Churchill Capital XI, a new SPAC launched by veteran dealmaker Michael Klein, has filed for a $300 million initial public offering (IPO) as it prepares to pursue an acquisition in sectors with strong free-cash-flow fundamentals. The blank-check company aims to leverage Klein’s extensive SPAC track record and proprietary sourcing network to identify a high-quality merger candidate.
Company Background
Churchill Capital XI is the latest SPAC formed by Michael Klein, a former Citi and Salomon Smith Barney executive and the founder of M. Klein and Company, a prominent strategic advisory firm. Klein has become one of the most recognizable figures in the SPAC landscape, having sponsored multiple Churchill-branded blank-check companies over the past decade.
Klein now leads the newly formed Churchill Capital XI as CEO and Chairman, supported by CFO Jay Taragin, who also serves in the same financial leadership role at M. Klein and Company. The SPAC was established in 2025 and is headquartered in New York, continuing Klein’s legacy as one of the most active and persistent sponsors in the public-market acquisition space.
IPO Details
The company intends to raise $300 million by offering 30 million units at $10 each, with each unit composed of one share of common stock and one-tenth of a warrant exercisable at $11.50. Churchill Capital XI plans to list on the Nasdaq under the ticker symbol CCXIU, with Citi serving as the sole bookrunner.
The SPAC’s investment criteria include businesses with durable free-cash-flow generation, companies sourced through Churchill’s proprietary networks, and organizations led by capable management teams with clear long-term growth potential.
Market Context & Opportunities
The IPO comes at a moment when SPAC activity is stabilizing after several years of volatility. Investors remain selective, yet firms with strong sponsor credibility continue to attract attention. Klein’s previous SPACs have covered sectors including quantum computing, autonomous driving, electric vehicles, and healthcare technology, reflecting a broad opportunity set for Churchill Capital XI.
The current market environment may offer improved deal-making conditions, with private companies seeking capital and liquidity amid tighter venture markets. For sponsors with established pipelines and relationships, such as Klein, the moment may present enhanced acquisition opportunities compared with earlier SPAC cycles.
Risks & Challenges
Despite Klein’s reputation, Churchill Capital XI faces the same structural challenges that affect all SPACs. Public-market sentiment remains cautious after several high-profile SPAC mergers underperformed, including Lucid and MultiPlan—both from earlier Churchill vehicles—which have seen steep post-merger declines.
Redemption rates, regulatory scrutiny, and investor skepticism may also influence Churchill Capital XI’s ability to secure a merger partner and complete a successful de-SPAC transaction. Furthermore, the performance of Klein’s recent SPACs is mixed, with some deals pending and others having liquidated after failing to secure suitable targets.
Closing Paragraph
As Churchill Capital XI proceeds with its $300 million IPO, investors are watching closely to determine whether Michael Klein’s newest SPAC can capitalize on improved deal-making conditions and deliver a successful business combination. With a seasoned sponsor and clear strategic criteria, the offering has the potential to attract strong interest. Yet the key question remains: Will Churchill Capital XI break the mixed performance trend of prior SPAC cycles, or will market headwinds shape its next chapter?
