Merus reports 1,776,660 CCCX shares, sole voting power

Rhea-AI Filing Summary

Merus Global Investments, LLC reports beneficial ownership of 1,776,660 Class A ordinary shares of Churchill Capital Corp X, representing 4.3% of the 41,700,000 shares outstanding used for the calculation as of August 13, 2025. The filer indicates sole voting and sole dispositive power over all reported shares and states the holdings are not intended to change or influence control of the issuer. The filing lists the issuer's principal office in Austin, TX and the reporting person's principal office in New York, NY. The statement classifies the position as ownership of 5% or less.

Positive

• Clear sole voting and dispositive power over all 1,776,660 reported shares
• Position below 5% avoids additional disclosure regimes tied to larger holdings

Negative

• Stake is non-controlling at 4.3%, limiting influence on corporate decisions

Insights

Equity Ownership Analyst

Merus holds a non-controlling 4.3% stake with sole voting and dispositive power.

The filing shows 1,776,660 shares owned outright with sole voting and dispositive authority, which gives Merus clear mechanical control over its shares but does not cross the 5% threshold that typically signals a larger activist or takeover position.

Key dependencies include the issuer's share count used for calculation (August 13, 2025) and any future open-market purchases or dispositions; changes above the 5% threshold would require additional disclosures and could carry greater investor interest within weeks to months.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Churchill Capital Corp X

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G21301109

(CUSIP Number)

10/01/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G21301109

1

Names of Reporting Persons

Merus Global Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,776,660.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,776,660.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,776,660.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Note to Row 11: Calculated based on the 41,700,000 shares of the Class A ordinary shares, par value $0.0001 per share, of Churchill Capital Corp X (the "Issuer") outstanding as of August 13, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Churchill Capital Corp X
(b)	Address of issuer's principal executive offices: 5900 BALCONES DRIVE, SUITE 100, AUSTIN, TX 78731
Item 2.
(a)	Name of person filing: Merus Global Investments, LLC
(b)	Address or principal business office or, if none, residence: 3 Park Ave, Suite 2900, New York, NY 10016
(c)	Citizenship: DE
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G21301109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,776,660
(b)	Percent of class: 4.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,776,660
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,776,660
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Merus Global Investments, LLC

Signature:	/s/ Amrita M. Mahabaleswara
Name/Title:	Amrita M. Mahabaleswara, General Counsel and Head of Compliance
Date:	10/07/2025

FAQ

What stake does Merus Global (CCCX) report?

Merus Global reports beneficial ownership of 1,776,660 shares, equal to 4.3% of the class based on 41,700,000 outstanding shares as of August 13, 2025.

Does Merus have voting control over its Churchill Capital (CCCX) shares?

Yes. The filing states Merus has sole voting power and sole dispositive power for the 1,776,660 shares.

Is Merus' position classified as a 5% owner of CCCX?

No. The filing classifies the position as ownership of 5 percent or less of the class.

Where are the issuer and reporting person based?

The issuer's principal office is listed in Austin, TX; the reporting person, Merus Global Investments, LLC, lists its principal office in New York, NY.

Will Merus' filing affect control of Churchill Capital (CCCX)?

The filing certifies the shares were not acquired for the purpose of changing or influencing control and are not held in connection with such transactions.