Meet Infleqtion: The Sleeping Giant Quantum Stock Flying Under The Radar — For Now

Infleqtion, formerly ColdQuanta, is an under-the-radar quantum computing and sensing company set to go public in the coming weeks via SPAC merger with well-known Wall Street dealmaker Michael Klein’s Churchill Capital Corp X (NASDAQ:CCCX). Here’s everything you need to know.

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Infleqtion: The Best Quantum Play You’ve Probably Never Heard Of

Infleqtion focuses on quantum computing and sensing powered by neutral-atom technology. The company was built on Nobel prize-winning technology and has over 230 patents issued and pending.

The quantum startup makes quantum computers, precision sensors and quantum software for governments, enterprises and research institutions. Infleqtion has stated that it aims to translate quantum technology into solutions that expand human potential. The company’s current product portfolio consists of quantum computers (Sqale), quantum atomic clocks (Tiqker), RF receivers (Sqywire), as well as inertial navigation solutions, quantum cores and software.

Infleqtion has a technical team that is rooted in its founding at the University of Colorado, Boulder. Dana Anderson, founder and chief science officer, is a professor of physics at the university, who helped develop the first ultracold atom chip. Noah Fitch, VP of emerging tech, worked as a research assistant at the university while he was a graduate student.

Pranav Gokhale, co-founder and CTO, has an impressive background, having worked in multiple engineering and technical roles. In his early days, he also worked at the National Institute of Standards and Technology (NIST) and Federal Trade Commission (FTC). Mark Saffman, chief scientist for Quantum Information, was awarded the ninth Biennial John Stewart Bell Prize for Research on fundamental issues in quantum mechanics in December, 2025. He was also awarded the Norman F. Ramsey Prize by the American Physical Society a month earlier.

Infleqtion's team also includes more than 130 other PhD physicists and engineers — that's all on the technical side of the business. They’ve since teamed up with business leadership in their shift from ColdQuanta to Infleqtion. CEO Matt Kinsella was an early investor in the company. He's been an early investor in several companies including Hims & Hers. He was also managing director at "Tiger Cub" Lee Ainslie's hedge fund Maverick Capital for nearly 20 years.

Management momentum is building. In recent months, Infleqtion has continued to strengthen its team with the addition of Ilan Hart (former CFO of Amazon’s Zoox) as CFO, Jason Hall (former chief legal officer at Renesas Electronics) as chief legal officer, Navy veteran Chris Cook (formerly Saab) as VP of government affairs, Karl Pendergast (formerly Lockheed Martin, Northrop Grumman, NASA) as SVP and GM of its Quantum Sensing Solutions Group, Colin Sullivan, who currently serves as the UK National Air and Space Delegate to the NATO Industry Advisory Group, as managing director of Infleqtion UK and Dave Kresse (formerly Amazon Web Services) as VP of commercial solutions.

Infleqtion has investments from the U.S. and U.K. governments, including In-Q-Tel, the venture capital arm of the U.S. intelligence community. The quiet quantum giant also lists in its "Customers & Collaborators" section of its webpage Nvidia, JPMorgan, L3Harris, SentinelOne, SAIC, LG and more. It also names government arms such as the U.S. Army, Navy, Air Force, Department of Energy, Department of War, NASA, NIST and DARPA, as well as Japan Science and Technology Agency and UK Research and Innovation.

Infleqtion is currently working closely with Nvidia to accelerate hybrid quantum-classical computing by integrating its Sqale quantum computer with Nvidia’s CUDA-Q and NVQLink technology, an approach that could unlock quantum computing use cases sooner rather than later.

Quantum Computing vs Quantum Sensing

The key here is that it's not just quantum computing-focused, which may still be years away from legitimate use potential, but quantum sensing-focused, which can drive real revenues right now — and it is.

