MMCAP entities report 2.7M Churchill Capital Corp XI shares (CCXI)

Rhea-AI Filing Summary

Churchill Capital Corp XI ownership update: MMCAP International Inc. SPC and MM Asset Management Inc. report beneficial ownership of 2,700,000 Class A Ordinary Shares, representing 6.4% of the class.

The joint filing lists shared voting and dispositive power over the 2,700,000 shares. The filing is an amendment (No. 2) to a Schedule 13G/A and is signed on 05/08/2026.

Insights

Corporate Governance Expert

Joint holders disclose a 6.4% stake with shared control over 2.7M shares.

MMCAP International Inc. SPC and MM Asset Management Inc. are listed as joint filers holding 2,700,000 Class A Ordinary Shares with shared voting and dispositive power, per Item 4.

The filing is an amended Schedule 13G/A signed 05/08/2026. Future disclosures or amendments would clarify any changes in voting arrangements or percent ownership.

Key Figures

Beneficial ownership: 2,700,000 shares Percent of class: 6.4% Filing type: Schedule 13G/A (Amendment No. 2) +1 more

4 metrics

Beneficial ownership 2,700,000 shares Class A Ordinary Shares reported in Item 4

Percent of class 6.4% Percent of class reported in Item 4

Filing type Schedule 13G/A (Amendment No. 2) Header identifies the amended Schedule 13G/A

Signatures Signed 05/08/2026 Signature dates in the filing

Key Terms

Schedule 13G/A, Beneficial ownership, Shared dispositive power

3 terms

Schedule 13G/A regulatory

"Amendment No. 2) Churchill Capital Corp XI Class A Ordinary Shares"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Beneficial ownership financial

"Item 4. | Ownership (a) | Amount beneficially owned: 2,700,000"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Shared dispositive power financial

"Shared Dispositive Power 2,700,000.00"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/11/2026 - 05:27 PM Learn about SEC filing dates

FAQ

How many CCXI shares do MMCAP entities report owning?

They report beneficial ownership of 2,700,000 Class A Ordinary Shares. The filing states this amount equals 6.4% of the class and shows shared voting and dispositive power over those shares.

Who filed the Schedule 13G/A for CCXI?

MMCAP International Inc. SPC and MM Asset Management Inc. are the joint filers. Addresses and citizenship details are provided in the filing under Item 2 of the Schedule 13G/A.

What voting or dispositive power do the filers claim for CCXI shares?

The filers report shared power to vote and shared dispositive power over 2,700,000 shares, with 0 shares held with sole voting or sole dispositive power, per Item 4.

When was the Schedule 13G/A amendment signed for CCXI?

The joint filing agreement and amendment are signed by authorized persons on 05/08/2026, as shown in the signature block of the amendment.

Does the filing specify whether the shares are held directly or indirectly?

The filing lists the two entities as the reporting persons and shows shared voting/dispositive power; it does not further break down direct versus indirect holdings in the provided excerpt.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Churchill Capital Corp XI

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G2131A124

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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)

6.4 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP Number(s): 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)

6.4 %

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: 6.4%
(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:	05/08/2026

MM Asset Management Inc.

Signature:	Hillel Meltz
Name/Title:	President
Date:	05/08/2026

Exhibit Information

Exhibit 99.1 Joint Filing Agreement