Shares of Churchill Capital Corp X (NASDAQ:CCCX) are rising Monday after a notable research firm expressed optimism for the quantum computing technology company on social media.
What To Know: According to Benzinga Pro, Churchill Capital Corp X stock is up more than 15% following a bullish post on X from Citron Research. Churchill Capital Corp X entered into a definitive business combination agreement in September to merge with quantum computing company Infleqtion.
In the post on Monday, Citron said that Infleqtion is outpacing competitor Rigetti Computing Inc (NASDAQ:RGTI) in terms of sales, partnerships and scalability of its quantum computing technology, but argued that the market hasn’t priced it in.
Citron suggested that Infleqtion should be trading at the same valuation or even higher than Rigetti, which had a market cap of around $13 billion as of Friday’s close. A $10 billion valuation for Infleqtion would put shares at $42.55, according to Citron.
Infleqtion focuses on neural atom quantum computers, whereas Rigetti focuses on superconductor-based quantum computers. Infleqtion already has real revenues from hardware and sensor sales and offers diversified quantum monetization through sensors, atomic clocks and RF systems.
“Infleqtion builds a business; Rigetti burns one,” Citron wrote in the post.
The research firm also noted that Infleqtion has a partnership with Nvidia that Nvidia actually highlights. Nvidia has reportedly featured Infleqtion in CUDA-Q blogs, GTC events and developer demonstrations. The company also targets real markets like defense, aerospace and telecom, while Rigetti is “pitching demos.”
“Infleqtion has customers, revenue, and NVIDIA validation. Rigetti has dilution and press releases. The market hasn’t priced the gap between execution and aspiration — yet,” Citron said.
CCCX Price Action: Shares of Churchill Capital Corp X were up 15.95% at $16.76 at the time of publication on Monday, according to Benzinga Pro.
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