Churchill Capital Corp X Reports Financial Developments and Merger Agreement with ColdQuanta

Churchill Capital Corp X reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company, which was incorporated in January 2024, has not yet commenced operations but has been actively preparing for its initial business combination. As of September 30, 2025, Churchill reported total assets of $421.3 million, a substantial increase from $157,937 at the end of the previous fiscal year. This growth is primarily attributed to the proceeds from its initial public offering (IPO) completed on May 15, 2025, which raised $414 million.

In the third quarter of 2025, Churchill incurred a net loss of $33.4 million, compared to a negligible loss of $69 in the same period of the previous year. The current loss was largely driven by a $30.5 million change in the fair value of a subscription agreement liability and general administrative costs of $1.2 million. For the nine months ended September 30, 2025, the total net loss was $31.4 million, reflecting the company's ongoing expenses related to its IPO and preparations for its business combination.

Strategically, Churchill has entered into a merger agreement with ColdQuanta, Inc., which was finalized on September 8, 2025. This agreement outlines a two-step merger process that will see ColdQuanta become a wholly-owned subsidiary of Churchill. The company has also engaged in a private investment in public equity (PIPE) transaction, agreeing to issue $126.5 million in shares to PIPE investors, contingent upon the successful completion of the merger. This move is expected to bolster Churchill's capital position as it moves forward with its business plans.

Operationally, Churchill has reported holding $419.6 million in cash and marketable securities in a trust account, which is earmarked for the business combination. The company has also withdrawn $1 million in interest from this account for working capital purposes. As of the end of the reporting period, Churchill had 41.7 million Class A ordinary shares and 10.35 million Class B ordinary shares outstanding. The company is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain regulatory exemptions.

Looking ahead, Churchill's management has expressed confidence in completing the business combination with ColdQuanta, although they acknowledge potential risks including market volatility and economic conditions that could impact the transaction. The company has until May 15, 2027, to finalize the merger, or it will be required to liquidate and return funds to shareholders. As it stands, Churchill is focused on executing its merger plans while managing its operational costs effectively.