Exhibit 99.2 to go public in partnership with CHURCHILL CAPITAL CORP X (NASDAQ: CCCX) Full-spectrum quantum built on neutral atoms Redefining what’s possible in quantum computing and precision sensing Investor Presentation September 2025

About this presentation This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a business combination (the “proposed transaction”) between ColdQuanta, Inc. (“Infleqtion”) and Churchill Capital Corp X (“Churchill X” and “CCCX”) and related transactions and for no other purpose. The information contained herein does not purport to be all inclusive and none of Infleqtion, Churchill X nor any of their respective affiliates, directors, officers, employees or advisers or any other person has independently verified the information in this presentation and no representation or warranty, express or implied, is or will be given any such person as to the accuracy or completeness of information in this presentation. To the fullest extent permitted by law, in no circumstances will Infleqtion, Churchill X or any of their respective subsidiaries, interest holders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Recipients of this presentation are not to construe its contents, or any prior or subsequent communications from or with Infleqtion, Churchill X or their respective representatives, as investment, legal or tax advice. In addition, this presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Infleqtion, Churchill X or the proposed transaction. Recipients of this presentation should each make their own evaluation of Infleqtion, Churchill X and the proposed transaction and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Forward-Looking Statements This communication includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. We have based these forward-looking statements on current expectations and projections about future events. These statements include: projections of market opportunity and market share; estimates of customer adoption rates and usage patterns; projections regarding Infleqtion’s ability to commercialize new products and technologies; projections of development and commercialization costs and timelines; expectations regarding Infleqtion’s ability to execute its business model and the expected financial benefits of such model; expectations regarding Infleqtion’s ability to attract, retain, and expand its customer base; Infleqtion’s deployment of proceeds from capital raising transactions; Infleqtion’s expectations concerning relationships with strategic partners, suppliers, governments, state-funded entities, regulatory bodies and other third parties; Infleqtion’s ability to maintain, protect, and enhance its intellectual property; future ventures or investments in companies, products, services, or technologies; development of favorable regulations affecting Infleqtion’s markets; the successful consummation and potential benefits of the proposed transaction and expectations related to its terms and timing; and the potential for Infleqtion to increase in value. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Infleqtion and Churchill X. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Infleqtion is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Infleqtion’s historical net losses and limited operating history; Infleqtion’s expectations regarding future financial performance, capital requirements and unit economics; Infleqtion’s use and reporting of business and operational metrics; Infleqtion’s competitive landscape; Infleqtion’s dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Infleqtion’s ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Infleqtion’s reliance on strategic partners and other third parties; Infleqtion's concentration of revenue in contracts with government or state-funded entities; Infleqtion’s ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption, and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; the combined company’s ability to maintain internal control over financial reporting and operate a public company; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction; the risk that shareholders of Churchill X could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against Infleqtion or Churchill X; failure to realize the anticipated benefits of the proposed transaction; the ability of Churchill X or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Churchill X’s filings with the U.S. Securities and Exchange Commission (“SEC”). Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Infleqtion, Churchill X or the combined company resulting from the proposed transaction with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Infleqtion’s and Churchill X’s management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Infleqtion and Churchill X may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon these statements. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this presentation, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. An investment in Churchill X is not an investment in any of our founders’ or sponsors’ past investments, companies or affiliated funds. The historical results of those investments are not indicative of future performance of Churchill X, which may differ materially from the performance of our founders’ or sponsors’ past investments. Churchill Capital 2

About this presentation Additional Information About the Proposed Transaction and Where to Find It The proposed transaction will be submitted to shareholders of Churchill X for their consideration. Churchill X intends to file a registration statement on Form S-4 (the “Registration Statement”) with the SEC, which will include a proxy statement/consent solicitation statement to be distributed to Churchill X’s shareholders in connection with Churchill X’s solicitation for proxies for the vote by Churchill X’s shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Infleqtion’s shareholders in connection with the completion of the proposed transaction. After the Registration Statement has been filed and declared effective, a definitive proxy statement/prospectus/consent solicitation statement and other relevant documents will be mailed to Churchill X and Infleqtion shareholders as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Churchill X and Infleqtion shareholders and other interested persons are advised to read, once available, the definitive proxy statement/prospectus/consent solicitation statement, as well as other documents filed with the SEC by Churchill X in connection with the proposed transaction, as these documents will contain important information about Churchill X, Infleqtion and the proposed transaction. Shareholders may obtain a copy of the definitive proxy statement/prospectus/consent solicitation statement, once available, as well as other documents filed by Churchill X with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to Churchill Capital Corp. X, 640 Fifth Avenue, 12th Floor, New York, NY 10019. Participants in the Solicitation Churchill X, Infleqtion and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Churchill X’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Churchill X’s shareholders in connection with the proposed transaction will be set forth in proxy statement/prospectus/consent solicitation statement when it is filed by Churchill X with the SEC. You can find more information about Churchill X’s directors and executive officers in Churchill X’s final prospectus related to its initial public offering filed with the SEC on May 13, 2025 and in the Quarterly Reports on Form 10-Q filed by Churchill X with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus/consent solicitation statement when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus/consent solicitation statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources described above. No Offer or Solicitation This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. Non-GAAP Financial Measures In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation includes certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP. These non-GAAP measures have limitations as analytical tools, and they should be considered in addition to, and not in isolation from or as a substitute for, analysis of other GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included at the end of this presentation. No Incorporation by Reference The information contained in the third-party citations and websites referenced in this communication is not incorporated by reference into this communication. Trademarks This presentation contains trademarks, service marks, trade names and copyrights of Infleqtion, Churchill X, and other companies, each of which are the property of their respective owners. All third-party brand names and logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any endorsement of Churchill X, Infleqtion or the proposed transaction. Risk Factors For a description of certain risks relating to Infleqtion, including its business and operations, and to the proposed transaction, we refer you to “Risk Factors” at the end of this presentation. Use of Data Information in this presentation is based on data and analyses from various sources as of September 5, 2025, unless otherwise indicated. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. These estimates and other statistical data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates and other statistical data. We have not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, we cannot guarantee their accuracy or completeness. In addition, expectations, assumptions, estimates and projections of the future performance of relevant markets in which Infleqtion operates are necessarily subject to a high degree of uncertainty and risk. Churchill Capital 3

Investor’s guide to quantum Highly accurate timekeeping devices that use atoms’ quantum transitions System that contains qubits to be manipulated to perform quantum Atomic clock QPU (Quantum Processing Unit) to measure time operations – similar to a CPU or GPU, but for quantum algorithms Ability of a quantum system to maintain a well-defined phase relationship When a quantum device (e.g., computer, clock, RF receiver, inertial Coherence between different states in a superposition (when qubits are in multiple Quantum advantage sensor) outperforms the best-in-class classical device at a task states at the same time) Allows machine learning (ML) models to process large amounts of data Computations that run simultaneously from qubits’ superposed states, Contextual machine learning (CML) Quantum computing simultaneously, enhancing AI pattern recognition with greater accuracy which are manipulated with wave interference Way of measuring quantities like time, position, radiofrequency signals, When multiple objects – such as a pair of electrons, photons, or atoms – Entanglement Quantum sensing and gravity much more precisely than classical sensors, using properties of are linked by a single shared quantum state quantum mechanics Quantum computing that operates reliably even in the presence of errors, Technology using the principles of quantum mechanics, with motion and Fault-tolerant quantum computing Quantum technology provided the error rate is below a certain threshold the interaction of atomic and subatomic particles Likelihood that a gate operation between two qubits is performed correctly Basic unit of quantum information; unlike bits (0 or 1) used in classical Fidelity (2Q) Qubits without introducing errors computing, qubits can hold both values simultaneously Approach to measuring acceleration and rotation, enabling navigation Electronic device that detects and processes radio frequency (RF) signals, Inertial sensing Radio frequency (RF) receiver without external references converting them into usable formats A quantum state encoded across multiple physical qubits, allowing An atomic state in which an electron is excited to a very high energy level, Logical qubit detection and correction of errors without destroying the stored quantum Rydberg atomic states making it highly responsive to external effects information The specific physical approach for creating and controlling qubits in their Quantum algorithm leveraging entanglement and superposition to break Modality Shor's algorithm quantum state modern encryption methods on which the internet relies (e.g., RSA) Modality that builds quantum systems by isolating, controlling, and A type of cyber activity where false signals or information are deliberately Neutral atoms measuring atoms in a glass cell using lasers, enabling long coherence Spoofing forged to appear legitimate, with the intent to mislead or manipulate times, high gate fidelities, and precision sensing systems, users, or networks. A single qubit (e.g., atom, ion, or photon) that encodes quantum Allows qubits to be in multiple states at the same time, exponentially Physical qubit Superposition information with delicate quantum properties; very noisy and error prone increasing the size of the state space processed Technology – best known through GPS – that provides precise location, Method to isolate atoms in a low-pressure, well-isolated glass cell to limit Positioning, navigation, timing (PNT) movement, and time synchronization, forming the backbone of global Vacuum cell external interaction, thereby preserving coherence communications, transportation, finance, and defense Churchill Capital 4

