Infleqtion, a pioneering firm in quantum information technology based in Boulder, is set to merge with Churchill Capital Corp X (NASDAQ: CCCX), a special purpose acquisition company (SPAC). This strategic move aims to propel the company into public markets amidst a robust effort to commercialize its cutting-edge technology.
“We have reached a critical inflection point in our journey from R&D to commercialization, and this partnership is a testament to our team’s incredible work,” stated Infleqtion CEO Matt Kinsella in a prepared statement. “As we move from successful pilots to full-scale production for our leading customers, this partnership with Churchill provides us with the additional capital and strategic expertise required to accelerate commercialization, expand our market leadership, and meet the rapidly growing demand for quantum solutions across AI, national security, and space.”
This merger comes on the heels of Infleqtion raising $100 million in a Series C funding round over the summer. Kinsella joined the company early last year, shortly before securing over $10 million from various investors. With local offices in Louisville and Boulder, Infleqtion had previously raised $110 million in a Series B round during 2022, aimed specifically at kickstarting the commercialization of its quantum technologies.
Infleqtion, which operates under the trade name ColdQuanta Inc., specializes in developing advanced quantum technologies using neutral atom methodologies to create quantum computers, quantum clocks, RF receivers, and inertial sensors. As of June, the company reported selling three quantum computers and hundreds of quantum sensors, generating approximately $29 million in trailing twelve-month revenue.
The firm, which values itself at $1.8 billion, anticipates that the go-public merger will produce $540 million in proceeds. This funding will be crucial in bolstering the company’s balance sheet, expediting technology development, broadening product applications, and enhancing customer adoption.
Infleqtion employs around 180 people, with roughly 100 based in Colorado. The company operates two primary facilities in Boulder and Louisville, each encompassing about 20,000 square feet. The Boulder location houses its quantum computer, while the Louisville office serves as the hub for Infleqtion’s Tiqker quantum-timekeeping technology. In addition to its operations in Colorado, the company has satellite offices in Chicago, Madison, Wisconsin, Australia, and the United Kingdom.
Quantum theory plays a pivotal role in understanding the behavior of matter at atomic and subatomic levels. By leveraging unique properties of quantum systems, such as superposition, quantum computers can achieve exponentially superior computing power compared to traditional computers.
The implications of quantum science are vast, with the potential to transform various fields. Applications range from discovering new drug therapies and mapping the cosmos to enhancing data security, addressing climate change, and even identifying new life forms in deep space.
Boulder Valley has emerged as a global hub for quantum research over recent decades, bolstered by the presence of the University of Colorado Boulder’s physics department, the National Institute of Standards and Technology, and JILA. The region’s quantum ecosystem recently received a significant boost when the U.S. Department of Commerce’s Tech Hub program awarded Elevate Quantum — a nonprofit consortium with about 100 stakeholders from industry, academia, and laboratories in Colorado and New Mexico — a Phase 2 Tech Hub designation. This initiative unlocked $127 million in state and federal funds, projected to attract several billion dollars more in private investments into the regional quantum industry.
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