v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Incentive Plan
Prior to the Closing, Legacy Infleqtion maintained its 2017 Stock Incentive Plan (the “2017 Plan”), under which it granted stock options and restricted stock awards to purchase or directly issue shares of common stock to employees, officers, directors, consultants and advisors. Upon the Closing, outstanding awards under the 2017 Plan were assumed by the Company and converted into awards exercisable for shares of the Company’s Common Stock using the Exchange Ratio. Prior to the Closing 53,165,588 shares of common stock were reserved for issuance under the 2017 Plan. No new awards may be granted under the 2017 Plan following the Closing.
On February 12, 2026, the Company’s stockholders approved the Infleqtion, Inc. 2026 Equity Incentive Plan (the “2026 Plan”), which was ratified by the Board on February 13, 2026. The 2026 Plan permits the granting of stock options, restricted stock awards and other equity-based awards to employees, directors, and consultants. As of June 30, 2026, 33,419,882 shares of common stock were reserved for issuance under the 2026 Plan.
Stock Options
The following table summarizes the Company’s stock option activity (in thousands, except share and per share amounts):
Number of
Options		Weighted Avg
Exercise Price		Weighted Avg
Remaining
Contractual Life
(Years)		Aggregate
Intrinsic Value
(in thousands)
Outstanding as of December 31, 202531,294,637$0.66 6.29$203,535 
Granted5,577,01713.21 
Exercised(9,322,163)0.51 
Forfeited/Cancelled(507,472)9.42 
Outstanding as of June 30, 202627,042,019$3.14 7.34$275,706 
As of June 30, 2026
Exercisable17,975,356$0.92 6.55$222,895 
The Company has elected to account for forfeitures as they occur. Accordingly, the total number of options, weighted average exercise price, weighted average remaining contractual life, and aggregate intrinsic value of options vested and expected to vest were the same as those of the options outstanding as of June 30, 2026. The aggregate intrinsic value in the table above represents the difference between the exercise price of the underlying stock options and the fair value of the Company’s Common Stock for the respective date. The total intrinsic value of options exercised during the six months ended June 30, 2026 was $124.5 million. The total grant date fair value of options vested during the six months ended June 30, 2026 was $6.3 million.
Restricted Stock
During the six months ended June 30, 2026, certain restricted shares issued in connection with the Morton Acquisition vested upon the achievement of specified contingent payment milestones. See Note 9 - Commitments and Contingencies for additional information regarding the contingent payment arrangement.
The table below presents the activity of the RSAs:
RSAs
Outstanding		Weighted Average
Grant Date Fair
Value
Unvested as of December 31, 2025419,590$0.89 
Granted—— 
Vested(179,825)0.89 
Forfeited—— 
Unvested as of June 30, 2026239,766$0.89 
During the six months ended June 30, 2026, the Company issued RSUs to certain employees and non-employees that have service-based vesting conditions.

The table below presents the activity of the RSUs:

RSUs
Outstanding		Weighted Average
Grant Date Fair
Value
Unvested as of December 31, 2025—$— 
Granted743,74012.49 
Vested(15,462)12.41 
Forfeited—— 
Unvested as of June 30, 2026728,278$12.49 

Compensation Cost
Total stock-based compensation expense is included within the condensed consolidated statement of operations and comprehensive loss as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$1,821 $109 $2,838 $201 
Research and development4,820 116 7,234 188 
Selling, general and administrative5,425 544 10,287 1,498 
Total stock-based compensation expense$12,066 $769 $20,359 $1,887 
Unvested Stock Options and Restricted Stock
As of June 30, 2026, unrecognized stock-based compensation expense related to unvested stock option awards was $40.1 million, which the Company expects to recognize over a weighted-average period of 1.8 years. Unrecognized stock-based compensation expense related to unvested RSUs was $7.6 million as of June 30, 2026 and is expected to be recognized over a weighted average period of 1.7 years. Unrecognized stock-based compensation expense related to unvested RSAs as of June 30, 2026 was nil. The remaining unvested restricted awards relate to the Morton Acquisition and are not recognized as compensation expense. See Note 9 - Commitments and Contingencies for additional information regarding the contingent obligation.