CHURCHILL CAPITAL X Michael Klein Matthew Kinsella Pranav Gokhale Chairman and Fo unding Investor and Co-founder and Chief Executive Officer Chief Executive Officer Chief Technology Officer • 35+ years of experience in strategic advisory • Nearly 20 years of experience at Maverick Capital, • Nearly 20 years of quantum technology (1) work and capital markets investing in early- and growth-stage transformative experience since 2007 at NIST Lab technology companies across multiple sectors • Founder, Churchill Capital and Archimedes • Co-founder and CEO of Super.tech Labs Advisors • Led founding investment in Infleqtion from Maverick; joined the board of directors in 2018 • Former postdoctoral researcher at Argonne • Managing Partner, M. Klein & Company National Laboratory • Appointed as CEO in April 2024 to lead • Former Vice Chairman and CEO of Global Infleqtion’s next phase of commercialization and • PhD, Quantum Computing, University of Banking, Citi growth Chicago • BS Econ, University of Pennsylvania (Wharton) • BBA Finance, University of Notre Dame • BSE Computer Science, Princeton University Note: (1) The National Institute of Standards and Technology (NIST) is a U.S. federal agency within the Department of Commerce that develops technical standards and leads national efforts in quantum research and measurement science. Churchill Capital 5

Churchill Capital: proven track record Highly experienced in launching unique, high-growth companies in the public equity markets CHURCHILL CAPITAL Our most recent closed partnership Substantial shareholder value creation ($ per share) $10.5B 6 +8.5x $85.35 Growth capital Closed go-public (1)(2) (1)(2) delivered transactions $10.00 Pioneer in Experienced ✓✓ equity vehicles dealmaker (3) (4) Deal Value High Value (May 2024) (August 6, 2025) Unique sourcing Value creation ✓✓ capability playbook • Delivered $306 million of growth capital with circa 100% investor (1) participation at close in May 2024 Management Track record of • Churchill engaged over 200 investors, driving substantial ✓✓ partner success rotation of the stock post announcement Note: (1) Past performance of prior investments and transactions is not indicative of any other investment or transaction and is not a guarantee of future results. All investments involve risk of loss, including loss of principal invested. (2) Represents trust proceeds (net of redemptions) plus incremental capital raised in connection with Churchill Capital I, II, III, IV, CF Finance Acquisition Corp, and AltC Acquisition Corp. (3) Represents transaction price per share. The pre-money transaction value of Oklo was $875 million. Churchill Capital 6 (4) Observed share price high for Oklo on August 6, 2025. Oklo’s share price as of close on September 5, 2025 was $69.79.

Churchill Capital: repeatable investment framework for critical technology From nuclear to autonomy, and now quantum – essential for U.S. competitiveness with multi-decade growth potential Nuclear Autonomous Quantum AltC CHURCHILL IX CHURCHILL X Critical for national ✓✓✓ Quantum = geopolitical & economic advantage competitiveness Significant historical (1) ✓✓✓ China has invested $15B+; ~2x the U.S. investment gap Large economic (2) ✓✓✓ $160B+ market in advanced compute and sensing opportunity Clear product, ✓✓✓ Deployed today for defense, AI, and innovation market fit Strong political ✓✓✓ Quantum is important to national competitiveness support Note: (1) As of July 9, 2025 – Qureca, Quantum Initiatives Worldwide (2025). (2) As of June 2025 – McKinsey, Quantum Technology Monitor (2025). Churchill Capital 7

Infleqtion: set up for success in the public markets Simple, shareholder-aligned transaction focused on long-term value creation $1 $1.8 .8 bill billion ion >$540 million 100% (1) (2) Pre Pre- -mon money ey equity equity v value alue Expected transaction proceeds Infleqtion rollover and lock-up Attractive entry point given Positioned to accelerate Clear alignment of long- long-term growth outlook product deployment and term interests with public and public benchmarks scale customer impact shareholders Transaction supported by >$125 million of incremental financing via a common stock PIPE raised at the transaction value from leading existing and new institutional investors Note: (1) Includes Churchill X cash-in-trust of ~$416 million as of June 30, 2025 (assuming no shareholders exercise redemption rights to receive cash from the trust account at closing) plus >$125 million of incremental PIPE financing that is expected to close concurrent with the business combination (common equity PIPE priced at $10 per share). (2) Infleqtion shareholders will roll 100% of existing equity into the combined company. All shares received by Infleqtion shareholders will be subject to a lock-up at close of the business combination. Churchill Capital 8

Infleqtion: attractive entry valuation with meaningful upside potential Leading technology, distinct business model, and attractive financial profile Discount to peers Advanced commercial traction (1) Observed market capitalization for public peers ($B) LTM Revenue ($M) Capital Raised YTD $52 (5) $1.4B $0.6B $0.4B $0.3B ~$50M Infleqtion 2025E booked + awarded business YTD $13.9 (2) High Current (3) $12.4 (4) Value $29 $22 $6.5 $5.9 Infleqtion go public $5.3 $3.5 $8 $4.9 equity value $1.8 <$1 $2.4 IonQ D-Wave Rigetti QCI Infleqtion IonQ Infleqtion D-Wave Rigetti QCI Infleqtion's neutral atom tech has already achieved quantum advantage in precision sensing and is progressing to advantage in computing with its record-setting logical qubits Source: FactSet market data as of September 5, 2025, company filings. Note: (1) LTM revenue as of June 30, 2025. (2) YTD high intraday basic equity value. (3) Current basic equity value as of September 5, 2025. (4) Infleqtion LTM revenue is based on financials that are preliminary, have not been audited, are based on information available to us only as of the date of this presentation, and are subject to change. (5) Reflects agreements and awarded business to date in 2025, representing potential multi-year value expected Churchill Capital 9 to be realized over time; figures are not a measure of current period revenue.

