This Quantum Pure Play Is Going Public. What Infleqtion Does Differently, Says Its CEO.

Infleqtion, a Boulder, Colo.-based quantum computing company, intends to go public through a merger with a special purpose acquisition company. (Dreamstime)

The quantum computing market is sizzling, which makes it an ideal time for Infleqtion to go public.

The Boulder, Colo.-based startup said Monday that it had entered into an agreement to merge with Churchill Capital Corp X in a deal that values Infleqtion at $1.8 billion before new investment.

The merger with the publicly traded blank check company is expected to provide Infleqtion with more than $540 million. The deal includes co-investment from Maverick Capital, Counterpoint Global and Glynn Capital, and other institutional investors.

Once the deal is completed, Infleqtion will trade on either the New York Stock Exchange or Nasdaq under the ticker INFQ. CEO Matt Kinsella told Barron’s he expects all loose ends to be tied up by the end of the year, or 2026 at the latest.

Unlike other quantum CEOs with a background in science, Kinsella hails from the world of finance. He came to Infleqtion from Maverick Capital, a hedge fund firm with offices in New York and the Bay Area. During his time there, Kinsella developed an interest in quantum technology, which was still in the early innings.

“We were an evergreen fund, which means we could take really long-term bets, so I was thinking about the technologies that might change the world over the next 20 years. Which is sometimes too long of a window for you to be thinking about as a venture investor,” Kinsella explained.

One approach in particular caught his eye: the modality developed by professor Dana Anderson, who teamed up with two Nobel Prize-winning scientists at the University of Colorado Boulder to find ways to manipulate atoms with lasers. Anderson founded ColdQuanta in 2007, which later rebranded as Infleqtion. Today, he serves as chief science officer.

Kinsella came on board as an investor and board director in 2018, and assumed the role of CEO last April. “I saw a chance to build a quantum technology company where you could point this neutral atom engine at a few different near-term opportunities,” he said. “With those eight years of history in the rearview mirror, it’s been neat to see that the thesis really played out.”

Infleqtion’s quantum architecture centers on particles that are cooled to near absolute zero and controlled by lasers. The company’s approach to quantum differs from that of the players on the public market. While Infleqtion is also developing quantum computers, its focus is centered on quantum sensing technology, which ranges from highly accurate clocks to radio frequency receivers.

“We have a fundamentally different quantum modality, and that allows us to have more diversified revenue streams,” Kinsella said. The quantum clock, Tiqker, is its “most commercially robust product,” he added, with applications in areas including national defense.

“The world has become increasingly reliant on GPS. It synchronizes data centers, the grid, financial transactions,” Kinsella explained. “In a hot war, you can almost be certain the first thing that’s going to go is GPS, so the side that can navigate in that absence will have a huge tactical advantage.”

Russia, in particular, has been accused of carrying out a string of GPS-jamming operations since the invasion of Ukraine in 2022. Just last week, a plane carrying European Commission President Ursula von der Leyen was hit by electronic interference while crossing the Baltic Sea.

This focus on national security is evidenced by Infleqtion’s partnerships with the U.S. Department of Defense. In February, the company won an $11 million award related to its optical clock technology.

NASA is another notable collaborator. Through its work with the space agency, Infleqtion supplied an atomic system for the Cold Atom Lab on the International Space Station as part of NASA’s CRS 19 mission in 2018.

Another partner’s name has been making the rounds more and more within the quantum space —artificial-intelligence giant Nvidia . In 2024, Infleqtion used Nvidia’s CUDA-Q platform for a material science demonstration that was the first of its kind.

Like Nvidia boss Jensen Huang, Kinsella envisions a future where quantum and classical machines work closely together, through a model called hybrid computing. “It’s going to be very complimentary,” Kinsella explained. “Classical computers will continue to do a ton of things better than quantum computers.”

There are years to go before that dream is fully realized, but Kinsella is confident Infleqtion will be leading the charge. “That’s why we’re pursuing going public,” he said. “I’m here to build something big and lasting.”

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com