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

Rhea-AI Filing Summary

Fort Baker Capital Management LP, Fort Baker Capital, LLC and Steven Patrick Pigott jointly report ownership of 2,650,000 Units of Churchill Capital Corp X/Cayman (CUSIP G2130T124), representing 6.4% of the Class A ordinary shares underlying Units based on 41,700,000 outstanding shares as of June 13, 2025. Each Unit consists of one Class A ordinary share and one-quarter of a redeemable warrant; the warrants are not currently exercisable and will not be exercisable within 60 days. The reporting persons state the securities were acquired and are held in the ordinary course of business and disclaim acting as a group. Signatures on the joint filing agreement are dated August 14, 2025.

Positive

• Disclosure of a material passive stake: 2,650,000 Units representing 6.4% of underlying Class A ordinary shares is clearly reported
• Joint filing and certification: Reporting persons filed a Joint Filing Agreement and certified the holdings were acquired and are held in the ordinary course of business

Negative

• No sole voting or dispositive power: Reporting persons state they have 0 sole voting and 0 sole dispositive power, indicating limited unilateral influence

Insights

Financial Analyst

TL;DR: Fort Baker discloses a meaningful passive stake of 6.4% in CCCXU, held jointly with shared voting and dispositive power.

The filing shows Fort Baker-affiliated entities and Steven Pigott collectively hold 2,650,000 Units representing 6.4% of the underlying Class A shares, calculated from the issuer's reported 41.7 million outstanding shares. The Units include fractional warrants that are not currently exercisable, limiting immediate dilution or conversion effects. Ownership is reported as shared voting and dispositive power with no sole control, indicating coordinated but not unilateral influence. This is a routine Schedule 13G disclosure consistent with a passive investment position.

Corporate Governance Specialist

TL;DR: Joint Schedule 13G indicates passive intent; reporting parties disclaim group membership and sole control.

The Schedule 13G and attached joint filing agreement document a passive stake held in the ordinary course of business and assert the reporters are not filing as a group. All three reporting persons report identical beneficial amounts and share voting and disposition authority, but none claim sole power. The certification language and signature block dated August 14, 2025 confirm the procedural compliance of the disclosure. From a governance perspective, the filing signals visibility but not an overt attempt to influence control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Churchill Capital Corp X/Cayman

(Name of Issuer)

Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant

(Title of Class of Securities)

G2130T124

(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. G2130T124

1

Names of Reporting Persons

Fort Baker Capital Management LP

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 0.00
6	Shared Voting Power 2,650,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,650,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,650,000.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G2130T124

1

Names of Reporting Persons

Steven Patrick Pigott

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,650,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,650,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,650,000.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. G2130T124

1

Names of Reporting Persons

Fort Baker Capital, 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 0.00
6	Shared Voting Power 2,650,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,650,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,650,000.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Churchill Capital Corp X/Cayman
(b)	Address of issuer's principal executive offices: 640 Fifth Avenue, 14th Floor, New York, New York, 10019
Item 2.
(a)	Name of person filing: Fort Baker Capital Management LP Steven Patrick Pigott Fort Baker Capital, LLC
(b)	Address or principal business office or, if none, residence: The principal business address of each reporting person is 700 Larkspur Landing Circle, Suite 275, Larkspur, CA 94939.
(c)	Citizenship: Fort Baker Capital Management LP: Delaware Limited Partnership Steven Patrick Pigott: Citizen of the United States Fort Baker Capital, LLC: Delaware Limited Liability Company
(d)	Title of class of securities: Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant
(e)	CUSIP No.: G2130T124
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: Reference is hereby made to Items 5-9 of this Schedule, which Items are incorporated by reference herein. Fort Baker Capital Management LP directly holds 2,650,000 Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant (which are not currently exercisable nor exercisable within 60 days). Steven Patrick Pigott acts as Limited Partner/Chief Investment Officer for Fort Baker Capital Management LP. Fort Baker Capital, LLC acts as General Partner for Fort Baker Capital Management LP. The Reporting Persons are filing this Schedule 13G jointly, but not as members of a group, and each disclaims membership in a group. Each also disclaims beneficial ownership of the securities reported herein except to the extent of that person's pecuniary interest therein. The calculation of percentage of beneficial ownership in item 11 was derived from the Issuer's quarterly report on Form 10-Q filed with the Securities and Exchange Commission on June 13, 2025, in which the Issuer stated that the number of outstanding Class A ordinary shares underlying Units was 41,700,000 as of June 13, 2025.
(b)	Percent of class: Fort Baker Capital Management LP: 6.4% Steven Patrick Pigott: 6.4% Fort Baker Capital, LLC: 6.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Fort Baker Capital Management LP: 0 Steven Patrick Pigott: 0 Fort Baker Capital, LLC: 0
	(ii) Shared power to vote or to direct the vote: Fort Baker Capital Management LP: 2,650,000 Steven Patrick Pigott: 2,650,000 Fort Baker Capital, LLC: 2,650,000
	(iii) Sole power to dispose or to direct the disposition of: Fort Baker Capital Management LP: 0 Steven Patrick Pigott: 0 Fort Baker Capital, LLC: 0
	(iv) Shared power to dispose or to direct the disposition of: Fort Baker Capital Management LP: 2,650,000 Steven Patrick Pigott: 2,650,000 Fort Baker Capital, LLC: 2,650,000
Item 5.	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 acquired and are held in the ordinary course of business and 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.

Fort Baker Capital Management LP

Signature:	/s/ Steven Patrick Pigott
Name/Title:	Steven Patrick Pigott, Chief Investment Officer
Date:	08/14/2025

Steven Patrick Pigott

Signature:	/s/ Steven Patrick Pigott
Name/Title:	Steven Patrick Pigott
Date:	08/14/2025

Fort Baker Capital, LLC

Signature:	/s/ Steven Patrick Pigott
Name/Title:	Steven Patrick Pigott, Chief Investment Officer
Date:	08/14/2025

Exhibit Information

Exhibit 1: Joint Filing Agreement, dated August 14, 2025

FAQ

What stake did Fort Baker report in Churchill Capital Corp X (CCCXU)?

The reporting persons disclosed ownership of 2,650,000 Units, representing 6.4% of the Class A ordinary shares underlying Units based on 41,700,000 outstanding shares as of June 13, 2025.

What does each Unit consist of in the CCCXU filing?

Each Unit consists of one Class A ordinary share and one-quarter of one redeemable warrant; the filing states the warrants are not currently exercisable nor exercisable within 60 days.

Do the reporting persons claim control over CCCXU?

No. The filing shows shared voting and dispositive power of 2,650,000 Units and 0 sole voting or dispositive power, and the parties disclaim membership in a group seeking control.

When was the Schedule 13G signed and by whom?

The signatures are dated August 14, 2025, signed by Steven Patrick Pigott in his capacities including Chief Investment Officer.

How was the 6.4% ownership percentage calculated?

The percentage was derived from the issuer's report stating 41,700,000 Class A ordinary shares underlying Units as of June 13, 2025, used as the denominator for the 2,650,000 Units reported.