Our mission Harness the power of quantum to expand human potential Commercialize neutral atom-based quantum products that provide orders of magnitude improvement in computing and sensing applications​ Artificial National Energy Scientific Space ŸŸŸŸ Intelligence Security Optimization Discovery Exploration Churchill Capital 10

What we do We design, build, and sell quantum computers, precision sensors, and software to governments, corporations, and research institutions Core Compute Sensing Software Infleqtion’s neutral atom core First in Earth’s Orbit Contextual Machine Neutral atom Next-generation Compact quantum Quantum inertial Learning quantum computer atomic clock RF receiver sensing Quantum App Development High-performance GPS-independent, Full-spectrum Precision motion processing units ultra-stable timing​ signals intelligence and gravity sensing The only full-spectrum quantum company Churchill Capital 11

Our products in use On the ground, in the sea, in the sky, and in space First quantum computer installation at the Sea trial of hybrid navigation systems Pilot program for putting quantum National Quantum Computing Centre on Royal Navy's experimental vessel experiments and sensors in space Only foreign company to be selected to First-ever successful demonstration NASA Quantum Gravity Gradiometer participate in Japan Moonshot R&D program flight of a commercial optical clock Pathfinder Program Churchill Capital 12

Pioneering team building the future of compute 1 Value proposition Unique team solving the world’s hardest problems with quantum First mover in neutral atom architecture 2 Infleqtion views neutral atoms as the most promising quantum modality Real-world logical qubit application 3 Foundation for a potential fault-tolerant quantum computer Compelling investment for Full stack commercial quantum offering 4 Hardware and software engineered for commercial applications public investors Ability to serve multiple large markets 5 (1) Critical applications in computing and precision sensing; ~$160B markets by 2040 Uniquely positioned to build long-term shareholder value Trusted quantum partner to leading institutions 6 Sold multiple quantum computers and hundreds of quantum sensors & cores Commercial engine in place, driving rapid scale 7 (2) (3) 3.0x uplift to $29M in LTM revenue ; ~$50M 2025E booked + awarded business Well-capitalized to accelerate our roadmap 8 Strong balance sheet today; going public supercharges our growth Note: (1) As of June 2025 – McKinsey, Quantum Technology Monitor (2025). (2) LTM revenue as of June 30, 2025. Infleqtion LTM revenue is based on financials that are preliminary, have not been audited, are based on information available to us only as of the date of this presentation, and are subject to Churchill Capital 13 change. (3) Reflects agreements and awarded business to date in 2025, representing potential multi-year value expected to be realized over time; figures are not a measure of current period revenue.

1 Who we are Matt Kinsella Dana Anderson Pranav Gokhale Paul Lipman Pioneering team Chief Executive Officer Chief Science Officer Chief Technology Officer Chief Strategy Officer Founding Investor Founder Co-founder building the future of compute At-scale technical Building upon Unique team solving the world’s quantum workforce with hardest problems with quantum 230+ Nobel Prize patents 130+ winning research physicists & engineers in 1997, 2001, 2005 issued and pending (1) Leading investors Note: (1) Investor list is not exhaustive. Churchill Capital 14

1 Quantum is a computing force multiplier Classical systems hit walls on size, energy, and cost Just as GPUs sat alongside CPUs and unlocked new technology (e.g., + AI), quantum processors (“QPUs”) sit alongside CPUs and GPUs, with QPUs potential to unlock amazing new capabilities and markets Leverages quantum phenomenon to Multiple joint unlock breakthroughs in chemistry, demonstrations of materials, security, and optimization quantum integration (2) ~1 week to break RSA-2048 encryption with GPUs GPUs Delivers massive acceleration for AI and simulation, turning weeks into hours (3) ~75 billion years to break RSA-2048 encryption CPUs General-purpose computing, optimized for sequential tasks and flexibility (1) (2) ~6 trillion years to break RSA-2048 encryption 1960 1990 2025+ Note: (1) RSA is a public-key encryption scheme that measures security based on the difficulty of factoring very large numbers. In RSA-2048, the numbers are 2048 bit integers. (2) Craig Gidney – “How to factor 2048 bit RSA integers with less than a million noisy qubits” (2025). (3) Fujita – ”Bulk GCD Computation Using a GPU to Break Weak RSA Keys.” Approximated by taking GPU speedup of breaking RSA over an Intel Xeon CPU Chip. Churchill Capital 15 Computational throughput

1 Rich history of innovation and validation Crucial milestones achieved, putting Infleqtion on an accelerated path to quantum advantage Announced partnership for st Illinois quantum computer World’s 1 quantum flight trials Collaboration Second quantum computing Chosen for DARPA IMPAQT st World’s 1 grant from the U.K. program materials science Develops NASA’s first-ever application on logical qubits quantum memory Inaugural partner First quantum computer Collaboration to deploy first Raised first external sale to U.K. quantum gravity sensor in 1,600 capital space physical qubits, a record Quantum & Space Collaboration First quantum computer sale Launched novel CML Dana’s deep to Japan application at NVIDIA GTC 99.73% collaboration with Nobel First quantum matter in two-qubit fidelity Prize-winning team First RF sensor deployment orbit – aboard the ISS Breakthrough algorithm Acquires Super.tech and $11M Dana develops first 2 8 demonstration on neutral launches quantum Quantum clock sale to DoD ultracold atom chip logical qubits achieved logical qubits achieved atom computer software platform 2000 - 2015 2015 - 2021 2022 - 2023 2024 2025 Technological Initial product development & Accelerating product development advancement commercialization & commercialization Churchill Capital 16

1 Already expanding the applications of GPUs Our hardware and software improve classical bottlenecks of memory, data quality, and compute Amplifying today… …and supercharging tomorrow Enhancing GPU Delivering higher quality, Unlocking mechanisms Infleqtion is driving towards productivity multi-modal input data for training data generation commercial quantum computers >100x >10x >100x Higher-quality Memory saving Faster computation input sensors vs. against transformer, with QPU vs. GPU (2) alternative via quantum data on random circuit (3) (4) carriers sampling Partnered with: Partnered with: Partnered with: (1) (1) (1) (1) (1) Classical computing (1) (1) Quantum efficiency unlocks new use cases Infleqtion’s software expands Infleqtion’s quantum sensing Infleqtion’s quantum and the context window on GPUs, systems provide orders of quantum-inspired algorithms Quantum computing massively increasing efficiency magnitude more precise data enable novel mechanisms for and removing the current critical for models to process, generating and processing AI scaling bottleneck improving outcomes training data Complexity of problem Note: (1) Reflects announced partnership – refer to the “News” section of the Infleqtion website for additional details on each partnership. (2) Infleqtion – Tiqker Optical Clocks for Satellite Tracking, Ranging and Synchronization Systems. (3) Anschuetz Eric R., Hu Hong-Ye, Huang Jin-Long and Gao Xun – “Interpretable Quantum Advantage in Neural Sequence Learning” (2023). (4) Morvan, A., Villalonga, B., Mi, X. et al. – “Phase transitions in random circuit sampling” (2024). Churchill Capital 17 Computing time

2 Our approach Neutral atoms = nature’s perfect qubits Infleqtion’s Natural advantage neutral atom core Ideal uniformity, stability, and long-lasting performance The heart of all our products First mover in Commercially scalable Can be arranged in large arrays using optical tweezers neutral atom architecture Longer coherence times Surpassing other modalities in qubit growth and control Infleqtion views neutral atoms as the most promising quantum modality Exceptional control Vacuum cell with Less impacted by “noise” from the outside world a cesium atom array inside Atoms are controlled using Universal connectivity external lasers Any-to-any qubit coupling enables optimal algorithm execution Churchill Capital 18

2 Neutral atoms: the foundation of Infleqtion’s platform Build once, tailor to multiple markets Lasers Neutral atom core Quantum products Computers Award- winning quantum Clocks core RF Receivers Inertial Sensors Churchill Capital 19

2 Neutral atoms: the best quantum approach Inherent advantages with superior commercial applications Neutral Atom Trapped Ion Superconducting Photonics has... Thousands of qubits ✓û✓û in a single cell Applications demonstrated with ✓✓ûû logical qubits Room temperature ✓✓ûû (1) operation Reconfigurable any- ✓✓ûû to-any connectivity ✓ Enables broad ûûû (2) sensing market Field deployable quantum clocks, RF receivers, inertial sensors Source: Broker research, public information. Note: (1) Indicates room temperature operability for qubit manipulation and detection. (2) Reflects real-world operability in quantum sensing market. Churchill Capital 20

