Infleqtion
INFQ on NYSE. Infleqtion sells quantum computing systems and sensing technology to businesses and governments. Market value $2.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$12.54 a share, 47% above its 1-year low
Over the past year the price has ranged from $8.52 to $21.28.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | n/a |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.23bn |
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
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $14 million last quarter, up 157% on a year ago.
- A loss of $25 million, compared with a loss of $9 million a year ago.
- 1310% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| March 2025 | $8m |
| June 2025 | $5m |
| September 2025 | $7m |
| December 2025 | $10m |
| March 2026 | $9m |
| June 2026 | $14m |
| Quarter to | Amount |
|---|---|
| March 2025 | -$6m |
| June 2025 | -$9m |
| September 2025 | -$33m |
| December 2025 | -$11m |
| March 2026 | -$30m |
| June 2026 | -$25m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 17 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 260 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $27m | <0.1% | New |
Largest holders overall
- S&G Foundation$154mNew
- BlackRock$120mNew
- Penserra Capital Management$65mNew
- Defiance ETFs$64mNew
- Glynn Capital Management$57mNew
- Morgan Stanley$45mAdded
- Geode Capital Management$43mNew
- UBS Group AG$42mAdded
- Vanguard Capital Management$42mNew
- State Street$35mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- Churchill Sponsor X LLCInsider or founderat least 20.4%0.0 pts(filed with 1 related holder)Since 8 September 2025
What they said
Merger Agreement As disclosed in the Current Report on Form 8-K filed by the Churchill Capital Corp X (the "Issuer") on September 8, 2025, the Issuer entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") by and among the Issuer, AH Merger Sub…
Read the filing - BOKA Group Holdings I LPPassive investorat least 5.8%(filed with 2 related holders)Since 17 February 2026
- S&G FoundationPassive investor5.3%Since 4 June 2026
- Churchill Sponsor X LLCInsider or founderat least 4.9%−15.5 pts(filed with 2 related holders)Since 12 February 2026
What they said
The following amends and restates the information set forth in Item 4 of Amendment No. 1 by adding the following at the end thereof: Pursuant to the Merger Agreement, the Domestication and the Mergers were completed on February 12 and February 13, 2026, respectively. Prior to…
Read the filing - MMCAP International Inc. SPCPassive investorat least 4.8%−0.7 pts(filed with 1 related holder)Since 30 June 2025
- Sculptor Capital LPPassive investorat least 4.3%−1.7 pts(filed with 6 related holders)Since 30 June 2025
- Fort Baker Capital Management LPPassive investorat least 4.1%−2.3 pts(filed with 2 related holders)Since 30 September 2025
- Kenneth GriffinPassive investorat least 3.9%−1.4 pts(filed with 6 related holders)Since 31 December 2025
- Maverick Capital, Ltd.Passive investorat least 3.6%−5.6 pts(filed with 14 related holders)Since 21 May 2026
- Barclays PLCPassive investorSold down below 5%Since 31 December 2025
- Merus Global Investments, LLCPassive investorSold down below 5%Since 1 October 2025
- W. Grant DollensPassive investorSold down below 5%Since 8 June 2026
- Tyler BrousPassive investorSold down below 5%Since 22 April 2026
- Empyrean Capital Partners, LPPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Churchill Sponsor X LLC Insider or founder | at least 20.4%0.0 pts (filed with 1 related holder) | 8 September 2025 | What they saidMerger Agreement As disclosed in the Current Report on Form 8-K filed by the Churchill Capital Corp X (the "Issuer") on September 8, 2025, the Issuer entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") by and among the Issuer, AH Merger Sub… Read the filing |
BOKA Group Holdings I LP Passive investor | at least 5.8% (filed with 2 related holders) | 17 February 2026 | |
S&G Foundation Passive investor | 5.3% | 4 June 2026 | |
Churchill Sponsor X LLC Insider or founder | at least 4.9%−15.5 pts (filed with 2 related holders) | 12 February 2026 | What they saidThe following amends and restates the information set forth in Item 4 of Amendment No. 1 by adding the following at the end thereof: Pursuant to the Merger Agreement, the Domestication and the Mergers were completed on February 12 and February 13, 2026, respectively. Prior to… Read the filing |
