Deal announced · 24 Jun 2026CCXIU · NasdaqCIK 2074973Sponsor at IPO: Churchill Sponsor XI LLC
Churchill Capital Corp XI
$414MTrust raised at IPO
- IPO16 Dec 2025
- Searching24 months
- Deal announced24 Jun 2026
- Closed—
- 01
Larger than 96% of 2025’s SPAC IPOs.
$414M raised, against a median of $230M for the 143 SPACs that priced in 2025.
Worked out from checked figures in snapshot 14 · no forecasts or advice
Key terms
Other 2025 SPAC IPOs →- IPO priced
- 16 Dec 2025
- IPO closed
- 18 Dec 2025
- Raised
- $414M1
- Units sold
- 41,400,0002
- Trust raised
- $414M3
- Trust per unit
- $10.004
- Unit
- 1 sh + 1/10 warrant5
- Months to complete
- 246
- Deadline before extensions
- 18 Dec 2027
- Over-allotment
- Exercised in full
Each unit: “one Class A ordinary share and one-tenth of one warrant”
How it compares
Churchill Capital Corp XI against the 143 SPACs that priced in 2025.
- Raised
- $414M
- 96% of 2025 SPACs are below it
- 2025 median: $230M
- Trust per unit
- $10.00
- 83% of 2025 SPACs match it
- 2025 median: $10.00
- Months to complete
- 24
- 64% of 2025 SPACs match it
- 2025 median: 24
Trust and redemptions
No extension or merger vote with paid redemptions is on record for this SPAC yet.
Firms named in the prospectus
Bookrunners
Company counsel
Underwriters’ counsel
Auditor
Other SPACs from Churchill Capital
Churchill Capital’s track record →Churchill Capital has brought 11 SPACs to market since 1 January 2019, $8.2B in all: 4 completed, 1 with a deal announced, 2 searching, 4 liquidated. 4 of the 8 that reached an end completed a merger.
No SPAC named Churchill Capital I and VIII is in our data. Each either priced before 1 January 2019, came to market under another name (SPACs are listed by their name at IPO), never came to market, or is not yet in an approved snapshot, so this record may understate the sponsor.
| SPAC | IPO | Raised | Status | Outcome | Months |
|---|---|---|---|---|---|
| Churchill Capital Corp XIII | 30 Jul 2026 | $414M | Searching | — | — |
| Churchill Capital Corp XII | 27 Apr 2026 | $414M | Searching | — | — |
| Churchill Capital Corp XI This SPAC | 16 Dec 2025 | $414M | Deal announced | — | — |
| Churchill Capital Corp X/Cayman | 15 May 2025 | $414M | Completed | Infleqtion, Inc. (INFQ) | 9 |
| Churchill Capital Corp IX/Cayman | 1 May 2024 | $288M | Liquidated | Trust liquidated | 27 |
| Churchill Capital Corp VI | 11 Feb 2021 | $552M | Liquidated | Trust liquidated | 34 |
| Churchill Capital Corp VII | 11 Feb 2021 | $1.4B | Liquidated | Trust liquidated | 42 |
| Churchill Capital Corp VIPO before 2021 | 15 Dec 2020 | $500M | Liquidated | Trust liquidated | 34 |
| Churchill Capital Corp IVIPO before 2021 | 30 Jul 2020 | $2.1B | Completed | Lucid Group, Inc. (LCID) | 12 |
| Churchill Capital Corp IIIIPO before 2021 | 13 Feb 2020 | $1.1B | Completed | MultiPlan Corporation (MPLN) | 8 |
| Churchill Capital Corp IIIPO before 2021 | 26 Jun 2019 | $690M | Completed | Skillsoft Corp. (SKIL) | 24 |
Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.
Peers
Other 2025 SPAC IPOs with Citigroup Global Markets Inc. as bookrunner.
| SPAC | IPO | Raised | Unit | Status |
|---|---|---|---|---|
| Karbon Capital Partners Corp. | 10 Dec 2025 | $345M | 1 sh + ¼ warrant | Searching |
| Bain Capital GSS Investment Corp. | 29 Sept 2025 | $460M | 1 sh + ⅕ warrant | Searching |
| Perimeter Acquisition Corp. I | 12 May 2025 | $242M | 1 sh + ½ warrant | Searching |
| Rithm Acquisition Corp. | 26 Feb 2025 | $230M | 1 sh + ⅓ warrant | Searching |
Sources
- PFinal prospectus: 0001213900-25-122808
- 1Gross proceeds: 0001213900-25-125348
The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $414,000,000.
- 2Units sold: 0001213900-25-125348
the Company sold 41,400,000 Units at a price of $10.00 per Unit for a total of $414 million, which includes the full exercise of the underwriter’s over-allotment of 5,400,000 units.
- 3Trust raised: 0001213900-25-125348
A total of $414,000,000, or $10.00 per Unit, comprised of $ 411,000,000 of the net proceeds from the IPO
- 4Trust per unit: 0001213900-25-122808
$360.0 million, or $414.0 million if the underwriter’s overallotment option is exercised in full ($10.00 per unit in either case), will be placed into a U.S.-based trust account with Continental Stock Transfer & Trust Company acting as trustee.
- 5Unit composition: 0001213900-25-122808
Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-tenth of one warrant.
- 6Months to complete: 0001213900-25-122808
We will have 24 months from the closing of this offering to consummate an initial business combination
Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.
How the figures are compiled
- Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
- Dated by. The date of the final prospectus.
- Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
- Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
- Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
- Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
- Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
- Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
- Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
- Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
- Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
- Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
- Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
- Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
- Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
- Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.
Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026
For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.