware science, and optimization to recognize patterns Full
Slide 26: Hardware: built to be highly scalable
Hardware: built to be highly scalable 4 Hardware designed to leverage existing photonic fabrication networks, reaching scale without added capital intensity Quantum core Photonic integrated circuits Infleqtion hosts millions of atoms in a single UHV Miniaturization cell(1), while other modalities re
Slide 27: Software: supercharges every layer of the computing stack
Software: supercharges every layer of the computing stack 4 Built to ensure performance boosts, error correction, and productivity enhancement at every stage Application Layer APPLICATION </> Quantum software as a force multiplier for both GPU- and QPU-enabled applications ALGORITHM Hardware-agnosti
Slide 28: Case study: expanding AI context windows on GPUs
Case study: expanding AI context windows on GPUs 4 Contextual Machine Learning accelerates AI today and enables the pathway to future quantum-powered ML Current Application Post-Quantum Advantage Application CML leverages quantum principles on GPUs to enable large-scale analysis over longer- At scal
Slide 29: Quantum computing: exponential processing power
Quantum computing: exponential processing power 4 Neutral atoms are positioned for scalable, fault-tolerant systems • Classical computers cannot efficiently solve certain problems that involve complex interactions between variables Limitations of • For certain such complex problems, quantum advantag
Slide 30: Quantum sensors: ultra-precise measurement tools
Quantum sensors: ultra-precise measurement tools 4 Large government and commercial markets with near-term adoption Precision Reliability Versatility Distributed AI workloads require precise timing Electronic warfare is a growing global threat Strategic communications use low frequency, and synchroni
Slide 31: Ability to serve multiple large markets
5 Our markets Quantum Quantum computing sensing Ability to serve multiple ~$130B 2040 TAM(1) ~$30B 2040 TAM(1) large markets Critical, growing applications in computing and precision sensing Infleqtion has sold & deployed Infleqtion has deployed multiple quantum computers quantum-enabled systems • E
Slide 32: U.S. and allied nations are investing in quantum
U.S. and allied nations are investing in quantum 5 Infleqtion is well-positioned; trusted by governments that have invested over $40 billion in quantum(1) China Japan United States of America China United Kingdom China ~$15B Germany National investment in quantum technology ($B) South Korea U.S. Fra
Slide 33: Our core technology is disrupting critical end markets today
Our core technology is disrupting critical end markets today 5 Massive value creation opportunity that Infleqtion is well-positioned to capture Machine Materials Space and Energy Defense and Cybersecurity learning discovery frontier optimization security ✓ ✓ ✓ ✓ ✓ ✓ Extending AI context windows Atom
Slide 34: Trusted quantum partner to leading institutions
6 Our partners Leading partners across diverse industries Defense and Cybersecurity Materials Energy Artificial Government Trusted quantum Aerospace Discovery Optimization Intelligence Programs partner to leading State of institutions Illinois Sold multiple quantum computers and hundreds of quantum
Slide 35: Examples of our work
Examples of our work 6 Infleqtion Leads the Way with First Infleqtion Delivers First Quantum Material Design Infleqtion Secures $6.2M ARPA-E Quantum Computer Installation at Application Powered by Logical Qubits and Award to Advance Quantum-Powered NQCC NVIDIA CUDA-Q Energy Grid Optimization Applyin
Slide 36: Commercial engine in place, driving rapid scale
7 Our growth Revenue trajectory In $M, trailing twelve months by quarters CEO transitioned in 2024 to drive $29 million(2) Infleqtion’s next phase of LTM as of 6/30/25 commercialization and growth 40 2Q‘23 – 2Q‘25 $300M+ Commercial CAGR: ~80% 30 engine in place, Customer pipeline(3) driving rapid sc
Slide 37: Bringing quantum to a growing customer base
Bringing quantum to a growing customer base 7 Demonstrated ability to deliver quantum solutions to government, defense, and enterprise customers Development Commercialization Non-dilutive Prototype Early adopter Scale & funding fuels R&D development sales manufacturing Strategic partnerships and Com
Slide 38: Well-capitalized to accelerate our roadmap
8 Our opportunity Infleqtion operating cost vs. funding position Non-GAAP; in $M CHURCHILL CAPITAL X $88 Cash Operating Well-capitalized Costs >$540 million of expected gross to accelerate $43 proceeds from Capex $33 transaction(2) our roadmap Cash Opex(1) 2024A(4) LTM (3)(4) Cash on hand Strong bal
Slide 39: Concluding remarks
Concluding remarks Compelling investment for public investors Attractive transaction structure ✓ $1.8B entry valuation and >$540M(1) of expected funding to drive shareholder value Clear technology and product leadership ✓ Industry-defining team with proven technical milestones and applications demon
Slide 40: Appendix
Appendix Board overview Product portfolio Financial reconciliations Transaction information 40 Churchill Capital
Slide 41: World-class board supporting our growth
Board to be comprised of 7 Directors(1) Our Board Cathy Lego Kristina Johnson David Singer Dawn Meyerriecks Matt Kinsella World-class board Board Chair Board Member Board Member Board Member Board Member • 40+ years as a technology • Engineer, academic leader, • Managing Partner at • Technology and
Slide 42: Appendix
Appendix Board overview Product portfolio Financial reconciliations Transaction information 42 Churchill Capital
