Churchill Capital Corp XI Initial Public Offering and Financial Update

On December 18, 2025, Churchill Capital Corp XI (the "Company") consummated its initial public offering (IPO) of 41,400,000 units, generating gross proceeds of $414,000,000. Each unit, priced at $10.00, consists of one Class A ordinary share and one-tenth of a redeemable warrant. Simultaneously, the Company completed a private placement of 500,000 units to its sponsor, Churchill Sponsor XI LLC, for $5,000,000. A total of $414,000,000 from the IPO and private placement proceeds was placed in a U.S.-based trust account. The company also issued an audited balance sheet as of December 18, 2025, reflecting these transactions. The financial statements indicate total assets of $415,384,757 and liabilities totaling $16,091,000, with Class A ordinary shares subject to possible redemption amounting to $414,000,000. The company is an emerging growth company and has not yet commenced operations, with its primary purpose being to effect a business combination.