2 Neutral atoms: a frontrunner in the quantum race Exceeding others in physical qubit quantity and quality; both required to achieve a logical qubit Qubit quantity Qubit quality 5 Caltech with 10k Ion traps Metric type Infleqtion cold atom source cell Ion traps fit (x2 every 5.0y) Entangled State 5 2 NV centers Two-qubit Gate Neutral atoms 2 0.1 Neutral atoms fit (x2 every 1.4y) More physical qubits = Less error = Semiconductor spins 1000 5 Larger compute capacity Greater reliability Semiconductor spins fit (x2 every 2.6y) Infleqtion has achieved Infleqtion has achieved 5 Superconducting circuit record physical qubits industry-leading error rates 2 Superconducting circuit fit (x2 every 2.6y) 2 0.01 100 5 5 Platform Ion traps 2 2 Ion traps fit (x2 every 2.4y) 0.001 Neutral atoms 10 Neutral atoms fit (x2 every 2.3y) 5 5 Semiconductor spins Semiconductor spins fit (x2 every 1.2y) 2 2 Superconducting circuit Superconducting circuit fit (x2 every 2.6y) 1 100μ 2000 2005 2010 2015 2020 2025 2000 2005 2010 2015 2020 2025 Year Year Source: Francois Marie – “Benchmarking Experimental Progress Towards Fault-Tolerant Quantum Computation” (2025). Note: Infleqtion data points include progress made by members of the Infleqtion team prior to joining Infleqtion at Infleqtion sponsored labs. Churchill Capital 21 Physical Qubit Count Entanglement Error

3 Our leadership The quantum advantage formula Qubit quantity Qubit quality Real-world More physical qubits Lower error rates logical qubit = = Larger problems can More reliable application be tackled computations Foundation for a potential fault- tolerant quantum computer Logical qubit Building block for fault- tolerant quantum computing 1 of only 2 companies to ~100 logical qubits = tipping demonstrate a real- point to outperform classical world, end-user computers on targeted problems application powered (1) by logical qubits Note: (1) First materials science design application powered by logical qubits with NVIDIA CUDA-Q, December 2024. Churchill Capital 22

3 What is a logical qubit and why does it matter? The foundation for achieving quantum advantage Quantum error correction (illustrated) Logical qubits are a reliable unit of quantum information • Built from many fragile physical qubits • Physical qubits are prone to errors How is a • Combining physical qubits with error-correcting algorithms results in a logical qubit logical qubit created? • Better hardware and error correction reduce the “physical-to-logical” ratio Physical qubits Logical Qubit • Lower ratio = greater scalability • Milestone for practical quantum computing ✓ Useful quantum computing can •✓ Proof of technical leadership only run reliably at scale on logical qubits •✓ Path to scalability Churchill Capital 23

3 Infleqtion is on the path to quantum advantage in computing Recent breakthroughs have meaningfully accelerated progress Commercial Foundational R&D Error Detection Error Correction Our metrics Advantage Physical Logical 10,000+ Qubits Qubits 4,000+ 1000 1,600 10,000 1000 100 ✓ 1 kiloqubit memory 100 1,600 physical qubits 1000 80 Tipping point 49 100 60 Record qubit array achieved in 30 ✓ 2024, outpacing other modalities 40 8 10 2 20 ✓ 1 0 ✓ 8 logical qubits 99.99+% 1 of only 2 companies to demonstrate a Fidelity 99.95% (1) (CZ) 99.90% real-world application using logical qubits 99.9% (on 2 logical qubits) Logical success rate 99.73% 99.5% ✓ 99.0% ~92% 95.0% ✓ 99.73% fidelity 90.0% Highest 2-qubit fidelity achieved 50.0% by a neutral atom company (2) (2) (2) (2) 2022 2023 2024 22025 025 2026 2026 2027 2027 2028 2028 2030 Note: (1) Two-qubit gate (CZ) user-facing fidelity; includes post-selection for atom loss. (2) Targeted numbers are illustrative estimates and not guarantees of future performance. Churchill Capital 24

4 Quantum App Contextual Machine Our products Development Learning Proprietary operating system Breakthrough algorithms for Accelerating AI today; to force-multiply quantum speedups in biotech, materials scales beyond LLM ability hardware science, and optimization to recognize patterns Compute Sensing Full stack commercial Neutral atom Next-generation Compact quantum Quantum inertial quantum computer atomic clock RF receiver sensing quantum offering Hardware and software engineered for commercial applications High-performance GPS-independent, Full-spectrum Precision motion processing units ultra-stable timing​ signals intelligence and gravity sensing A quantum core underpins all products Ultra-high vacuum and vapor glass cells Churchill Capital 25 Core Hardware Software

4 Hardware: built to be highly scalable Hardware designed to leverage existing photonic fabrication networks, reaching scale without added capital intensity Quantum core Photonic integrated circuits Infleqtion hosts millions of atoms in a single UHV Miniaturization (1) cell , while other modalities require hundreds to Allow complex optical systems to be thousands of interconnected modules to scale integrated on a single chip Low Optical Loss Competing technology modalities Enable high-fidelity quantum operations Integrated approach results in highly Mass Manufacturability deployable quantum Fabricated using mature, products built for scale semiconductor-like processes vs Our core hardware product offerings: Note: (1) Ultra-high vacuum (“UHV”) cell, referring to the sealed container that acts as the core platform for Infleqtion to load, configure, and manipulate neutral atoms for sensing and computing end-use. Churchill Capital 26

4 Software: supercharges every layer of the computing stack Built to ensure performance boosts, error correction, and productivity enhancement at every stage < / > APPLICATION Application Layer Quantum software as a force multiplier for both GPU- and QPU-enabled applications ALGORITHM Hardware-agnostic software platform operational across Middleware Layer modalities COMPILATION Translates traditional code into Enables quantum programming in any quantum language, applicable to source language using any existing all modalities developer tools​ CONTROL Hardware Layer Directs operations to best-suited q subset of hardware to optimize q performance q HARDWARE q q Churchill Capital 27

4 Case study: expanding AI context windows on GPUs Contextual Machine Learning accelerates AI today and enables the pathway to future quantum-powered ML Current Application Post-Quantum Advantage Application CML leverages quantum principles on GPUs to enable large-scale analysis over longer- At scale, QPUs optimally execute CML for long-context learning. context timeframes to improve AI performance Coupled with GPUs, a hybrid workflow enables optimal AI task triaging Data GPU for high-throughput Conventional GPU CML-enabled GPU CML-enabled QPU pre- and post-processing Example: Next-gen material science applications, as Example: Enhancing real-time RF signal processing and operational efficiency demonstrated by NVIDIA collaboration (1) Current Customers : + Note: (1) Customers depicted are not exhaustive. Churchill Capital 28

4 Quantum computing: exponential processing power Neutral atoms are positioned for scalable, fault-tolerant systems • Classical computers cannot efficiently solve certain problems that involve complex interactions between variables Limitations of • For certain such complex problems, quantum advantage is significant and grows exponentially with problem size Classical Computers • Example: AI model performance is limited by the short “memory,” or context window, of traditional bits • Built for precision, scalability, and speed • Delivers high-fidelity operations designed to push the limits of quantum performance Neutral atom • Laying the foundation for scalable error correction and reliable quantum applications​ quantum computer Artificial Intelligence Drug Discovery Materials Science Chemistry Enhances AI with greater Accelerates early drug R&D, Rapidly and efficiently search Computational determination memory that enables longer reducing failures and costs vast materials universe to of reaction rates and catalyst context windows while enabling safer discover and screen new efficacy treatments faster molecules Applications Unlocked by Quantum Computing Churchill Capital 29

