Michael Klein - 18 Dec 2025 Form 4 Insider Report for Churchill Capital Corp XI (CCXIU)

Role: Chief Executive Officer, President and Chairman of the Board of Directors, Director, 10%+ Owner
Signature: /s/ Michael Klein
Issuer symbol: CCXIU
Transactions as of: 18 Dec 2025
Transactions value $: $5,000,000
Form type: 4
Filing time: 19 Dec 2025, 17:16:36 UTC
Previous filing: 24 Sep 2025
SEC: View on sec.gov

Reporting Owners (3)

Name	Relationship	Address	Signature	Signature date	CIK
Klein Michael Stuart	Chief Executive Officer, President and Chairman of the Board of Directors, Director, 10%+ Owner	640 FIFTH AVENUE,, 14TH FLOOR, NEW YORK	/s/ Michael Klein	19 Dec 2025	0001327392
M. Klein Associates, Inc.	10%+ Owner	640 FIFTH AVENUE,, 14TH FLOOR, NEW YORK	M. Klein Associates, Inc., By: /s/ Jay Lee Taragin, Name: Jay Lee Taragin, Title: Authorized Person	19 Dec 2025	0001751504
CHURCHILL SPONSOR XI LLC	10%+ Owner	640 FIFTH AVENUE,, 14TH FLOOR, NEW YORK	Churchill Sponsor XI LLC, By: M. Klein Associates, Inc., its manager, By: /s/ Jay Lee Taragin, Name: Jay Lee Taragin, Title: Authorized Person	19 Dec 2025	0002078043

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CCXIU	Class A Ordinary Shares	Purchase	$5M	+500K	+3.62%	$10.00	14.3M	18 Dec 2025	See footnote	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents (1) shares underlying the private placement units (each unit consisting of one Class A ordinary share and one-tenth of one warrant, each whole warrant exercisable to purchase one Class A ordinary share) directly held by Churchill Sponsor XI LLC (the "Sponsor"), and which were acquired pursuant to a Private Placement Units Purchase Agreement by and between the Sponsor and Churchill Capital Corp XI (the "Issuer"); and (2) 13,800,000 Class B ordinary shares, which shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination on a one-for-one basis, or at any time prior to the Issuer's initial business combination, at the option of the holder, subject to adjustment as described under the heading "Description of Securities--Founder Shares" in the Issuer's registration statement on Form S-1 (File No. 333-291626) and the registration statement on Form S-1MEF (File No. 333-292183).
F2	Michael Klein, the Chief Executive Officer, President and a director of the Issuer, is the controlling shareholder of M. Klein Associates, Inc., which is the managing member of the Sponsor and has voting and investment discretion with respect to the securities held by the Sponsor. As such, Mr. Klein may be deemed to possess beneficial ownership of the securities held directly by the Sponsor. Mr. Klein disclaims any beneficial ownership of the reported securities other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

Content

Represents (1) shares underlying the private placement units (each unit consisting of one Class A ordinary share and one-tenth of one warrant, each whole warrant exercisable to purchase one Class A ordinary share) directly held by Churchill Sponsor XI LLC (the "Sponsor"), and which were acquired pursuant to a Private Placement Units Purchase Agreement by and between the Sponsor and Churchill Capital Corp XI (the "Issuer"); and (2) 13,800,000 Class B ordinary shares, which shares will automatically convert into Class A ordinary shares at the time of the Issuer's initial business combination on a one-for-one basis, or at any time prior to the Issuer's initial business combination, at the option of the holder, subject to adjustment as described under the heading "Description of Securities--Founder Shares" in the Issuer's registration statement on Form S-1 (File No. 333-291626) and the registration statement on Form S-1MEF (File No. 333-292183).

Michael Klein, the Chief Executive Officer, President and a director of the Issuer, is the controlling shareholder of M. Klein Associates, Inc., which is the managing member of the Sponsor and has voting and investment discretion with respect to the securities held by the Sponsor. As such, Mr. Klein may be deemed to possess beneficial ownership of the securities held directly by the Sponsor. Mr. Klein disclaims any beneficial ownership of the reported securities other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

Remarks:

Chief Executive Officer, President and Chairman of the Board of Directors