v3.26.1
Business Combination
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination 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 six months ended June 30, 2026 (in thousands):
Cash - CCX trust and cash, net of redemptions and SPAC service provider fees$401,618 
Cash - PIPE investors126,548 
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 stockholders151,804,988
Founder Shares10,350,000
CCX private placement shares300,000
CCX public stockholders41,362,179
PIPE Investors12,654,760
Total shares of Common Stock immediately after Business Combination216,471,927
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. 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 six months ended June 30, 2026.