4 Quantum sensors: ultra-precise measurement tools Large government and commercial markets with near-term adoption Precision Reliability Versatility Distributed AI workloads require precise timing Electronic warfare is a growing global threat Strategic communications use low frequency, and synchronization to GPS vulnerability requiring large, detectable receiver antennas Renewable energy puts stress on power grid Communication networks are disrupted in the Multiple classical systems are needed across stability, necessitating accurate timekeeping presence of stronger signals each communication channel Neutral-atom sensors enable precise Quantum clocks use high-frequency Rydberg atomic states enable extreme measurements of acceleration, rotation, and atomic transitions, which shorten the tunability and ultra sensitivity gravity, without relying on external references “ticking” GPS denial Congested RF Contested Strategic Maneuverable Multi-channel Data center Electric grid & spoofing environments space domains communications hypersonics systems Tiqker is 100x more precise than world timing Sensing solutions that are not reliant on GPS QRF receivers can detect across full spectrum, (1) standards, with rack-mounted form factor for precision, navigation, and timing replacing multiple classical antennas Note: (1) “Tiqker Optical Clocks for Satellite Tracking, Ranging and Synchronization Systems” (2025). Churchill Capital 30

5 Our markets Quantum Quantum computing sensing Ability to serve ~$130B ~$30B multiple (1) (1) 2040 TAM 2040 TAM large markets Critical, growing applications in computing and precision sensing Infleqtion has sold & deployed Infleqtion has deployed multiple quantum computers quantum-enabled systems • Exponential processing power • Ultra-precise measurement tools • Breakthroughs in AI, national security, • Applications in defense, navigation, materials discovery, optimization, etc. communications, and enterprise • Neutral atoms are positioned for • Large government and commercial scalable, fault-tolerant systems markets with near-term adoption Note: (1) As of June 2025 – McKinsey, Quantum Technology Monitor (2025). Churchill Capital 31

5 U.S. and allied nations are investing in quantum (1) Infleqtion is well-positioned; trusted by governments that have invested over $40 billion in quantum China Japan United States of America China United Kingdom China ~$15B Germany U.S. South Korea ~$8B France In March 2025, China Canada established a national fund to mobilize ~$140B Russia of additional funding Sweden into cutting-edge fields, Spain including quantum (2) (European Quantum Flagship) Netherlands India (3) Singapore Australia ~$60B Denmark Israel Well-positioned to capture Finland investments substantive funding from Italy Russia Taiwan U.S. and Allied Nations Austria Switzerland New Zealand Hungary Philippines Brazil South Africa Qatar Norway Thailand Source: As of July 9, 2025 – Qureca, Quantum Initiatives Worldwide (2025). Note: (1) Represents share of total investment by U.S. and Allied Nations as discussed further in source. (2) Represents European Quantum Flagship launched in 2018 by the European Commission. (3) Represents commitments from governments over various periods of time as discussed further in source. Churchill Capital 32 National investment in quantum technology ($B)

5 Our core technology is disrupting critical end markets today Massive value creation opportunity that Infleqtion is well-positioned to capture Materials Machine Space and Energy Defense and Cybersecurity learning discovery frontier optimization security ✓✓✓✓✓ ✓ Quantum innovation informs Extending AI context windows Atomic simulation accelerates Space innovation enabled by Quantum defenses fortify Next-gen sensing advances and bolsters tomorrow’s and catalyzing next-gen models material breakthroughs quantum sensing energy systems national security protected networks Our partners… Churchill Capital 33

6 Our partners Leading partners across diverse industries Defense and Materials Energy Artificial Government Cybersecurity Aerospace Discovery Optimization Intelligence Programs Trusted quantum partner to leading State of Illinois institutions Sold multiple quantum computers and hundreds of quantum sensors & cores and many more… Note: Displayed partnerships are not exhaustive of all Infleqtion partnerships. Churchill Capital 34

Examples of our work 6 Infleqtion Leads the Way with First Infleqtion Delivers First Quantum Material Design Infleqtion Secures $6.2M ARPA-E Quantum Computer Installation at Application Powered by Logical Qubits and Award to Advance Quantum-Powered NQCC NVIDIA CUDA-Q Energy Grid Optimization Applying quantum optimization to tackle Showcasing the technology’s potential to tackle otherwise Supports Infleqtion’s ENCODE project, a challenges such as traffic management intractable computational challenges, such as the design of pioneering initiative aimed at improving energy next-generation materials grid efficiency through quantum computing CML NASA Aims to Fly First 1st in the U.S. Army’s Awarded Navy AI contract Infleqtion's Quantum RF Solution Quantum Sensor for xTechScalable AI for application to sensor Excels at Army C5ISR NetModX23 Gravity Measurements competition for SAPIENT data streams (QuIRC) Assessment Mission will deploy a compact quantum sensor Leveraging CML to improve Applying CML-powered AI to Demonstrated remarkable receiver sensitivity aboard a spacecraft to map variations in Earth’s navigation and intelligence enhance real-time RF signal across a range of spectrums and reinforced gravitational field with unprecedented sensitivity capabilities processing potential to enhance modern military communications infrastructure Churchill Capital 35

7 Our growth Revenue trajectory In $M, trailing twelve months by quarters CEO transitioned in 2024 to drive (2) $29 million Infleqtion’s next phase of LTM as of 6/30/25 commercialization and growth 40 2Q‘23 – 2Q‘25 $300M+ CAGR: ~80% Commercial 30 Customer (3) pipeline engine in place, 20 driving rapid scale (1) ~$10 million ~$50M LTM as of 12/31/2023 10 (2) Booked + 3.0x uplift to $29M in LTM revenue ; awarded business (4) ~$50M booked + awarded business (4) (2025E) - 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2023 2023 2023 2024 2024 2024 2024 2025 2025 $6.2M $11M ~$50M Recent ARPA-E APFIT Illinois (5) Wins award award partnership Note: Financial information presented is preliminary, has not been audited, is based on information available to us only as of the date of this presentation, and is subject to change. (1) LTM revenue as of December 31, 2023. (2) LTM revenue as of June 30, 2025. (3) Represents potential customers identified as sales targets that are not yet under Churchill Capital 36 contract. (4) Reflects agreements and awarded business to date in 2025, representing potential multi-year value expected to be realized over time; figures are not a measure of current period revenue. (5) Reflects approximate total value of partnership, including $5M State of Illinois tax credit, company investments, salaries in Illinois, and state incentives.

7 Bringing quantum to a growing customer base Demonstrated ability to deliver quantum solutions to government, defense, and enterprise customers Development Commercialization Non-dilutive Prototype Early adopter Scale & funding fuels R&D development sales manufacturing Strategic partnerships and Commercializing tech via Early commercial Core technology, supply government grants support product development; partnerships unlock large chain, and manufacturing core technology securing design wins with market opportunities investments deliver margin development large market opportunities improvements Continued technological innovation Churchill Capital 37

8 Our opportunity Infleqtion operating cost vs. funding position Non-GAAP; in $M CHURCHILL CAPITAL X $88 Cash Operating Costs >$540 million of Well-capitalized expected gross $43 proceeds from $33 (2) to accelerate Capex transaction (1) Cash Opex our roadmap (4) (3)(4) 2024A LTM Cash on hand (4) (as of June 30, 2025) Strong balance sheet today; going public supercharges our growth Today – private Tomorrow – once public • $88M on hand is expected to be • Accelerate technology & product roadmap sufficient for base roadmap execution • Expand applications to new end markets, • Sensing products anticipated to unlocking additional use cases in AI, generate cash to grow our quantum National Security, space, and beyond platform and reduce the need for new • Scale customer adoption & ecosystem segment investments as computing partnerships scales Note: (1) Represents R&D and SG&A expenses net of SBC and D&A. See reconciliation table. (2) Includes Churchill X cash-in-trust of ~$416 million as of June 30, 2025 (assuming no shareholders exercise redemption rights to receive cash from the trust account at closing) plus >$125 million of incremental PIPE financing that is expected to Churchill Capital 38 close concurrent with the business combination (common equity PIPE priced at $10 per share). (3) LTM as of June 30, 2025. (4) Based on financials that are preliminary, have not been audited, are based on information available to us only as of the date of this presentation, and are subject to change.

