Infleqtion to go public in SPAC deal valuing quantum computing firm at $1.8 billion

(Reuters) - Infleqtion will go public through a merger with a blank-check company, led by veteran Wall Street dealmaker Michael Klein, valuing the quantum computing startup at $1.8 billion before new investment, the companies said on Monday.

The merger with special purpose acquisition company (SPAC) Churchill Capital Corp X is expected to provide Infleqtion with more than $540 million before costs, including a co-investment from institutional investors such as Maverick Capital, Counterpoint Global and Glynn Capital.

Infleqtion, which builds quantum computers and precision sensors, said proceeds would accelerate product development and expand applications in areas such as artificial intelligence, national security and space.

The combined company is expected to list under the ticker "INFQ" on a North American exchange.

SPAC mergers hit record levels in 2020 and 2021, with several Wall Street heavyweights - including billionaire investors Bill Ackman and Klein - betting on them as the next big trend in listings.

(Reporting by Jaspreet Singh in Bengaluru; Editing by Anil D'Silva)