Slide 43: Product portfolio
Software Quantum App Contextual Machine Development Learning Proprietary operating system Breakthrough algorithms for Accelerating AI today; to force-multiply quantum speedups in biotech, materials scales beyond LLM ability hardware science, and optimization to recognize patterns Compute Sensing Pro
Slide 44: Quantum cores
Quantum cores Core High-precision components for quantum systems; foundational to all Infleqtion hardware Essential components for development of quantum computers and sensors Underlying Quantum Core Technology Compact atom-control Supplies both neutral atom & trapped ion cores Lasers and magnetic f
Slide 45: Hardware built to address computing and sensing applications
Hardware built to address computing and sensing applications Hardware Neutral atoms provide the flexibility to address two massive markets Quantum Compute Quantum Sensing tum Comput mic Clocks Receivers rtial Sensor an in Ato RF Ine s Qu g c High-precision atomic Compact quantum RF Deployable quantu
Slide 46: Sqale: flagship quantum computer
Sqale: flagship quantum computer Hardware Neutral atom computer offers a scalable, high-fidelity platform for advanced quantum computing Identical Qubits Room Temperature Operation Uniformity of neutral atoms enables Simpler, cheaper deployment Neutral atom consistent, scalable control without dilut
Slide 47: Sqale: pioneer in quantum driven applications
Sqale: pioneer in quantum driven applications Hardware Demonstrations performed on Sqale represent industry firsts across multiple sectors Continuous advancement of logical qubits Quantum Computing First proof-of-concept demonstration of instant entanglement 8 (constant depth) with logical qubits Lo
Slide 48: Tiqker: high-precision atomic clock
Tiqker: high-precision atomic clock Hardware Addressing key bottlenecks in data centers, communication networks, and navigation systems Addressing key bottlenecks across: Pathway to size down form factor Form factor GPS-Denied Navigation Wireless Networks size Optical atomic clocks • GPS/GNSS spoofi
Slide 49: Sqywire: quantum RF receiver for full-spectrum signals intelligence
Sqywire: quantum RF receiver for full-spectrum signals intelligence Hardware Assured frequency access and spectrum utilization for national security and commercial applications Transformative impact in Enabling RF Convergence Defense & Security Quantum radio-frequency • Need for reliable communicati
Slide 50: Exaqt: powering precision motion and gravity sensing
Exaqt: powering precision motion and gravity sensing Hardware Rugged, deployable quantum systems for PNT and gravitational sensing use cases Pathway to size down form factor The need for reliable PNT is everywhere… Natural Climate Behavior Autonomous Form factor National Security Resources Navigatio
Slide 51: Software: supercharges every layer of the computing stack
Software: supercharges every layer of the computing stack Software Built to ensure performance boosts, error correction, and productivity enhancement at every stage Application Layer APPLICATION </> Quantum software as a force multiplier for both GPU- and QPU-enabled applications ALGORITHM Hardware-
Slide 52: Middleware layer: Superstaq is the force multiplier for QPUs
Middleware layer: Superstaq is the force multiplier for QPUs Software Flagship quantum software optimizes quantum program execution across a diverse set of backends Performance boost for quantum processing units Superstaq core capabilities: Neutral Atom ✓ Cross-layer optimization via deep optimizati
Slide 53: Application layer: quantum application development
Application layer: quantum application development Software High-impact, practical quantum applications possible today Making quantum computing practical, scalable, and accessible Utility in scientific and commercial domains: •✓ Libraries and modules for implementing advanced Materials design Defens
Slide 54: Appendix
Appendix Board overview Product portfolio Financial reconciliations Transaction information 54 Churchill Capital
Slide 55: Non-GAAP reconciliation to cash operating expenses
Non-GAAP reconciliation to cash operating expenses(1) Reflects latest estimates $M 2024A LTM(2) R&D expense $22 $17 SG&A expense 23 18 Total operating expenses $44 $35 (-) SBC (1) (2) (-) D&A (2) (3) Cash operating expenses $41 $31 Capital expenditures $2 $1 Total cash uses $43 $33 Note: Figures dep
Slide 56: Appendix
Appendix Board overview Product portfolio Financial reconciliations Transaction information 56 Churchill Capital
Slide 57: Proposed transaction overview
Proposed transaction overview Infleqtion is valued at a pre-money equity value of $1.8 billion; 100% of net transaction proceeds to fund growth Sources $M % Shares % Assumes $10 per share (millions) Ownership Churchill X cash in trust(1)(2) 416 17% Existing Infleqtion shareholders(3) 182.0 74% Exist
Slide 58: Risk factors (1/2)
Risk factors (1/2) The below list of risk factors has been prepared solely for purposes of the proposed private placement transaction (the “Private Placement”) as part of the proposed business combination of Churchill Capital Corp X. (“Churchill”) and ColdQuanta, Inc. (d.b.a. Infleqtion) (the “Busin
Slide 59: Risk factors (2/2)
Risk factors (2/2) Risks Related to the Private Placement Capital Raise. There can be no assurance that we will be able to raise the anticipated ~$125 million in the Private Placement, or that the amount of funds raised in the Private Placement will be sufficient to consummate the Business Combinati
Slide 60: Churchill Capital Corp X
ae Infleqtion CHURCHILL CAPITAL CORP X