Citron Research, under the direction of Andrew Left, is reinforcing its conviction in the quantum computing enterprise, Infleqtion, citing its significant evolution from a purely scientific endeavor to a viable commercial entity. This development signals a pivotal moment for the company and the broader quantum technology landscape.
Citron Research Advocates for Infleqtion's Commercial Quantum Leap
On December 22, 2025, Andrew Left, through a statement on X, reaffirmed his optimistic outlook on Infleqtion (NASDAQ: CCCX). His confidence stems from the company's strategic partnership with the French aerospace giant, Safran SA, aimed at developing advanced GPS-independent timing solutions critical for mission-oriented applications. Left underscored that Infleqtion, which became publicly traded through a SPAC merger earlier in the year, has transcended its initial "science project" phase to establish itself as a tangible commercial enterprise.
Citron Research drew a sharp contrast between Infleqtion and Rigetti Computing Inc. (NASDAQ: RGTI), another quantum computing firm. Unlike Infleqtion, Rigetti Computing has reportedly struggled to meet the performance standards set by the U.S. Government's Defense Advanced Research Projects Agency (DARPA). Despite this, Rigetti boasts a significantly higher market capitalization of $7.84 billion compared to Infleqtion's approximately $720 million. Citron anticipates a market valuation crossover between the two companies by early 2026, driven by Infleqtion's commercial successes.
Earlier in the year, Citron Research initiated a long position on Infleqtion while simultaneously shorting Rigetti, predicting a divergence in their valuations. At that time, Citron noted that the market had not adequately reflected the disparity between the operational achievements and speculative ambitions of the two companies. Infleqtion, even then, showcased a robust portfolio of customers, demonstrable revenue, and a notable collaboration with NVIDIA Corp. (NASDAQ: NVDA). Since Citron's strategic trade initiation, Rigetti Computing's shares have declined by 35.50%, while Infleqtion's shares have seen a modest decrease of 1.68%, mirroring a broader skepticism towards quantum computing stocks.
However, the quantum computing sector recently experienced a significant upswing, with Infleqtion's shares climbing by 13.50% to close at $15.72 on Monday. Rigetti Computing also saw a 13.24% increase, reaching $26.90. This rally, often referred to as a "Santa rally," was bolstered by positive analyst coverage from firms like Jefferies and Wedbush Securities, coupled with bullish options trading activity. This resurgence marks a successful close to 2025 for quantum stocks, with analysts and investors projecting continued growth into the upcoming year.
The current market dynamics for quantum computing present an intriguing case study in investment strategy and technological adoption. The discerning approach of firms like Citron Research, focusing on tangible commercial progress and strategic partnerships, may offer a valuable blueprint for navigating the complexities of emerging high-tech sectors. It highlights the importance of distinguishing between companies that are genuinely translating scientific advancements into market-ready solutions and those still primarily in the developmental stages. This perspective underscores that while innovation is crucial, commercial viability and strategic alliances are equally paramount for long-term success in rapidly evolving industries.