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Churchill Capital Corp XI

CCXI on Nasdaq. Churchill Capital Corp XI sells shares to the public to raise money for buying a business. Market value $423m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
n/a

We could not compute this from the filings.

Price to profit
n/a

The filings do not give us enough to work this out.

Return on capital
n/a

The filings do not give us enough to work this out.

Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.

$12.07 a share, 20% above its 1-year low

Over the past year the price has ranged from $10.07 to $19.69.

Prices from Monday’s close (5 October).

Five years of cash, in billions

Five-year fundamentals are not available yet.

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)Not enough data
  • Profit backed by cash (accruals)Not enough data
  • DebtUnknown
  • Revenue growth, five yearsUnknown

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 March 2026
Next quarterly (estimated, 10-Q)
12 November 2026

Who owns it

1 long-term investor we follow owns it, up from 0 last quarter. 72 funds in all.

Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

9 investors own more than 5%.

  • Churchill Sponsor XI LLC
    Insider or founder
    at least 25.7%+0.0 pts
    (filed with 2 related holders)
    Since 24 June 2026
    What they said

    Merger Agreement As disclosed in the Current Report on Form 8-K filed by the Issuer on June 24, 2026, the Issuer entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") by and among the Issuer, BLB Merger Sub, Inc., a Delaware corporation and…

    Read the filing
  • Michael Klein
    Blank-check company sponsor
    at least 25.7%
    (filed with 1 related holder)
    Since 18 December 2025
    What they said

    In connection with the organization of the Issuer, on June 4, 2025, 8,625,000 Class B Ordinary Shares (the "Founder Shares") were purchased by the Sponsor for the amount of $25,000, pursuant to a Securities Subscription Agreement, dated as of June 4, 2025, by and between the…

    Read the filing
  • at least 7.5%−0.8 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • at least 5.6%
    (filed with 1 related holder)
    Since 26 June 2026
  • Huang Rich
    Passive investor
    at least 5.1%
    (filed with 2 related holders)
    Since 13 July 2026
  • at least 4.8%−0.6 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • MAGNETAR FINANCIAL LLC
    Passive investor
    at least 4.6%−1.9 pts
    (filed with 3 related holders)
    Since 30 June 2026
  • at least 3.6%−1.7 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Adage Capital Management, L.P.
    Passive investor
    at least 1.9%−4.6 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • Sold down below 5%
    Since 30 June 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $5m of shares on the open market.

  • Klein Michael Stuart
    See Remarks, Director
    Bought
    Date
    18 December 2025
    Shares
    500,000
    Price
    $10.00
    Value
    $5m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Churchill Capital Corp XI’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 4 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “Management has determined that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern.”
    Show the full paragraph
    Moreover, the Company will need to obtain additional financing either to complete its Business Combination or because the Company becomes obligated to redeem a significant number of Public Shares upon completion of the Business Combination, in which case the Company may issue additional securities or incur debt in connection with such Business Combination. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. Management has determined that the liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts of assets or liabilities. Management intends to complete a Business Combination within the Combination Period.

    From the 10-Q filed 13 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.