Concluding remarks Compelling investment for public investors Attractive transaction structure ✓ (1) $1.8B entry valuation and >$540M of expected funding to drive shareholder value Clear technology and product leadership ✓ Industry-defining team with proven technical milestones and applications demonstrated with logical qubits (1 of 2 companies) Ability to serve multiple large markets ✓ (2) ~$160B market for advanced computing and precision sensing Well-capitalized to execute and drive shareholder value ✓ (3) (4) $29M revenue today with a clear path to meaningful growth ($300M+ of identified pipeline ) Note: (1) Includes Churchill X cash-in-trust of ~$416 million as of June 30, 2025 (assuming no shareholders exercise redemption rights to receive cash from the trust account at closing) plus >$125 million of incremental PIPE financing that is expected to close concurrent with the business combination (common equity PIPE priced at $10 per share). (2) As of June 2025 – McKinsey, Quantum Technology Monitor (2025).– Quantum Computing and Quantum Sensing TAM. (3) LTM revenue as of June 30, 2025. Infleqtion LTM revenue is based on C Ch hu ur rch chil ill l C Cap apit ital al 39 financials that are preliminary, have not been audited, are based on information available to us only as of the date of this presentation, and are subject to change. (4) Represents potential customers identified as sales targets that are not yet under contract.

Appendix Board overview Product portfolio Financial reconciliations Transaction information Churchill Capital 40

(1) Board to be comprised of 7 Directors Our Board Cathy Lego Kristina Johnson David Singer Dawn Meyerriecks Matt Kinsella Board Chair Board Member Board Member Board Member Board Member • 40+ years as a technology • Engineer, academic leader, • Managing Partner at • Technology and national- • Nearly 20 years of World-class board investor and Board Director and pioneer in photonic Maverick Ventures security executive with investing experience at integrated systems leadership roles at NASA, Maverick Capital; led AOL, DISA, CIA founding investment in • Founder of Lego Ventures, • Founder and former CEO • 2024 National Medal of supporting our Infleqtion investing in early-stage of multiple public biotech Technology and Innovation technology companies companies, including • Leadership spanning Awardee; Member of the Affymetrix, Corcept technology development, • Appointed as CEO in April National Inventors Hall of Therapeutics, and program management, 2024 to lead Infleqtion’s • Board Director across Fame and Academy of growth Genesoft Pharmaceuticals and agency modernization next phase of growth and Engineering major semiconductor and commercialization software companies • Former President of the Ohio • BA in History, Yale • BSEE in Electrical State University University; MBA, Stanford Engineering and • Board Director for key AI- • BS in Economics and • Former Under Secretary of University Business, Carnegie enabled SaaS companies Biology, Williams College; Energy Mellon; MSCS in Deep expertise in technology and markets MS in Accounting, NYU • BS, MSEE, and PhD in Computer Science, Loyola Stern • BBA in Finance, University Electrical Engineering, that are essential to our long-term success Marymount University of Notre Dame Stanford University Served on boards of… Served on boards of… Served on boards of… Note: (1) Board members shown reflect finalized Board membership for pro forma public entity; excludes 2 Directors pending selection. Churchill Capital 41

Appendix Board overview Product portfolio Financial reconciliations Transaction information Churchill Capital 42

Quantum App Contextual Machine Development Learning Proprietary operating system Breakthrough algorithms for Accelerating AI today; to force-multiply quantum speedups in biotech, materials scales beyond LLM ability hardware science, and optimization to recognize patterns Compute Sensing Product Neutral atom Next-generation Compact quantum Quantum inertial quantum computer atomic clock RF receiver sensing portfolio Hardware and software engineered for commercial applications High-performance GPS-independent, Full-spectrum Precision motion processing units ultra-stable timing​ signals intelligence and gravity sensing A quantum core underpins all products Ultra-high vacuum and vapor glass cells Churchill Capital 43 Core Hardware Software

Core Quantum cores High-precision components for quantum systems; foundational to all Infleqtion hardware Essential components for development of quantum computers and sensors Underlying Quantum Core Technology Compact atom-control Supplies both neutral atom & trapped ion cores Lasers and magnetic fields cool and manipulate atoms, creating highly stable quantum states cores simplifying advanced Vacuum Cells Magneto- Optical Trap Systems quantum experimentation and deployment miniMOT V2 miniMOT Package Used across all our computing and sensing hardware Atoms confined in a small ultra-high vacuum cell to create quantum Atomic Cold Atom Prisms Source Cells Physics cores doubleMOT RuBECi Platform q q Chip-scale, rugged Coil assemblies Plug and Play Solutions Ion Traps devices suitable for real- q q world deployment Package cold-atom quantum effects into chip-scale, rugged devices MOT Coil 2D+ MOT Cryogenic Ion Trap Assembly Magnet Assembly Coil PICAS Package suitable for real-world deployment 16 years as a trusted supplier of high- precision components to the quantum industry worldwide 4-Channel Tri Coil Fixed PICAS Compact Ion Coil Driver Assembly Trap Package Churchill Capital 44 44

g n s i t r s s u o k r p s c e n m o v l e i o e C S C c Hardware Hardware built to address computing and sensing applications Neutral atoms provide the flexibility to address two massive markets Quantum Compute Quantum Sensing c Compact quantum RF Deployable quantum High-precision atomic Neutral atom quantum systems for full- platforms for PNT and clocks for commercial computers for scalable, spectrum signals gravitational sensing and defense markets high-performance use intelligence applications • All four technologies are built from the same source – neutral atom architecture • Neutral atoms serve as nature’s ideal qubits – identical, stable, and highly controllable • A shared foundation enables performance breakthroughs across sensing and computing • Systems scale efficiently across products, industries, and commercial markets Churchill Capital 45 l c e a i m R i m t u r o F t e t n R n A a I u Q

Hardware Sqale: flagship quantum computer Neutral atom computer offers a scalable, high-fidelity platform for advanced quantum computing Identical Qubits Room Temperature Operation Uniformity of neutral atoms enables Simpler, cheaper deployment consistent, scalable control without dilution refrigeration Neutral atom qubits High Fidelity Scalability Less susceptible to environmental noise, Record-breaking neutral atom with 99.73% two-qubit fidelity array achieved by Infleqtion Quantum Integrated with Superstaq and Processing NVIDIA CUDA-Q, Sqale enables Unit (QPU) hybrid quantum-classical workflows across research and enterprise customers Upgradability Reconfigurability Modular system design Laser-controlled site arrangement enables seamless upgrades allows for dynamic algorithms Quantum computer layout Churchill Capital 46

Hardware Sqale: pioneer in quantum driven applications Demonstrations performed on Sqale represent industry firsts across multiple sectors Continuous advancement of logical qubits Quantum Computing 8 First proof-of-concept demonstration of instant entanglement Logical Qubits (constant depth) with logical qubits Decryption 6 First demonstration of Shor's Algorithm (decryption) with Logical Qubits logical qubits Materials Science 2 First time a demonstration of a materials science quantum Logical Qubits application has been performed on logical qubits (1) Churchill Capital 47

