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Who is behind CCCX? Churchill Capital (Michael Klein)

The people who set Churchill Capital Corp X up, what they have done before, and what happened to the shareholders who backed their earlier vehicles — every outcome cited to an SEC filing.

46/100Weak recordhigh confidence

Post-close outcome quality: 5 priced deSPACs vs trust value (prior vehicles against the $10.00 IPO baseline, in-DB vehicles against the trust they filed): median -90%, 1/5 still worth at least half of trust, 3 at under a tenth of it. Worst: SKIL -96%. Best: INFQ +29%. 2 other completion(s) not priced (2 no stored price) — left OUT of the ratio, not guessed.

Weak record · high confidence — the same inputs always produce the same score.

Track record

The fleet this sponsor runs today, and the SEC-verified fate of every prior vehicle we have traced.

Churchill Capital (Michael Klein)
15 vehicles · 9 prior · 7 completed · 1 in deal · 2 searching · 4 liquidated · 1 terminated · 2 deSPACs not comparable to NAV (2 no price)
Prior vehicles (SEC-verified — 9)

Churchill Capital — Michael Klein's platform. Prior-vehicle track record (SEC-verified): (1) Churchill Capital Corp I COMPLETED → Clarivate Analytics (CLVT, 2019; confirmed via joint 425 filings). (2) Churchill II COMPLETED → Skillsoft (SKIL, NYSE). (3) Churchill III COMPLETED → MultiPlan, now Claritev (CTEV, NYSE). (4) Churchill IV COMPLETED → Lucid Group (LCID, Nasdaq). (5) Churchill X COMPLETED → Infleqtion (INFQ, 2026). LIQUIDATED (25-NSE + 15-12G): Churchill V (2023), Churchill VI (2023), Churchill VII (CorpAcq deal DEFM14A 2024-06 collapsed, liquidated 25-NSE 2024-08). Net: 5 completed deSPACs, 3 liquidations; headline win Lucid. Mixed post-close. Sources: SEC EDGAR submissions API (formerNames) + full-text search, efts.sec.gov. — research profile — Churchill Capital is one of the most prolific SPAC platforms in the market, founded and led by Michael Klein, a veteran dealmaker and former Citigroup executive who spent more than two decades at Citi and its predecessors, ultimately running the institutional clients group. Klein serves as Chairman, CEO, and President across the Churchill vehicles, and is also the founder and Managing Partner of M. Klein and Company, a New York-based merchant bank he established in 2012 that has advised on transactions valued in excess of $1 trillion. He is joined by CFO Jay Taragin, who also serves as CFO of M. Klein and Company. Klein's advisory relationships are a structural differentiator: the merchant bank earns fees from sovereigns and corporates—including a notable role advising Saudi Aramco on its $100 billion downstream restructuring—while deploying SPAC capital into affiliated transactions, creating a proprietary deal-sourcing pipeline unavailable to most financial sponsors. Klein has personally structured more SPACs than any other individual sponsor, with the Churchill series beginning in 2018 and spanning at least thirteen vehicles that have collectively raised billions of dollars. Klein's track record across completed de-SPAC transactions is mixed but includes several high-profile deals. Churchill Capital Corp I merged with Clarivate in 2019 in a $4.2 billion combination, and Churchill Capital Corp III merged with MultiPlan (now Claritev, NYSE: CTEV) in 2020, which has returned approximately 75% from its $10 offer price. The most widely known deal, Churchill Capital Corp IV's $11.75 billion merger with EV maker Lucid Motors (LCID) in 2021, has been a significant laggard, trading roughly 41% below its offer price. Churchill Capital Corp X merged with quantum computing developer Infleqtion (INFQ) in February 2026, up approximately 33%, and AltC Acquisition merged with SMR developer Oklo (OKLO) in 2024. Churchill Capital XI, which raised an upsized $414 million in December 2025, has announced a pending $2.5 billion merger with Agility Robotics, while Churchill Capital IX has a pending merger with autonomous trucking software developer PlusAI. On the negative side, Churchill Capital Corps V, VI, and VII all liquidated without completing a business combination, representing a notable failure rate among the middle-numbered vehicles. Klein has also led the creation of seven NYSE-listed companies—Clarivate, MultiPlan, Skillsoft, and four Churchill entities—valued in excess of $35 billion. The most recent vehicles continue Klein's pattern of upsized, sector-agnostic raises with Citi as sole bookrunner. Churchill Capital XII priced an upsized $360 million IPO in April 2026, and Churchill Capital XIII followed with another upsized $360 million offering in August 2026 (up from a planned $300 million), trading on Nasdaq under XIIIU. Klein disclosed a 25.47% stake in Churchill XIII through Churchill Sponsor XIII LLC, comprising 13.8 million Class B founder…

Full sponsor record →

The full Churchill Capital (Michael Klein) profile

Why the sponsor matters

The thirty-second version, for anyone who has never traded a SPAC.

A SPAC is an empty listed company; the sponsor is the only substance it has before a deal. They pick the target, negotiate the terms, and typically hold founder shares — equity they received nearly free — which pay off for them even in deals that lose public holders money. A sponsor’s prior vehicles are the closest thing to evidence about how this one ends.

How the founder-share incentive works is covered in our plain-English guide to the sponsor promote.

In plain English

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.