Churchill Capital Corp X (CCCX) shares climbed Wednesday, catching a wave of momentum sweeping through quantum computing stocks. The catalyst? A combination of enthusiastic commentary from short seller turned bull Citron Research and broader sector optimism that's got quantum investors feeling festive.
What's Behind The Rally?
Citron Research gave Churchill Capital a major vote of confidence this week with upbeat remarks about its merger partner Infleqtion. The firm declared the company is "no longer a science project" and emphasized "this is real." That's quite the endorsement from a shop known for skepticism.
Here's where it gets interesting: Citron suggested Churchill's market cap could actually overtake Rigetti Computing's (RGTI) by early 2026. The firm pointed to Churchill's tangible progress while noting Rigetti's continued difficulties advancing to stage 2 with DARPA. That's a pretty specific shot across the bow.
Back in October, Citron argued that Infleqtion is outpacing competitors in the quantum race and should be trading significantly higher based on how the market values similar companies. According to Citron's math, a $10 billion valuation for Infleqtion would put shares around $40.
"Infleqtion ($CCCX) remains a far superior quantum company to Rigetti ($RGTI) — with real commercial revenue, diversified quantum systems, and a genuine partnership with NVIDIA ($NVDA)," Citron posted on X in October.
The Broader Quantum Momentum
Churchill Capital is also benefiting from positive vibes that followed Wedbush's initiation of coverage across the quantum computing sector on December 17. The firm's bullish stance seems to have lifted all quantum boats.
Wedbush started IonQ Inc (IONQ) with an Outperform rating and $60 price target, highlighting that IonQ's revenue nearly doubled from $22 million in 2023 to $43 million in 2024, with expectations of topping $100 million in 2025. The firm also issued Outperform ratings for Rigetti Computing (RGTI) and D-Wave Quantum Inc (QBTS), each with $35 price targets, citing the industry's steady march toward broader commercial adoption.
That bullish analyst coverage appears to have created sector-wide momentum, lifting quantum-related names including the Infleqtion SPAC. When Wall Street gets excited about an emerging technology space, the enthusiasm tends to spread quickly.
CCCX Price Action: Churchill Capital Corp X shares were up 4.01% at $17.96 at the time of publication on Wednesday.