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Quantum Computing Firm Infleqtion to Go Public via $1.8B SPAC Deal

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Infleqtion, a quantum computing and precision sensor company, announced Monday it will go public through a merger with Churchill Capital Corp X, a SPAC led by Wall Street dealmaker Michael Klein, valuing the startup at $1.8 billion pre-investment.

The transaction is expected to provide Infleqtion with over $540 million before costs, including $416 million from the SPAC’s trust account and more than $125 million in PIPE funding from investors such as Maverick Capital, Counterpoint Global, and Glynn Capital.

The merged company will list under the ticker “INFQ” on a North American exchange, with closing expected by late 2025 or early 2026.

Founded in 2007, Infleqtion has raised $283 million to date and employs about 185 staff. Its quantum systems and sensors are already in use by Nvidia, NASA, the U.S. Department of Defense, and the UK government. The company reported $29M in trailing 12-month revenue as of June 30 and projects $50M in booked and awarded business by end-2025.

Proceeds from the deal will accelerate product development and expand quantum applications in AI, national security, and space exploration.

Quantum peers IonQ, Rigetti, and D-Wave have also gone public via SPACs in recent years, though with mixed results amid challenges scaling the technology commercially. Infleqtion hopes its government partnerships and enterprise clients give it an edge in bridging R&D with practical deployment.

Autonomous Truck Startup Plus to Go Public in $1.2 Billion SPAC Deal Backed by Michael Klein

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Plus Automation, a self-driving truck startup, announced it will go public in the U.S. through a $1.2 billion merger with special purpose acquisition company (SPAC) Churchill Capital Corp IX, supported by seasoned Wall Street dealmaker Michael Klein. The transaction will provide Plus with $300 million in proceeds aimed at funding the commercial launch of its autonomous trucks scheduled for 2027.

The commercialization of autonomous trucking is accelerating, with industry players moving from ambitious promises to more cautious, incremental progress. U.S. truck operators, who handle most of the country’s freight, are increasingly adopting automation technologies to reduce costs amid driver shortages and rising demand for faster deliveries.

Regulatory changes are also aiding the adoption of self-driving trucks. The Trump administration had proposed exemptions from certain safety requirements and eased incident reporting rules, while in April, California suggested allowing testing of self-driving heavy-duty trucks and other large vehicles on public roads.

Plus’s new SPAC deal marks a comeback after a previous $3.3 billion blank-check merger plan was canceled more than four years ago during the SPAC boom. This time, the company is opting for a more modest valuation and funding amount.

Industry experts highlight that SPAC mergers offer a faster and often less expensive path to going public compared to traditional IPOs, which can be costly and complex.

Hyundai is among Plus’s customers, and the startup is currently conducting public road tests in Texas and Sweden, with additional fleet trials planned for fall 2025. Other players like Uber-backed Aurora Innovation are also testing self-driving trucks in Texas.

The deal is expected to close in the fourth quarter of 2025.

Infinite Reality Valued at $12.25 Billion After $3 Billion Fundraising

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Augmented reality startup Infinite Reality announced on Wednesday that it has raised $3 billion in a new funding round, bringing its valuation to $12.25 billion. The company did not disclose the identities of the investors involved but mentioned that the funds came from a “private investor whose portfolio focuses on global technology and real estate investments.”

Founded in 2019, Infinite Reality had previously attempted to go public via a special purpose acquisition company (SPAC), Newbury Street Acquisition, but the listing did not materialize. The company leverages immersive technologies to offer a range of services designed to enhance audience engagement and monetization for brands and creators.

Past backers of Infinite Reality include well-known companies like Live Nation, T-Mobile Ventures, RSE Ventures, and Lux Capital.