MMCAP International Inc. SPC Passive investor | at least 4.8%−0.7 pts (filed with 1 related holder) | 30 June 2025 | |
Sculptor Capital LP Passive investor | at least 4.3%−1.7 pts (filed with 6 related holders) | 30 June 2025 | |
Fort Baker Capital Management LP Passive investor | at least 4.1%−2.3 pts (filed with 2 related holders) | 30 September 2025 | |
Kenneth Griffin Passive investor | at least 3.9%−1.4 pts (filed with 6 related holders) | 31 December 2025 | |
Maverick Capital, Ltd. Passive investor | at least 3.6%−5.6 pts (filed with 14 related holders) | 21 May 2026 | |
Barclays PLC Passive investor | Sold down below 5% | 31 December 2025 | |
Merus Global Investments, LLC Passive investor | Sold down below 5% | 1 October 2025 | |
W. Grant Dollens Passive investor | Sold down below 5% | 8 June 2026 | |
Tyler Brous Passive investor | Sold down below 5% | 22 April 2026 | |
Empyrean Capital Partners, LP Passive investor | Sold down below 5% | 31 December 2025 |
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 $646,836 of shares on the open market. 6 sold $541m.
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 21 August 2026
- Shares
- 164,824
- Price
- $13.02
- Value
- $2m
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 19 August 2026
- Shares
- 33,405
- Price
- $12.62
- Value
- $421,658
- MAVERICK CAPITAL LTDDirectorBought
- Date
- 14 August 2026
- Shares
- 52,071
- Price
- $12.42
- Value
- $646,836
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 13 August 2026
- Shares
- 1,609
- Price
- $12.19
- Value
- $19,611
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 11 August 2026
- Shares
- 1,079
- Price
- $11.82
- Value
- $12,756
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 10 August 2026
- Shares
- 5,488
- Price
- $11.69
- Value
- $64,172
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 7 August 2026
- Shares
- 6,346
- Price
- $11.87
- Value
- $75,351
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 6 August 2026
- Shares
- 8,057
- Price
- $11.09
- Value
- $89,362
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 5 August 2026
- Shares
- 1,324
- Price
- $10.88
- Value
- $14,407
- MAVERICK CAPITAL LTDDirectorSold
- Date
- 4 August 2026
- Shares
- 28,168
- Price
- $11.44
- Value
- $322,239
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 164,824 | $13.02 | $2m |
| 19 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 33,405 | $12.62 | $421,658 |
| 14 August 2026 | MAVERICK CAPITAL LTD Director | Bought | 52,071 | $12.42 | $646,836 |
| 13 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 1,609 | $12.19 | $19,611 |
| 11 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 1,079 | $11.82 | $12,756 |
| 10 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 5,488 | $11.69 | $64,172 |
| 7 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 6,346 | $11.87 | $75,351 |
| 6 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 8,057 | $11.09 | $89,362 |
| 5 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 1,324 | $10.88 | $14,407 |
| 4 August 2026 | MAVERICK CAPITAL LTD Director | Sold | 28,168 | $11.44 | $322,239 |
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 Infleqtion’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 31 Mar 2026, plus the 10-Q filed 18 Aug 2026 and 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on such evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses described below.”
Show the full paragraph
Our management, with the participation of our principal executive officer and our principal financial officer, has evaluated our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report. Based on such evaluation, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses described below.
From the 10-Q filed 18 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“Withum was dismissed on March 31, 2026, upon completion of its audit services.”
From an 8-K filed 31 March 2026: Change of auditor. 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
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
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
Your first deep dive is free.
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.