Churchill Capital Corp XI is a special purpose acquisition company (SPAC) incorporated in the Cayman Islands in 2025. Churchill XI raised $414M in its December 2025 IPO, with proceeds held in trust while the company searches for a private business to acquire and take public. Churchill XI has not yet identified a target and may pursue acquisitions across any industry or geography. The company is sponsored and led by Michael Klein, founder of M. Klein and Company, a financial advisory firm, who serves as CEO and Chairman. The management team also draws on a network of "Operating Partners" — former senior executives of S&P 500 companies — sourced through an internal group called Archimedes Advisors, who help identify and evaluate targets. Churchill XI must complete a deal by December 2027 (extendable to March 2028 if a definitive agreement is signed), or it liquidates and returns trust proceeds to public shareholders. Klein's sponsor entity holds Founder Shares acquired at nominal cost that only have value if a deal is completed, aligning sponsor incentives with deal execution. Public shareholders can redeem shares for approximately $10.01 per share at the time of any deal vote or liquidation if they choose not to participate in the acquired company.