Infleqtion, Inc. (f/k/a Churchill Capital Corp X) is a SPAC that completed its IPO on May 15, 2025, raising $414.0M gross proceeds into a trust account invested in U.S. Treasury securities. The entity had no operating history as of December 31, 2025. The Business Combination with ColdQuanta, Inc. closed on February 13, 2026, subsequent to the balance sheet date, which the filing states alleviated going-concern doubt. Under a liquidation lens applied to the December 31, 2025 balance sheet, the recovery posture is deeply negative for the non-redeemable equity stack. Total assets of $424.9M are dominated by $423.7M of trust assets (held-to-maturity U.S. Treasuries at amortized cost) that are restricted for redemption of 41.4M public Class A shares at approximately $10.23 per share. Against those trust assets, the company carries $78.8M in total liabilities, the overwhelming majority of which is a $75.6M subscription agreement liability (Level 3 derivative, classified current) arising from PIPE Subscription Agreements executed September 8, 2025 in connection with the ColdQuanta Merger Agreement. This liability is marked-to-market and drove $69.6M of non-cash fair value loss during 2025, plus $6.0M of initial subscription agreement expense at inception. Outside-trust current assets are minimal: $702K cash and $367K in prepaid items. Total liabilities of $78.8M exceed all non-trust assets by approximately $77.7M, yielding stated shareholders' deficit of $77.6M. The working capital deficit disclosed in the filing is $74.7M. Under liquidation, the trust balance ($423.7M at amortized cost, fair value approximately $423.8M) is legally earmarked to public shareholders; recovery to the non-redeemable equity (founders, private placement) is zero or negative after paying face-value liabilities including the $75.6M subscription agreement liability, $3.0M deferred underwriting fee (disclosed but not separately tagged as a balance sheet liability in XBRL — referenced only in supplemental cash flow disclosures), accrued expenses of $80K, and any wind-up costs. Additional off-balance-sheet contingent obligations discussed in Note 6 but not balance-sheet-accrued as of December 31, 2025 include: $7.0M advisory fee payable to Citi upon closing, up to $3.0M incentive fee, approximately $2.6M in legal fees contingent on Business Combination, and $250K/quarter advisory fees to The Klein Group — none of these are reflected in the XBRL-tagged liability stack. The subscription agreement liability grew from $36.5M at September 30, 2025 (prior 10-Q) to $75.6M at December 31, 2025, a $39.1M increase in one quarter, driven by the modeled public share price rising from $12.86 to $15.60 and implied volatility spiking from 10% to 107%. This is the primary driver of the period net loss of $66.9M. The Business Combination closed post-period; this analysis reflects the balance sheet as filed.
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