X0202 SCHEDULE 13D/A 0002078043 XXXXXXXX LIVE 2 Common Stock, $0.0001 par value 11/02/2026 false 0002074973 000207497 Churchill Capital Corp XI

4698 Truax Dr SE Salem OR 97317

Jay Taragin (212) 380-7500 640 Fifth Avenue, 14th Floor New York NY 10019 0002078043 N Churchill Sponsor XI LLC WC N DE 14597500.00 0.00 14597500.00 0.00 14597500.00 N 6.02 OO (1) Includes (i) 14,525,000 shares of the Issuer's common stock, $0.0001 par value ("Common Stock") and (ii) 72,500 shares of Common Stock underlying private placement warrants of the Issuer ("Warrants"). Michael Klein, the former Chief Executive Officer, President and Chairman of the Board of Directors of the Issuer, is the controlling stockholder of M. Klein Associates, Inc., which is the managing member of Churchill Sponsor XI LLC (the "Sponsor"), and accordingly Mr. Klein may be deemed to have beneficial ownership of securities reported herein. Mr. Klein disclaims any ownership of securities reported herein other than to the extent of any pecuniary interest he may have therein, directly or indirectly. 0001751504 N M. Klein Associates, Inc. OO N NY 0.00 14597500.00 0.00 14597500.00 14597500.00 N 6.02 OO (1) Includes (i) 14,525,000 shares of Common Stock and (ii) 72,500 shares of Common Stock underlying the Warrants. Michael Klein, the former Chief Executive Officer, President and Chairman of the Board of Directors of the Issuer, is the controlling stockholder of M. Klein Associates, Inc., which is the managing member of the Sponsor, and accordingly Mr. Klein may be deemed to have beneficial ownership of securities reported herein. Mr. Klein disclaims any ownership of securities reported herein other than to the extent of any pecuniary interest he may have therein, directly or indirectly. 0001327392 N Michael Klein OO N X1 0.00 14597500.00 0.00 14597500.00 14597500.00 N 6.02 IN (1) Includes (i) 14,525,000 shares of Common Stock and (ii) 72,500 shares of Common Stock underlying the Warrants. Michael Klein, the former Chief Executive Officer, President and Chairman of the Board of Directors of the Issuer, is the controlling stockholder of M. Klein Associates, Inc., which is the managing member of the Sponsor, and accordingly Mr. Klein may be deemed to have beneficial ownership of securities reported herein. Mr. Klein disclaims any ownership of securities reported herein other than to the extent of any pecuniary interest he may have therein, directly or indirectly. Common Stock, $0.0001 par value Churchill Capital Corp XI 4698 Truax Dr SE Salem OR 97317 The following constitutes Amendment No. 2 ("Amendment No. 2") to the Schedule 13D filed with the Securities and Exchange Commission on December 29, 2025 (the "Initial 13D"), as previously amended by Amendment No. 1 ("Amendment No. 1") on June 26, 2026 (collectively, the "Schedule 13D") by Churchill Sponsor XI LLC, a Delaware limited liability company (the "Sponsor"), M. Klein Associates, Inc. ("M. Klein Associates") and Michael Klein (collectively, the "Reporting Persons"). Capitalized terms used herein and not otherwise defined in this Amendment No. 2 have the meanings set forth in Amendment No. 1. The following amends and restates the information set forth in Item 4 of Amendment No. 1 by adding the following at the end thereof: Pursuant to the Merger Agreement, the Domestication and the Merger were completed on November 2, 2026, and November 4, 2026, respectively. Immediately prior to the Domestication, each of the 13,800,000 Class B ordinary shares of Churchill held by the Sponsor automatically converted into a Class A ordinary share of Churchill on a one-for-one basis, and effective upon the Domestication, each Class A ordinary share of Churchill converted into common stock, par value $0.0001 per share ("Common Stock"), of the Issuer on a one-for-one basis. Effective upon the Domestication, (i) each of the 725,000 private placement units held by the Sponsor (including 225,000 units issued upon settlement of Sponsor's working capital loans) separated into one share per unit and one-tenth of one whole warrant of Churchill per unit, each whole warrant exercisable for one Class A ordinary share of Churchill, (ii) each share converted into one share of Common Stock of the Issuer on a one-to-one basis, and (iii) each warrant automatically converted into a warrant to acquire Common Stock of the Issuer, which will become exercisable 30 days after the completion of the Merger. Effective upon the completion of the Merger, the A&R Registration Rights Agreement and Advisory Agreement became effective in accordance with their terms, as previously reported. The following amends and restates the information set forth in Item 5 of Amendment No. 1: See rows (11) and (13) of the cover page to this Schedule 13D for the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons. See rows (7) through (10) of the cover page to this Schedule 13D for the Common Stock as to which each of the Reporting Persons has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. Mr. Klein is the controlling shareholder of M. Klein Associates, which is the managing member of the Sponsor and accordingly, Mr. Klein may be deemed to have beneficial ownership of securities reported herein. Mr. Klein disclaims any ownership of securities reported herein other than to the extent of any pecuniary interest he may have therein, directly or indirectly. Except as set forth in Item 4, none of the Reporting Persons has effected any transactions of Ordinary Shares or Common Stock during the 60 days preceding the date of this report. Not applicable. Not applicable. The following amends the information set forth in Item 6 of Amendment No. 1: Item 4 of this Amendment No. 2 is incorporated herein by reference. Churchill Sponsor XI LLC /s/ Jay Taragin 11/04/2026 M. Klein Associates, Inc. /s/ Jay Taragin 11/04/2026 Michael Klein /s/ Michael Klein 11/04/2026