Hardware Tiqker: high-precision atomic clock Addressing key bottlenecks in data centers, communication networks, and navigation systems Addressing key bottlenecks across: Pathway to size down form factor GPS-Denied Navigation Wireless Networks Form factor size • GPS/GNSS spoofing and jamming is • GNSS/PTP timing insufficient for Optical atomic clocks pressing global issue in warzones higher data density delivering high precision and • Many transportation industries • Improvement in precision vs. timing holdover for commercial and Gen 1 – Tiqker Prime operate in areas of weak signals reference in current GPS/GNSS Currently available in robust, defense markets highly stable, 3U form factor Data Centers Optical Networking 50x more stable at • Data center volumes scaling rapidly • Optical data needs growing rapidly • Data centers require grandmaster • Very fast switching requires precise 10-second averaging time Gen 2 – Tiqker HD clocks so every server runs on the synchronization and clocking (< ps) Mounted, mobile, assured exact same, ultra-accurate time PNT, Ruggedized form (synced to GPS/UTC) factor 1000x -13 faster to 10 Additional applications include: frequency stability • Smart Grid • Radio Astronomy Gen 3 – Tiqker Blade • Wireless Broadband • Autonomous Platforms Compared with standard cesium Card-scale form factor and pricing, beam references • Financial Timestamping • Sensor Networks & IoT enabled by PIC acquisition • Scientific Test & Measurement • National Timekeeping & Clock Ensembles and more… Churchill Capital 48

Hardware Sqywire: quantum RF receiver for full-spectrum signals intelligence Assured frequency access and spectrum utilization for national security and commercial applications Transformative impact in Enabling RF Convergence Defense & Security Quantum radio-frequency • Need for reliable communications and signal monitoring over a broad spectrum in sensors and receiver systems, L3Harris Falcon contested environments Samsung delivering next generation RF R2S ESS Weathertech Starlink III Manpack Radio • Provides ultrawideband spectrum coverage Massive MIMO Intrepid 300S Ranger Weather User Terminal with Low & High- capabilities in small, rugged, 16Tx 16Rx with adaptive, waveform-agnostic operation Radar Band Antennas form-factor systems HF / VHF / UHF L/S- Band C - Band Ku / K - Band X - Band Commercial Spectrum dc and kHz Mm-Wave and regimes sub-mm Wave Ultra-sensitive RF receiver • Commercial spectrum is limited and expensive Single ultra-broadband tunable receiver • Enables compact, massive MIMO replaces all of these systems communications systems; tunability and Low power requirements sensitivity supports longer-term evolution to 6G Compact form factor Satellite Communication Broadband tunability from kHz to THz • Need for next generation lower power and QRF Sensor + QRF Aperture + QRF Aperture + maintenance receivers for existing satellite Single Rack Half Rack Integrated Photonics ground stations Robust against jamming & Electronics • Enables more compact, sensitive, and highly selective receivers Form factor size Churchill Capital 49

Hardware Exaqt: powering precision motion and gravity sensing Rugged, deployable quantum systems for PNT and gravitational sensing use cases The need for reliable PNT is everywhere… Pathway to size down form factor Natural Climate Behavior Autonomous Form factor National Security Navigation Resources Monitoring Vehicles size High-resolution gravitational sensing for navigation, exploration, and Gen 1 – Mobile Demo security applications Matches classical state-of-art but with more stability / accuracy …Infleqtion technology provides the solution 10x Inertial sensing based on cold atoms to enable long-duration strategic-grade dead- Improved reckoning navigation • Sensing elements (atoms) are all identical, perfectly reproducible, and do not sensitivity Gen 2 – Deployable System age or wear • Absolute measurements eliminates calibration 10x stability and accuracy improvement over classical state- • High sensitivity with ultra-low bias and scaling drifts 10-100x of-art Examples of real-world deployments / tests Improved ultra-low bias and scaling drifts Expected improvement Gen 3 – Compact compared with current classical Size compactness enabled by PIC (1) state-of-art JPL CAL Program 2024 Quantum PNT flight trials integration First quantum lab in space – since 2017 First ever plane flight demo of a BEC Atom interferometry on the ISS First ever flight demo of commercial optical clock Note: (1) Stray, B., Bosch-Lluis, X., Thompson, R. et al. – “Quantum gravity gradiometry for future mass change science” (2025). Churchill Capital 50

Software Software: supercharges every layer of the computing stack Built to ensure performance boosts, error correction, and productivity enhancement at every stage < / > APPLICATION Application Layer Quantum software as a force multiplier for both GPU- and QPU-enabled applications ALGORITHM Hardware-agnostic software platform operational across Middleware Layer modalities COMPILATION Translates traditional code into Enables quantum programming in any quantum language, applicable to source language using any existing all modalities developer tools​ CONTROL Hardware Layer Directs operations to best-suited q subset of hardware to optimize q performance q HARDWARE q q Churchill Capital 51

Software Middleware layer: Superstaq is the force multiplier for QPUs Flagship quantum software optimizes quantum program execution across a diverse set of backends Performance boost for quantum processing units Superstaq core capabilities: Neutral Atom ✓ Cross-layer optimization via deep optimization Entanglement techniques (1) 4x reduction in error ✓ Enhanced execution, driving 10x performance gains Equivalent Two-Qubit Error ✓ Advanced, next-generation error mitigation 6.0% ✓ “Write once, run everywhere” functionality 4.0% Open APIs, allowing integration into quantum- ✓ classical workflows 2.0% Native support for both main quantum ✓ programming languages – enabling use across 0.0% the full customer spectrum Baseline Superstaq Note: (1) Campbell et al. – “Superstaq: Deep Optimization of Quantum Programs” (2023). Churchill Capital 52

Software Application layer: quantum application development High-impact, practical quantum applications possible today Making quantum computing practical, scalable, and accessible Utility in scientific and commercial domains: Materials design Defense and security ✓ • Libraries and modules for implementing advanced quantum algorithms ✓ • End-to-end application workflows • Growing library of application modules to support ✓ developers’ quantum algorithms Advanced signal Finance, energy, • Program routing through Superstaq to optimize ✓ processing and supply chain and compile circuits for specific hardware targets • Application deployment on quantum hardware or ✓ cloud for global access to technology Churchill Capital 53

Appendix Board overview Product portfolio Financial reconciliations Transaction information Churchill Capital 54

(1) Non-GAAP reconciliation to cash operating expenses Reflects latest estimates (2) $M 2024A LTM R&D expense $22 $17 SG&A expense 23 18 Total operating expenses $44 $35 (-) SBC (1) (2) (-) D&A (2) (3) Cash operating expenses $41 $31 Capital expenditures $2 $1 Total cash uses $43 $33 Note: Figures depicted are rounded, and totals may not sum precisely. (1) Based on financials that are preliminary, have not been audited, are based on information available to us only as of the date of this presentation, and are subject to change. (2) Reflects twelve months ending June 30, 2025. Churchill Capital 55

Appendix Board overview Product portfolio Financial reconciliations Transaction information Churchill Capital 56

Proposed transaction overview Infleqtion is valued at a pre-money equity value of $1.8 billion; 100% of net transaction proceeds to fund growth Sources $M % Shares % Assumes $10 per share (millions) Ownership (1)(2) Churchill X cash in trust 416 17% (3) Existing Infleqtion shareholders 182.0 74% (3) Existing Infleqtion shareholders 1,800 74% (2)(6) Churchill X shareholders 52.1 21% (4) Infleqtion cash on balance sheet 88 4% (7) PIPE investors 12.7 5% (7)(9) PIPE investment 127 5% Total 246.7 100% Total Sources 2,430 100% Transaction highlights • Pre-money equity value of $1.8 billion, an attractive entry point given long-term growth outlook and public Uses $M % benchmarks (1)(2)(5) • Transaction supported by >$125 million of incremental financing via a common stock PIPE raised at the Cash to balance sheet 595 24% transaction value from leading existing and new institutional investors • No cash to Infleqtion shareholders – will roll 100% of existing shares (3) Existing Infleqtion shareholders 1,800 74% • All existing Infleqtion shareholders’ and Churchill X’s sponsor shares will be subject to a 180-day lock-up (8) following closing of the business combination Illustrative fees and expenses 35 1% • Assumes a single class of shares for all shareholders • Infleqtion is a well-capitalized business today with $88 million of cash on hand; transaction proceeds to be Total Uses 2,430 100% used to accelerate the next phase of growth Note: Percentages reflect rounding and may not sum to 100%. (1) CCCX cash-in-trust was ~$416 million as of June 30, 2025. For illustrative purposes only and not accounting for additional accrued interest on cash in trust, which would increase trust value per share at close. (2) Assumes no CCCX shareholders exercise redemption rights to receive cash from trust account at closing. (3) Proposed pre-money equity value. Pre-money equity value to convert at $10.00 / share at close of the business combination. Includes the dilutive impact of existing equity incentive awards and options. (4) Represents cash on balance sheet as of June 30, 2025. Based on financials that are preliminary, have not been audited, are based on information available to us only as of the date of this presentation, and are subject to change. (5) CCCX cash-in-trust plus PIPE investment and Infleqtion cash less illustrative fees / expenses. (6) Includes all outstanding CCCX Class A shares and 10.35mm Class B founder shares. Includes Churchill Capital 57 impact of sponsor loan conversion. Excludes ~10.35mm CCCX public warrants and ~0.075mm private placement warrants. (7) Incremental PIPE financing that is expected to close concurrent with the business combination (common equity PIPE priced at $10 per share). (8) Subject to potential early release based on volume-weighted average trading price of post-closing company’s common stock. (9) Based on PIPE commitments expected at the time of BCA signing.

