Churchill Capital Corp XI (NASDAQ: CCXI) is a blank check special purpose acquisition company incorporated on June 4, 2025 as a Cayman Islands exempted company, formed for the purpose of effecting a Business Combination with one or more businesses or entities. It generates no operating revenue and does not expect to until it consummates an initial Business Combination. CCXI raised $414,000,000 in gross proceeds through its Initial Public Offering of 41,400,000 Public Units at $10.00 per unit, which closed on December 18, 2025, with each unit consisting of one Class A Ordinary Share and one-tenth of one Public Warrant exercisable at $11.50 per share. The company is sponsored by an affiliate of M. Klein and Company and is led by Michael Klein as Chief Executive Officer, President, and Chairman since inception. CCXI has until December 18, 2027 (extendable to March 18, 2028 under certain conditions) to consummate an initial Business Combination, with no specific target selected as of the filing date.

Revenue model

No operating revenues as of the 10-K filed 2026-03-26. IPO proceeds of $414,000,000 are held in trust pending a Business Combination. The company pays $30,000 per month to a Sponsor affiliate for office space, utilities, and administrative support under an Administrative Support Agreement.

Products and services

Public Units consisting of one Class A Ordinary Share and one-tenth of one Public Warrant (each whole warrant exercisable to purchase one Class A Ordinary Share at $11.50). Private Placement Units issued to the Sponsor. Founder Shares (Class B Ordinary Shares). The sole business activity is identifying and consummating a Business Combination with one or more target businesses.

Customers and end markets

Public Shareholders who participated in the IPO or purchased shares in the open market. The Sponsor and Management Team may also hold Public Shares. No operating customers or end markets exist prior to a Business Combination.

Value-chain role

SPAC sponsor and acquirer. CCXI serves as a publicly listed acquisition vehicle that sources, evaluates, negotiates, and closes a merger or acquisition transaction. M. Klein and Company, a Sponsor affiliate, provides deal sourcing and advisory support through established relationships with Strategic Partners who have invested in the Sponsor.

Geographic exposure

Incorporated in the Cayman Islands. Executive offices located at 640 Fifth Avenue, 14th Floor, New York, NY 10019. May pursue a Business Combination target in any business or industry without geographic restriction, per the 10-K filed 2026-03-26.

Source: SEC 10-K, filed 2026-03-26

Industry: Blank Checks