Infleqtion, Inc.
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the central operating question is open: whether government development contracts can turn into a viable business is unproven — the annual report says so itself. Add a customer with an 82 percent revenue share and a revenue correction alongside material control weaknesses. Red would require a substance risk, and there is none: about $554 million of own funds with no debt last many years at the first-half 2026 burn rate, and per the company the correction concerned timing, not the existence of revenue. At about 49 times revenue the stock is still expensive. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Infleqtion is a textbook case of the telescope trap: technically and financially the company is on solid footing — about $554 million of its own funds, no debt and 30 logical qubits. But the business on the table is small ($41.1 million of revenue over four quarters), depends on one customer for 82 percent, runs heavy losses, and the accounting had to correct its quarterly numbers after five days. The stock trades at about 49 times revenue. Not investment advice.
Liquidity & balance sheet
$581.7 million in cash and securities, no bank debt, equity $574.4 million (06/30/2026); about $554 million of own funds after the $27.4 million of payroll tax to be remitted.
Technology & growth
30 logical qubits on Sqale (8-K of 09/24/2026); Q2 2026 revenue $13.5 million (+157%), 2026 outlook about $45.1 million.
Customer concentration
82% of Q2 2026 revenue from one customer, 92% from governments that, per the 2025 10-K, can terminate contracts at their convenience.
Losses & margin
Net loss of $54.4 million in H1 2026, Q2 2026 gross margin 16%; per the 10-K, significantly higher losses expected.
Financial reporting
Q2 2026 revenue corrected from $12.6 million to $13.5 million after five days, NT 10-Q of 08/17/2026, material control weaknesses expected to last into 2027 per the 10-Q.
Dilution & selling pressure
38.4 million potential new shares (06/30/2026), up to 121.8 million shares registered for resale (424B3 of 08/26/2026), insider sales in May 2026.
Worth Noting
Infleqtion made our research list via our in-house Reddit hype scanner (first recorded on October 28, 2026).
The 10-K for 2025 (03/31/2026) contains Infleqtion’s business description and risk factors but the financial statements of the shell Churchill Capital Corp X; the operating predecessor’s financial statements are in the 8-K/A of 03/31/2026. Revenue and losses for 2024/2025 in this analysis are the corrected figures from the 10-Q as of 06/30/2026.
2025 quarterly figures are derived from the corrected six-month, nine-month and full-year figures (10-Q as of 06/30/2026, Note 1 and statement of operations).
Market value calculated in-house: 225,357,052 shares (10-Q cover, 08/14/2026) × closing price $8.88 (10/30/2026). Cross-check: the price series shows exactly the $13.83 cited in the 424B3 on 08/25/2026; the gap to today’s value is the decline since then.
Insider sales summed from Form 4 filings: Maverick Capital about 16.8 million shares in May 2026 (filings of 05/26, 05/28 and 05/29/2026, including the 4/A amendment of 05/29/2026); Matthew Kinsella 769,954 shares on 05/22 and 05/26/2026.
