Why Infleqtion Merger Target Churchill Capital Stock Blasted 15% Higher Today
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The SPAC is a vehicle for a pure-play quantum company.Special purpose acquisition company (SPAC) Churchill Capital Corp X (CCCX +15.14%) was special to investors on Tuesday. The business set to merge into it (a trendy way to go public) reported some very encouraging news, leading investors to load up on the SPAC. Its price closed the day 15% higher. A SPAC in space The company maneuvering to park itself into Churchill Capital is Infleqtion, which has attracted notice as a differentiated, pure-play quantum computing business. Tuesday morning, Infleqtion announced that it has been selected as a collaborator on a mission headed by the federal government's National Aeronautics and Space Administration (NASA). Image source: Getty Images. In the company's words, the Quantum Gravity Gradiometer Pathfinder (QGGPf) mission "will fly the first quantum sensor capable of measuring the Earth's gravitational field and its gradients; signals that are used today to monitor mass dynamics on the planet's surface." The sensor's role will be to monitor dynamics across the Earth, measuring such factors as changes in water and land. Infleqtion added that by operating in a microgravity environment, the quantum sensor will have longer interaction times. This should improve the sensitivity of its measurements. ExpandNASDAQ: CCCXChurchill Capital XToday's Change(15.14%) $1.67Current Price$12.66Key Data PointsMarket Cap$573MDay's Range$12.01 - $13.6452wk Range$10.03 - $27.50Volume7.1MAvg Vol2.1M Reputation enhancer Infleqtion's role in the mission is, unsurprisingly, to design and integrate the quantum core of the sensor. It did not specify how much revenue it would earn from the project. Regardless, the tie-up with a major federal agency, and a high-profile one at that, will go far in burnishing the company's reputation as a go-to quantum partner.About the AuthorEric Volkman is a contributing Motley Fool finance and stock market analyst. Previously, Eric was an equities analyst at European investment bank Raiffeisen Capital and Investment. He’s also been a freelance finance writer since 1995. He studied at Susquehanna University.TMFVolkmanStocks MentionedChurchill Capital XNASDAQ: CCCX$12.66 (+15.14%) $+1.67*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.