5.8% Churchill Capital Corp XI (CCXI) stake disclosed in amended 13G filing

Rhea-AI Filing Summary

MMCAP International Inc. SPC and Asset Management Inc. have amended their ownership report on Churchill Capital Corp XI, disclosing beneficial ownership of 2,700,000 Class A Ordinary Shares, representing 5.8% of the class as of 12/31/2025.

The shares are held with shared voting and dispositive power and no sole voting or dispositive power. The reporting persons certify the holdings were not acquired to change or influence control of Churchill Capital Corp XI, consistent with a passive Schedule 13G filing.

Insights

Equity ownership and governance analyst

Passive holder reports a 5.8% stake in Churchill Capital Corp XI.

The filing shows MMCAP International Inc. SPC and Asset Management Inc. jointly beneficially owning 2,700,000 Class A Ordinary Shares, or 5.8% of the outstanding class. Voting and dispositive rights are shared, with no sole authority reported.

The Schedule 13G/A certification states the position is not held to change or influence control, indicating a passive investment stance. Actual impact on the company depends on how this sizable, but minority, shareholder chooses to vote its shares over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Churchill Capital Corp XI

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G2131A124

(CUSIP Number)

12/31/2025

(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. G2131A124

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 2,700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,700,000.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G2131A124

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 2,700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,700,000.00

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)

5.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Churchill Capital Corp XI
(b)	Address of issuer's principal executive offices: 640 Fifth Avenue, 12th Floor, New York, NY 10019
Item 2.
(a)	Name of person filing: i) MMCAP International Inc. SPC ii) MM Asset Management Inc.
(b)	Address or principal business office or, if none, residence: i) c/o Mourant Governance Services (Cayman) Limited, 94 Solaris Avenue, Camana Bay, P. O. Box 1348, Grand Cayman KY1-1108, Cayman Islands ii) 161 Bay Street, TD Canada Trust Tower, Suite 2240, Toronto, Ontario M5J 2S1 Canada
(c)	Citizenship: i) Cayman Islands ii) Ontario, Canada
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: G2131A124
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: 2,700,000
(b)	Percent of class: 5.8%
(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: 2,700,000
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,700,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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:	Ulla Vestergaard
Name/Title:	Director
Date:	02/12/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	02/12/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement

FAQ

What stake in Churchill Capital Corp XI (CCXI) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 2,700,000 Class A Ordinary Shares of Churchill Capital Corp XI, representing 5.8% of that share class. This crosses the 5% threshold that requires institutional investors to disclose their holdings on a Schedule 13G.

Who are the reporting persons in the Churchill Capital Corp XI (CCXI) Schedule 13G/A?

The reporting persons are MMCAP International Inc. SPC, organized in the Cayman Islands, and Asset Management Inc., based in Ontario, Canada. They jointly report beneficial ownership and share voting and dispositive power over the same block of Churchill Capital Corp XI shares.

How much voting power do the reporting holders have in Churchill Capital Corp XI (CCXI)?

The reporting holders disclose shared voting power over 2,700,000 shares and no sole voting power. They also report shared dispositive power over the same shares, meaning decisions to vote or sell the stake are controlled jointly rather than individually.

Is the 5.8% CCXI stake held to influence control of Churchill Capital Corp XI?

The certification states the securities were not acquired and are not held to change or influence control of Churchill Capital Corp XI. This language is consistent with a passive ownership position reported on Schedule 13G rather than an activist Schedule 13D filing.

What class of Churchill Capital Corp XI (CCXI) securities is covered by this Schedule 13G/A?

The filing covers Class A Ordinary Shares of Churchill Capital Corp XI with CUSIP G2131A124. It reports aggregate beneficial ownership, voting power, and dispositive power over this equity class rather than other securities such as warrants or preferred shares.

What is the event date for the Churchill Capital Corp XI (CCXI) ownership reported?

The date of the event requiring the filing is December 31, 2025. As of this date, the reporting entities beneficially owned 2,700,000 Class A Ordinary Shares, representing 5.8% of the class, triggering the amended Schedule 13G disclosure requirement.