Stock Watch
This analysis is as of October 31, 2026. Stock Watch will tell you what's changed at INFQ since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 7.40 $ to 19.90 $ · Last price: 8.70 $ (As of: November 12, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/12/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Infleqtion, Inc. INFQ | 1.9 | – | 0.0 | 29.0 | -354.9 | – | – |
| Microsoft Corporation MSFT | 3,816.5 | 32.3 | 17.6 | 67.7 | 46.3 | 14.9 | 3.2 |
| Palantir Technologies Inc. PLTR | 421.3 | 185.1 | 112.1 | 84.7 | 46.2 | 56.2 | -6.8 |
| Oracle Corporation ORCL | 367.4 | 21.2 | 12.9 | 64.0 | 36.2 | 17.4 | -43.3 |
| Palo Alto Networks Inc PANW | 263.0 | 255.1 | 184.2 | 70.4 | -2.5 | 14.9 | 53.6 |
| Crowdstrike Holdings Inc CRWD | 232.2 | – | 514.6 | 75.2 | -2.2 | 21.7 | 68.5 |
| Cloudflare Inc NET | 109.8 | – | 3,416.2 | 71.9 | -9.7 | 29.9 | 34.1 |
| Fortinet Inc FTNT | 93.2 | 45.5 | 28.1 | 79.8 | 31.3 | 14.2 | 57.7 |
| Synopsys Inc SNPS | 88.6 | 92.7 | 25.9 | 82.9 | 10.4 | 15.1 | 16.0 |
| Median of companies shown | 232.2 | 69.1 | 28.1 | 71.9 | 10.4 | 16.2 | 25.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2023 | 11 | -56 | -53 | -1.50 | -47 | -135 | 72 |
| 2024 | 29 | 0 | 0 | 0.00 | -32 | 0 | 0 |
| 2025 | – | -2 | -67 | -1.29 | -2 | 346 | 425 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2025: Q1 | – | – | 8 | – | -0.20 | -7 | -7 |
| 2026: Q1 | -0.26 | – | 10 | 13.90 | -319.90 | -19 | -20 |
| 2026: Q2 | -0.11 | – | 14 | – | -183.00 | 13 | 13 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.21 | -0.25 – -0.14 | 45 | – | 6 |
| 12/31/2027 | -0.24 | -0.30 – -0.15 | 56 | -14.5% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Infleqtion verkauft neben Quantensensoren und Quantencomputern das eigene KI-Softwarewerkzeug CML: Der Geschäftsbericht 2025 (10-K, Item 1 Business) beschreibt CML als „quanteninspiriertes klassisches KI-Werkzeug“, das im Abonnement angeboten wird, und der Quartalsbericht zum zweiten Quartal 2026 (10-Q) meldet einen Phase-II-Auftrag der US-Marine über 1,0 Millionen Dollar für die darauf aufbauende KI-Anwendung QuIRC zur Funksignalverarbeitung. KI ist damit nachweislich Teil des bezahlten Angebots, also gilt nach der Vorrang-Regel „verkauft“; einen gesonderten KI-Umsatz weist die Firma nicht aus, der Hauptumsatz kommt aus Regierungsaufträgen für Quantensensorik.
View the full file — quotes, sources, reviewed filings
„CML is a quantum-inspired classical AI tool designed to enhance performance in hybrid computing environments, especially for large-context, high-throughput workloads."
CML ist ein quanteninspiriertes klassisches KI-Werkzeug, das die Leistung in hybriden Rechenumgebungen verbessern soll, insbesondere bei Arbeitslasten mit großem Kontext und hohem Durchsatz.
10-K · 2026-03-31 · View SEC filing
„Both products are available via subscription, with optional customization and integration services."
Beide Produkte sind im Abonnement erhältlich, mit optionalen Anpassungs- und Integrationsleistungen.
10-K · 2026-03-31 · View SEC filing
„In February 2026, the U.S. Navy awarded us a $1.0 million Phase II contract to advance our Quantum-Inspired Rapid Context (“QuIRC”) machine learning software platform for RF signal processing. This AI application is powered by our patent-pending GPU-hosted CML technology, which applies quantum principles across machine learning models to capture contextual correlations across large datasets while significantly reducing computational and storage requirements."
Im Februar 2026 vergab die US-Marine an uns einen Phase-II-Auftrag über 1,0 Millionen Dollar, um unsere Software-Plattform für maschinelles Lernen „Quantum-Inspired Rapid Context“ („QuIRC“) zur Verarbeitung von Funksignalen weiterzuentwickeln. Diese KI-Anwendung beruht auf unserer zum Patent angemeldeten, auf Grafikprozessoren laufenden CML-Technologie, die Quantenprinzipien auf Modelle des maschinellen Lernens überträgt, um Zusammenhänge über große Datenmengen hinweg zu erfassen und dabei Rechen- und Speicherbedarf deutlich zu senken.
