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• Competitive Mobile Gaming Platform: A platform that enables players to compete in skill-based mobile games for cash prizes and virtual goods.
• Developer Monetization Tools: Provides software development kits (SDKs) and services that allow mobile game developers to integrate competitive tournaments and monetize their games.

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Churchill Capital Corp XI (CCXI) was a Special Purpose Acquisition Company (SPAC) that completed its merger with NuScale Power on May 10, 2022. Following the merger, NuScale Power began trading under the symbol SMR on the New York Stock Exchange. Therefore, the customers are those of NuScale Power.

NuScale Power sells primarily to other companies, including utilities, energy companies, and large industrial enterprises, which seek to deploy its small modular reactor (SMR) technology for power generation.

NuScale Power's major customers and significant partners currently pursuing the deployment of its SMR technology include:

• Nuclearelectrica (BVB: SNN): The Romanian national nuclear energy company, publicly traded on the Bucharest Stock Exchange. Nuclearelectrica is a key partner in the planned deployment of NuScale SMRs in Romania through the RoPower joint venture.
• KGHM Polska Miedź S.A. (WSE: KGH): A major global producer of copper and silver, publicly traded on the Warsaw Stock Exchange. KGHM has signed an agreement to explore the deployment of NuScale SMRs to power its industrial operations in Poland.
• Utah Associated Municipal Power Systems (UAMPS): A consortium of 48 municipal utilities and energy service districts across six western U.S. states. UAMPS is the lead participant in the Carbon Free Power Project (CFPP), NuScale's flagship domestic SMR deployment project. UAMPS itself is not a public company but represents a significant collective customer base.

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• Weil, Gotshal & Manges LLP
• Citigroup Global Markets Inc. (Symbol: C)
• M. Klein and Company LLC
• KPMG LLP
• Morrow Sodali LLC

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Michael Klein, Chairman and CEO, President, Director

Michael Klein is the founder and Managing Partner of M. Klein and Company, a strategic advisory firm he established in 2012. He previously held various roles at Citi and Salomon Smith Barney over a 30-year career. Klein has a significant history of founding and managing numerous Churchill Capital SPACs (Special Purpose Acquisition Companies), including Churchill Capital Corp, Churchill Capital Corp II, III, IV, V, VI, VII, IX, and X. Through these SPACs, he has overseen mergers with companies such as Clarivate Analytics, Skillsoft, MultiPlan, and Lucid Group, Inc. Additionally, his most recent SPACs, Churchill Capital X and Churchill Capital Corp IX, have pending mergers with Infleqtion and PlusAI, respectively. His firm has advised on transactions exceeding $1 trillion in value.

Jay Taragin, Chief Financial Officer

Jay Taragin serves as the Chief Financial Officer of Churchill Capital XI, a position he has held since the company's inception. He is also the CFO of M. Klein and Company, which he joined in May 2019. Taragin concurrently holds the CFO role for other Churchill Capital SPACs, including Churchill Capital Corp IX and Churchill Capital Corp X. His prior experience includes a Chief Operating and Financial Officer role at a mortgage hedge fund from 2009 to 2012, and various senior finance and audit positions at Merrill Lynch & Company from 1993 to 2009. He also worked as a senior auditor and accountant at Credit Suisse and PricewaterhouseCoopers. Taragin is a CPA and holds an MBA from New York University Stern School of Business.

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1. Failure to Complete a Business Combination: As a Special Purpose Acquisition Company (SPAC), Churchill Capital XI's primary objective is to complete a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. If the company fails to identify and consummate an initial business combination within the timeframe specified in its organizational documents, it may be forced to liquidate. In such a scenario, public shareholders would likely receive their pro rata portion of the funds held in the trust account, but they would lose the opportunity for potential growth and returns associated with a successful merger, and could potentially lose money if the liquidation value is below their initial investment. This is a fundamental risk for any pre-merger SPAC.
2. Risk of Investing in an Unproven Business and Target Selection Risk: Churchill Capital XI has not yet selected a target business for its initial business combination and may pursue a target in any industry. This introduces the risk that the company may ultimately combine with an unproven or underperforming business, or a business that fails to achieve the anticipated financial or operational results post-merger. Investors are essentially entrusting the SPAC's management team to identify and execute a successful business combination, and there is no guarantee that their chosen target will create long-term shareholder value.
3. Dilution from Warrants and Sponsor Shares: Churchill Capital XI's structure includes warrants that allow holders to purchase Class A ordinary shares at an exercise price of $11.50 per share. The exercise of these warrants following a business combination would increase the number of outstanding shares and dilute the ownership percentage of existing public shareholders. Furthermore, SPAC sponsors typically receive a significant number of founder shares, which can also lead to substantial dilution for public shareholders upon the completion of a business combination.

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1. **Significant decline in investor interest and market confidence in the SPAC model:** This has led to higher redemption rates, increased difficulty in securing PIPE (private investment in public equity) financing, and a general cooling of the SPAC market. This directly threatens Churchill Capital XI's ability to successfully identify and acquire a suitable target company, as well as the potential post-merger performance of any acquired entity.

2. **Increased regulatory scrutiny and potential for more stringent regulations:** The U.S. Securities and Exchange Commission (SEC) has proposed new rules and increased its focus on SPACs, which could impose greater liability on participants, heighten disclosure requirements, and alter the financial incentives associated with SPAC transactions. This environment could make the SPAC structure less appealing for both target companies and SPAC sponsors, complicating or even preventing Churchill Capital XI from completing a successful de-SPAC transaction.

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Here are 3-5 expected drivers of future revenue growth for Churchill Capital XI (CCXI) over the next 2-3 years, based on its nature as a Special Purpose Acquisition Company (SPAC) and its stated acquisition criteria:

1. Successful Completion of a Business Combination: As a SPAC, Churchill Capital XI's primary driver for future revenue growth is the successful identification and acquisition of an operating company. Until a merger, amalgamation, or similar business combination is completed, Churchill Capital XI does not have revenue-generating operations. The consummation of such a deal will establish the foundational revenue stream for the combined entity.
2. Growth of the Acquired Company's Core Products and Services: Churchill Capital XI aims to acquire businesses with the "potential to generate stable free cash-flow". This indicates that the target company will likely have existing products or services with established market demand. Future revenue growth will be driven by expanding the customer base, increasing sales volumes, or enhancing pricing for these core offerings.
3. Strategic Acquisitions and Inorganic Growth: The SPAC's investment criteria include targeting businesses with "Potential to Grow Through Further Acquisition Opportunities". This suggests that the combined entity post-merger may pursue additional strategic acquisitions to expand its market share, diversify its product portfolio, or enter new geographic markets, thereby driving significant inorganic revenue growth.
4. Leveraging Churchill's Expertise for Market Expansion and Operational Improvement: Churchill Capital XI seeks businesses that "Would Benefit from our Capabilities". The expertise and network of Michael Klein and his team are expected to be leveraged to enhance the operational efficiency, market penetration, and strategic direction of the acquired company. This could lead to accelerated organic growth through optimized sales strategies, improved product development, or more effective market entry.

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Share Issuance

• Churchill Capital Corp XI completed its Initial Public Offering (IPO) in December 2025, raising $414 million in gross proceeds.
• The IPO involved the issuance of 41,400,000 units at a price of $10.00 per unit.
• Each unit issued comprises one Class A ordinary share and one-tenth of one redeemable warrant.

Inbound Investments

• Concurrently with its IPO, Churchill Capital Corp XI completed a private placement of 500,000 units to its sponsor, Churchill Sponsor XI LLC, generating an additional $5 million.