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Churchill Capital Corp XI
Michael Klein's eleventh SPAC, Churchill Capital Corp XI, filed for a $1 billion IPO in 2024 — extending the most prolific individual SPAC franchise.
Churchill Capital Corp XI
Churchill Capital Corp XI is a special-purpose acquisition company formed by M. Klein and Company, the merchant bank chaired by former Citigroup dealmaker Michael Klein. The vehicle filed for an initial public offering in early 2024, targeting $1 billion in proceeds. Klein's SPAC series began in 2018 with Churchill Capital Corp I and has since become the most active sponsor platform in the asset class, with prior vehicles taking companies including Clarivate, MultiPlan, and Lucid Motors public. The firm purses a generalist mandate with an emphasis on industries where Klein's advisory background offers an edge — energy transition, infrastructure, and industrial technology. Churchill vehicles typically seek targets with enterprise values of $10 billion to $50 billion, reflecting Klein's relationships with large corporate sellers and institutional co-investors. Confirmed past deals include the $11.75 billion merger of Lucid Motors with Churchill Capital Corp IV in 2021 and the $4.2 billion combination of Clarivate with Churchill Capital Corp I in 2019. Geographic focus spans North America and Europe. Churchill XI's sponsor entity, M. Klein and Company, operates from New York and has historically deployed its own capital alongside institutional partners in each SPAC. In May 2022, Klein advised Saudi Aramco on its $100 billion downstream restructuring, demonstrating the advisory relationships that inform the SPAC franchise. Klein's personal network — built in the C-suite of Citigroup's institutional clients group — remains the firm's primary sourcing mechanism. The structural differentiator is Klein's hybrid architecture: a merchant bank that earns advisory fees from sovereigns and corporates while deploying SPAC capital into affiliated transactions. This creates an information flow unavailable to most financial sponsors, allowing Churchill vehicles to originate deals that fit the SPAC's specific mandate rather than competing broadly for auctioned assets. No successor structure has been publicly disclosed.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Michael Klein
Chairman and CEO
Frequently asked questions
Who is the sponsor behind Churchill Capital Corp XI?
The sponsor is M. Klein and Company, the merchant bank founded and chaired by Michael Klein. Klein spent over two decades at Citigroup, ultimately running the institutional clients group, before establishing his own advisory and investment platform. He has personally structured more SPACs than any other individual sponsor.
What distinguishes Churchill XI from other SPACs?
Churchill XI benefits from Klein's concurrent advisory practice, which gives him visibility into corporate divestitures, sovereign asset sales, and restructuring situations before they reach broad auction. Prior Churchill vehicles have sourced proprietary deals from these relationships, rather than competing in open processes.
What size and sector of target does Churchill XI seek?
Churchill XI targets businesses with enterprise values between $10 billion and $50 billion, according to SEC filings. The mandate is generalist but emphasizes energy, infrastructure, industrial, and technology-adjacent sectors where Klein's advisory track record is deepest.
What prior Churchill vehicles have completed mergers?
Churchill Capital Corp I took Clarivate Analytics public in 2019 at a $4.2 billion valuation. Churchill Capital Corp IV merged with Lucid Motors in 2021 at $11.75 billion. Churchill Capital Corp III combined with MultiPlan in 2020. Other vehicles have targeted companies in healthcare and sustainability.
How does Klein's advisory work relate to the SPAC franchise?
Klein's advisory mandates — including Saudi Aramco's downstream restructuring and large corporate carve-outs — generate intelligence about businesses seeking public or semi-public exits. The SPAC platform offers a path to liquidity for those businesses, creating alignment between Klein's advisory clients and his SPAC investors.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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