[SCHEDULE 13G/A] Churchill Capital Corp X Unit SEC Filing

Rhea-AI Filing Summary

MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 2,000,000 Class A ordinary shares of Churchill Capital Corp X, representing 4.8% of the class. The reporting persons state they have shared voting power and shared dispositive power over these shares and no sole voting or dispositive power.

The filing is an amended Schedule 13G indicating passive investor status: the filers certify the shares were not acquired to change or influence control of the issuer. The report notes ownership is 5% or less of the class, so it does not reflect a control position.

Insights

Financial Analyst

TL;DR: Two related investment entities hold 2.0M shares (4.8%) with shared voting/dispositive power; position appears passive and non-controlling.

The filing shows a modest minority stake that falls below the 5% control threshold, implying limited direct influence on corporate governance or strategic decisions. Shared voting and dispositive power indicates these entities coordinate on the holdings, but absence of sole power and the filer certification that the position is not intended to influence control support a neutral market impact. For investors, this is a disclosure of investor interest rather than a catalytic ownership change.

Corporate Governance Expert

TL;DR: Reported ownership is non-control and accompanied by a certification of passive intent, so governance impact is minimal.

The Schedule 13G/A classification and the included certification signal passive ownership under applicable rules. Because the holders report only shared voting/dispositive power and the stake is under 5%, there is no statutory control implication. From a governance perspective, this disclosure increases transparency but does not indicate an active campaign for board representation or control changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Churchill Capital Corp X

(Name of Issuer)

Class A ordinary shares, par value $0.0001 per share

(Title of Class of Securities)

G2130T108

(CUSIP Number)

06/30/2025

(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. G2130T108

1

Names of Reporting Persons

MMCAP International Inc. SPC

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G2130T108

1

Names of Reporting Persons

MM Asset Management Inc.

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,000,000.00

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)

4.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Churchill Capital Corp X
(b)	Address of issuer's principal executive offices: 640 Fifth Avenue, 12th Floor, New York, NEW YORK 10019
Item 2.
(a)	Name of person filing: MMCAP International Inc. SPC MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: c/o Mourant Governance Services (Cayman) Limited 94 Solaris Avenue Camana Bay, P.O. Box 1348 Grand Cayman, KY1-1108, Cayman Islands 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, ON M5J 2S1 Canada
(c)	Citizenship: Cayman Islands Ontario, Canada
(d)	Title of class of securities: Class A ordinary shares, par value $0.0001 per share
(e)	CUSIP No.: G2130T108
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: 2,000,000
(b)	Percent of class: 4.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,000,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,000,000
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.

MMCAP International Inc. SPC

Signature:	/s/ Ulla Vestergaard
Name/Title:	Director
Date:	08/12/2025

MM Asset Management Inc.

Signature:	/s/ Hillel Meltz
Name/Title:	President
Date:	08/12/2025

FAQ

Who filed the Schedule 13G/A for Churchill Capital Corp X (CCCXU)?

The filing was made by MMCAP International Inc. SPC and MM Asset Management Inc.

How many Churchill Capital Corp X shares are reported and what percent do they represent?

The filers report beneficial ownership of 2,000,000 shares, representing 4.8% of the Class A ordinary shares.

Do the reporting persons have voting or dispositive power over the shares?

They report shared voting power and shared dispositive power for 2,000,000 shares and no sole voting or dispositive power.

Does this Schedule 13G/A indicate an intent to influence control of CCCXU?

No. The filers certify the shares were not acquired and are not held to change or influence control and the filing is consistent with passive ownership.

Is the reported ownership considered a control position?

No. The reported stake is under 5% (4.8%) and the filers indicate passive intent, so it does not constitute a control position.