X0202 SCHEDULE 13G 0001610880 XXXXXXXX LIVE Class A Ordinary Shares, $0.0001 par value 06/26/2026 0002074973 Churchill Capital Corp XI G2131A124 640 FIFTH AVENUE 12TH FLOOR NEW YORK NY 10019 Rule 13d-1(c) BlueCrest Capital Management Ltd b Y9 2354233.00 0.00 2354233.00 0.00 2354233.00 5.6 OO Platt Michael Edward b X0 2354233.00 0.00 2354233.00 0.00 2354233.00 5.6 IN Churchill Capital Corp XI 640 FIFTH AVENUE 12TH FLOOR, NEW YORK, NEW YORK, 10019. This statement is filed by: i. BlueCrest Capital Management Limited (the "Investment Manager"), which serves as investment manager to BSMA Limited, a Cayman Islands exempted company (the "Fund"); and ii. Michael Platt ("Mr. Platt"), who serves as principal, director, and control person of the Investment Manager; with respect to the shares (as defined herein) held for the account of the Fund. The address of the business office of the Investment Manager and Mr. Platt is: Ground Floor Harbour Reach, La Rue de Carteret St Helier Jersey Channel Islands JE2 4HR The Investment Manager is a company organized under the laws of Jersey, Channel Islands, operating solely out of Jersey, Channel Islands. Mr. Platt is a citizen of the United Kingdom. Y The Investment Manager and Mr. Platt beneficially own 2,354,233 shares. Investment Manager: 5.6% Mr. Platt: 5.6% Investment Manager: 2,354,233.00 Mr. Platt: 2,354,233.00 Each of the Reporting Persons has shared power to vote or direct the vote of 0 shares of Common Stock. Investment Manager: 2,354,233.00 Mr. Platt: 2,354,233.00 Each of the Reporting Persons has shared power to vote or direct the vote of 0 shares of Common Stock. Y N N See disclosure in Items 2 and 4 hereof. The Fund is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the ordinary shares covered by the Statement that may be deemed to be beneficially owned by the Reporting Persons. N See disclosure in Item 2 hereof. Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. BlueCrest Capital Management Ltd /s/ Michael Bell 07/03/2026 Platt Michael Edward /s/ Steven Pariente 07/03/2026