Citron Research’s assessment of Rigetti Computing Inc. (NASDAQ:RGTI) versus Infleqtion, the quantum technology firm set to merge with Churchill Capital Corp X (NASDAQ:CCCX), has “raging” quantum bulls locking horns.
Citron’s recent social media posts draw attention to Infleqtion’s progress and cast doubt on the valuation gap between the two companies.
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Infleqtion vs. Rigetti
Citron clearly favors Infleqtion over Rigetti and points to technical milestones and Infleqtion’s partnership with NVIDIA Corp. (NASDAQ:NVDA) as two of the most crucial supports to his thesis.
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Citron points to Infleqtion’s business fundamentals and technological approach positioning it as a “far superior quantum company to Rigetti.”
Infleqtion’s diverse revenue streams — selling quantum sensors, atomic clocks and RF systems — go beyond pure quantum computation.
In contrast, Rigetti, according to Citron, remains more dependent on pitching prototypes or demos rather than shipping real products into commercial markets.
“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.
Citron highlights Infleqtion’s partnership with Nvidia, a giant whose backing signals credibility and future opportunities.
Nvidia has spotlighted Infleqtion across its CUDA-Q blogs, major GTC developer conferences and technical demonstrations, positioning Infleqtion to benefit from Nvidia’s massive influence on technology.
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Valuation Debate
Perhaps the boldest claim by Citron is that Infleqtion deserves a much higher valuation, closer to or even surpassing Rigetti, which closed with a $14 billion market cap on Wednesday.
Citron calculates that at a $15 billion valuation Rigetti’s stock price should be $46.88 per share and Infleqtion’s stock price would, theoretically, be $58.82.
Reality Check
Rigetti shares were trading at $44.96 on Thursday and have gained nearly 370% in the past six months.
Churchill Capital, Infleqtion’s SPAC merger partner, was trading at $20.80 at the time of publication, according to data from Benzinga Pro. CCCX shares have gained 100% since the merger with Infleqtion was announced in September.
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