Churchill Capital Corp X (CCCX) shares kept climbing Wednesday, rising 5.96% even as the broader market slipped. The Nasdaq fell 0.30% and the S&P 500 dropped 0.18%, but Churchill Capital investors had other things on their minds.

Quantum Technology Heads to Space

The stock's momentum carried over from Tuesday's 10.27% surge, which came after Infleqtion, Churchill Capital's merger target, landed a major NASA contract. The quantum computing company will supply the quantum core for NASA's Quantum Gravity Gradiometer Pathfinder mission, a program worth more than $20 million that aims to launch a satellite capable of mapping variations in Earth's gravitational field from low-Earth orbit.

It's the kind of contract that validates both the technology and the business case. Dana Anderson, chief science officer at Infleqtion, framed it in appropriately grand terms: "Quantum sensing opens an entirely new domain for U.S. space leadership. By deploying this technology in orbit, we are demonstrating the feasibility of quantum gravity sensing in space and laying the groundwork for future capabilities that can deliver unprecedented insight into our planet."

The SPAC Deal Breakdown

Infleqtion emerged from the University of Colorado as a specialist in neutral-atom quantum computing and sensing. The company is going public through a SPAC merger with Churchill Capital Corp X at a valuation of roughly $1.8 billion.

The deal should generate about $540 million in gross proceeds, including over $125 million from PIPE financing. Once the merger closes later this month, the combined company will trade on the NYSE under the ticker "INFQ."

Smart Money Weighs In

Citron Research added fuel to Tuesday's rally by announcing it had increased its position in the company. The firm pointed to recent contracts, government validation, credible partners, and legitimate use cases as reasons for confidence.

What the Charts Say

Despite the recent pop, Churchill Capital shares are still trading 16.6% below their 50-day simple moving average and 20.3% below the 100-day SMA, suggesting the stock hasn't fully regained its footing. Over the past 12 months, shares have climbed 26.91%, though they remain closer to their 52-week lows than highs.

The RSI sits at 41.19, landing in neutral territory, while the MACD is trading below its signal line, a bearish signal. The combination suggests momentum is mixed rather than decisively bullish.

CCCX Price Action: Churchill Capital shares were up 5.49% at $13.36 at the time of publication on Wednesday.