Infleqtion was awarded a $2 million contract with the U.S. Army in December 2025 to develop Secured AI for positioning at the edge, navigation and timing, and a $17 million R&D contract from NASA in September 2025. The company also received $6.2 million in funding from the Department of Energy's Advanced Research Projects Agency-Energy (ARPA-E) to develop quantum-enhanced solutions for energy grid optimization in March 2025 and $11 million in funding from the Department of Defense (now Department of War) in December 2024.

Quantum sensing refers to a class of technologies that use quantum mechanical effects to measure physical quantities with far greater precision and sensitivity than traditional sensors can achieve. Infleqtion announced a strategic partnership with Voyager a few months ago to integrate Infleqtion’s Tiqker quantum atomic clock aboard the International Space Station (ISS), enabling autonomous spacecraft coordination and secure communications across constellations.

Infleqtion is building a neutral atom quantum sensing platform in which atoms are cooled and manipulated using lasers to serve as the basis for measurement and timekeeping. The company is commercializing these capabilities so that quantum sensors can be deployed in real-world situations, especially in national security, aerospace and other critical infrastructure sectors where high precision and resilience are essential.

SPAC Merger Details

Infleqtion is a first mover in neutral-atom technology, which is recognized for scalability, flexibility and cost efficiency. Infleqtion has developed a practical, differentiated commercial platform designed to scale, and the company is entering the public realm to do just that.

Infleqtion will go public via special purpose acquisition company (SPAC) Churchill Capital Corp X in a deal valuing the quantum startup at $1.8 billion. Klein previously took Lucid public in 2021 via Churchill Capital IV. He also co-founded AltC Acquisition Corp with OpenAI’s Sam Altman, which took Oklo public in 2024.

The proposed merger is expected to generate gross proceeds of approximately $540 million, including more than $125 million of incremental capital raised through a common stock PIPE from existing and new institutional investors. 

Infleqtion’s joint registration statement on Form S-4 with Churchill Capital was declared effective by the SEC on Jan. 23. Churchill has scheduled its extraordinary general meeting for Feb. 12 to vote to approve the proposed business combination with Infleqtion. The merger is expected to close at the end of next week. The combined company will operate as “Infleqtion, Inc.” and is expected to be listed on the New York Stock Exchange under the ticker symbol “INFQ” on Feb. 17.

Comparing Infleqtion To Public Peers

Other public quantum plays include IonQ Inc (NYSE:IONQ) ($13 billion market cap), D-Wave Quantum Inc (NYSE:QBTS) ($7.5 billion), Rigetti Computing Inc (NASDAQ:RGTI) ($5.7 billion market cap) and Quantum Computing Inc (NASDAQ:QUBT) ($2.2 billion market cap), which all went public via SPAC.

As highlighted by Citron Research late last year, Infleqtion is trading at a sharp discount to peers because it’s being overlooked, but that isn’t likely to last for long. A $5 billion market cap would put it at approximately $19.61 per share, a $10 billion cap would put shares around $39.22 and a $13 billion cap, which is the current largest among public peers (IonQ), would put the share price around $51.

CCCX Price Action: Churchill Capital shares were up 5.59% at $11.34 at the time of publication on Friday, according to Benzinga Pro data.

Benzinga’s Take:

At current levels, it seems like it’s worth initiating a position for a long-term hold. Given the volatility often associated with SPAC mergers, it’s likely that you might be able to get in below the NAV floor ($10) after the merger, but don’t expect it to stay there for long.

If quantum technology ultimately proves to be the next major computing breakthrough, Infleqtion could be one of the rare names that turns early conviction into outsized returns. Unlike many speculative quantum plays, the company already has real customers, impressive management, Nvidia validation, government backing and revenue-generating use cases through quantum sensing, while retaining long-term upside. The combination of near-term traction with long-term optionality makes Infleqtion feel less like a moonshot and more like a calculated way to place a bet on the future of quantum technology.

Image: generated using AI via Gemini.

Disclosure: The author of this story owns shares of Churchill Capital Corp X.