10-Q · 2026-08-18 · View SEC filing
Filings Reviewed: 10-Q 2026-08-18 · 10-Q 2026-05-15 · 10-K 2026-03-31
Rated on October 31, 2026 · How the Rating Is Built
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 39.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 39.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -19.3%
- ROCE > 15% -0.6%
- Expected return > 10% 38.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Nov 3, 2026 | Hart Ilan | Chief Financial Officer | Other | 24,365 | 8.88 | 216,361 |
| Aug 21, 2026 | Maverick Capital Ltd | Director | Sell | 164,824 | 13.02 | 2,146,008 |
| Aug 20, 2026 | Maverick Capital Ltd | Director | Other | 350,115 | 0.00 | – |
| Aug 19, 2026 | Maverick Capital Ltd | Director | Sell | 33,405 | 12.62 | 421,658 |
| Aug 14, 2026 | Maverick Capital Ltd | Director | Buy | 52,071 | 12.42 | 646,836 |
| Aug 13, 2026 | Maverick Capital Ltd | Director | Sell | 1,609 | 12.19 | 19,611 |
| Aug 11, 2026 | Maverick Capital Ltd | Director | Sell | 1,079 | 11.82 | 12,756 |
| Aug 10, 2026 | Maverick Capital Ltd | Director | Sell | 5,488 | 11.69 | 64,172 |
| Aug 7, 2026 | Maverick Capital Ltd | Director | Sell | 6,346 | 11.87 | 75,351 |
| Aug 6, 2026 | Maverick Capital Ltd | Director | Sell | 8,057 | 11.09 | 89,362 |
The company
About the Company
Infleqtion, Inc. ist in den Vereinigten Staaten, Europa und Asien mit der Entwicklung und Vermarktung von Quantentechnologieprodukten befasst. Es liefert Lösungen mit neutralen Atomen für Quantencomputing, Netzwerke, Sensorik und Sicherheit. Das Unternehmen bietet Quantensensorik, Quantencomputing und Software an; Quantenuhren und Quanten-RF-Sensoren; sowie Quanten-Trägheits- und Gravimetrie-Sensoren für GPS-freie Umgebungen an. Es bietet zudem Quantencomputing, kontextbezogenes maschinelles Lernen, Quantensoftware, die Tiqker-Atomuhr, den Quanten-RF-Empfänger, Trägheitssensorik sowie Quantum-Cores-Produkte an, sowie optische Quantenuhren, RF-Empfänger und Trägheitssensoren. Darüber hinaus bietet das Unternehmen Lösungen für nationale Sicherheit und Resilienz, Raumfahrt und Grenzbereiche, Energie- und Rohstofferkundung, KI und ML, Life Sciences und Wirkstoffforschung, Materialwissenschaft sowie Finanzen an. Es bedient Organisationen in den Bereichen nationale Sicherheit, kritische nationale Infrastruktur, wissenschaftliche Forschung, fortgeschrittenes Rechnen, Raumfahrt, Verteidigung, Energie, Finanzen und Telekommunikation. Das Unternehmen hieß früher ColdQuanta, Inc. und änderte im Januar 2026 seinen Namen in Infleqtion, Inc. Das Unternehmen wurde 2007 gegründet und hat seinen Hauptsitz in Louisville, Colorado.
- Employees
- 203
- Headquarters
- Louisville, CO
- Address
- 1315 West Century Drive, 80027 Louisville, United States
- Phone
- 303 440 1284
- Website
- infleqtion.com
- IPO Date
- 02/17/2026
- ISIN
- US45676K1034
Management
| Name | Title | Birth Year |
|---|---|---|
| Matthew John Kinsella | Founding Investor, CEO & Director | 1984 |
| Dana Z. Anderson | Co-Founder & Chief Science Officer | – |
| Pranav Gokhale | CTO & GM of Quantum Computing | 1994 |
| Paul Lipman | Chief Revenue Officer | 1970 |
| Ilan Hart | Chief Financial Officer | 1970 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: November 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.