v3.26.1
Business Combination
 3 Months Ended
Mar. 31, 2026
Business Combination [Line Items]  
Business Combination
3. Business Combination
On February 13, 2026, CCX consummated the Business Combination with Legacy Infleqtion pursuant to the Merger Agreement dated September 8, 2025. At the Closing of the Business
Combination, each issued and outstanding share of Legacy Infleqtion common stock, preferred stock and restricted stock was automatically surrendered and exchanged for the right to receive shares of CCX common stock, par value $0.0001 per share, based on the Exchange Ratio, representing the Company’s Common Stock after the Closing. Immediately following the Business Combination, there were 216,471,927 shares of the Company’s Common Stock and 10,424,967 warrants
outstanding.
 
Substantially concurrently with the Closing, pursuant to the subscription agreements entered into on September 8, 2025, by and among CCX and certain investors (collectively, the “PIPE Investors”), the Company issued and sold to the PIPE Investors an aggregate of 12,654,760 shares of the Company’s Common Stock for an aggregate purchase price of $126.5 million.
The following table summarizes the proceeds from the Business Combination for the three months ended March 31, 2026 (in
thousands
):
 
Cash - CCX trust and cash, net of redemptions and SPAC service provider fees
    $ 401,618  
Cash - PIPE investors
      126,548  
  
 
 
  
Proceeds from Business Combination, net of redemptions
   
$
 528,166  
Less: equity issuance costs paid at closing
      (1,804 ) 
Less: equity issuance costs incurred prior to closing
      (7,494 ) 
Net cash from the Business Combination recorded on the condensed consolidated stockholders’ equity (deficit)
   
$
518,868
 
  
 
 
  
The number of shares of Common Stock issued immediately following the consummation of the Business Combination:
 
    
Number of
Shares
  
Legacy Infleqtion stockholders
      151,804,988  
Founder Shares
      10,650,000  
CCX public stockholders
      41,362,179  
PIPE Investors
      12,654,760  
  
 
 
  
Total shares of Common Stock immediately after Business Combination
   
 
216,471,927
 
  
 
 
  
 

Transaction Costs
Transaction costs consisted of direct legal, consulting, audit-related and other professional fees related to the consummation of the Business Combination. Upon the Closing, total transaction costs directly related to the issuance of shares of Common Stock totaling $9.3 million were recognized as a reduction of additional
paid-in
capital. Of these costs, $7.5 million were previously incurred by Legacy Infleqtion and capitalized as deferred offering costs and recorded in prepaid expenses and other current assets on the consolidated balance sheets. Certain other costs associated with the Business Combination of $11.5 million did not qualify for capitalization and were expensed as selling, general and administrative expenses in the condensed consolidated statement of operations and comprehensive loss during the three months ended March 31, 2026.