Risk factors (1/2) The below list of risk factors has been prepared solely for purposes of the proposed private placement transaction (the “Private Placement”) as part of the proposed business combination of Churchill Capital Corp X. (“Churchill”) and ColdQuanta, Inc. (d.b.a. Infleqtion) (the “Business Combination”), and solely for potential investors in the Private Placement, and not for any other purpose. All references to “Infleqtion,” the “Company,” “we,” “us” or “our” refer to the business of ColdQuanta, Inc. and its consolidated subsidiaries. The risks presented below are certain of the general risks related to the business of the Company, the Private Placement and the Business Combination, and such list is not exhaustive. The list below is qualified in its entirety by disclosures contained in future documents filed or furnished by the Company and Churchill, with the U.S. Securities and Exchange Commission (“SEC”), including the documents filed or furnished in connection with the proposed transactions between the Company and Churchill. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of the Company and Churchill and the proposed transactions between the Company and Churchill, and may differ significantly from and be more extensive than those presented below. Investing in securities (the “Securities”) to be issued in connection with the Business Combination involves a high degree of risk. You should carefully consider these risks and uncertainties, together with the information in the Company’s consolidated financial statements and related notes, and should carry out your own due diligence and consult with your own financial and legal advisors concerning the risks and suitability of an investment in the Private Placement, before making an investment decision. There are many risks that could affect the business and results of operations of the Company, many of which are beyond its control. If any of these risks or uncertainties occurs, the Company’s business, financial condition and/or operating results could be materially and adversely harmed. Additional risks and uncertainties not currently known or those currently viewed to be immaterial may also materially and adversely affect the Company’s business, financial condition and/or operating results. If any of these risks or uncertainties actually occurs, the value of the Company’s equity securities may decline, and any investor in the Offering may lose all or part of its investment. Risks Related to Our Business Capital Requirements and Cost Fluctuations. Our business and our future plans for expansion are capital-intensive, and the specific timing of cash inflows and outflows may fluctuate substantially from period to period. Our operating plan may change because of factors currently unknown, and we may need to seek additional funds sooner than planned, through public or private equity or debt financings or other sources, such as strategic collaborations. Such financings may result in dilution to our stockholders, issuance of securities with priority as to liquidation and dividend and other rights more favorable than common stock, imposition of debt covenants and repayment obligations or other restrictions that may adversely affect our business. Development. Our technical roadmap and plans for future commercialization include technology that is not yet available for customers and may never become available or meet desired technical specifications. For example, we have not produced a commercially scalable quantum computer or quantum sensing product, and we face significant barriers in our continued development efforts. If we cannot successfully overcome those barriers, our business will be negatively impacted. Competition. Even if we are successful in developing quantum computing systems, and other products within our pipeline, and executing our strategy, competitors in the industry may achieve technological breakthroughs that render our quantum technology obsolete or inferior to other products. Our Industry. The quantum technology industry is in its early stages and volatile, and if it does not develop, if it develops slower than we expect, if it develops in a manner that does not require use of our quantum solutions, if it encounters negative publicity or if our solutions do not drive commercial engagement, the growth of our business will be harmed. Strategic Partners. If we are unable to maintain our current strategic partnerships, including relationships with certain prime contractors, or we are unable to develop future collaborative partnerships, our future growth and development could be negatively impacted. Certain of our strategic development and partnership arrangements or expected strategic partnerships could be terminated or may not materialize into contract partnership arrangements on a long-term basis or at all. We may also not be able to successfully engage target customers or convert early trial deployments of our technology into meaningful orders in the future. Third Parties. We depend on, and anticipate that we will continue to depend on, various third-party suppliers, contractors, and strategic partners in order to sustain and grow our business. Our ability to commercialize and scale our neutral atom quantum products is dependent also upon components we must source from electronics, optics and other industries. Shortages or supply interruptions in any of these components will adversely impact our financial performance. Licensing. Licensing of intellectual property is of critical importance to our business. For example, we license patents (some of which are foundational patents) and other intellectual property from the Regents of the University of Colorado (the “University”), on both exclusive and non-exclusive bases. If the license agreements with the University terminate, become non-exclusive or if any of the other agreements under which we acquired or licensed, or will acquire or license, material intellectual property rights is terminated, we could lose our rights to use key technologies to develop and operate our business. In addition, our intellectual property often results from the performance of complex agreements that are subject to interpretation. Churchill Capital 58

Risk factors (2/2) Risks Related to the Private Placement Capital Raise. There can be no assurance that we will be able to raise the anticipated ~$125 million in the Private Placement, or that the amount of funds raised in the Private Placement will be sufficient to consummate the Business Combination or for use by the combined company following the Business Combination (the “Combined Company”) Voting Power. The issuance of shares of the Combined Company’s securities in connection with the Private Placement will dilute the voting power of the Combined Company’s shareholders. Risks Related to the Business Combination Transaction Costs. Both Churchill and we will incur significant transaction costs in connection with the Business Combination. Contingencies of Business Combination. The consummation of the Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Business Combination Agreement may be terminated in accordance with its terms and the Business Combination may not be completed. Key Personnel. The ability to successfully effect the Business Combination and the Combined Company’s ability to successfully operate the business thereafter will be largely dependent upon the efforts of certain of our key personnel, all of whom we expect to stay with the Combined Company following the Business Combination. The loss of such key personnel could negatively impact the operations and financial results of the combined business. Redemption. If a significant number of shares of Churchill’s common stock is elected to be redeemed in connection with the Business Combination, the stock ownership of the Combined Company will be highly concentrated, which will reduce the public “float” and may have a depressive effect on the market price of the common stock of the combined company. Redemptions will also reduce the amount of capital available to the Combined Company following the Business Combination. Value of Securities. If the Business Combination’s benefits do not meet the expectations of investors or securities analysts, the market price of Churchill’s securities or, following the consummation of the Business Combination, the value of the Combined Company’s securities, may decline. Stock Exchange Approval. There can be no assurance that the Combined Company’s securities will be approved for listing on the chosen stock exchange or that the Combined Company will be able to comply with the continued listing standards of such stock exchange. Conflicts of Interest. Some of Churchill’s officers and directors may have conflicts of interest that may influence or have influenced them to support or approve the Business Combination without regard to your interests or in determining whether we are an appropriate target for Churchill’s initial business combination. Legal Proceedings. Legal proceedings in connection with the Business Combination, the outcomes of which are uncertain, could delay or prevent the completion of the Business Combination. Compliance with Laws. Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect us and the Combined Company’s business, including Churchill, and our ability to consummate the Business Combination, and results of operations. Churchill Capital 59

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