Michael Stuart Klein - 16 Dec 2025 Form 3 Insider Report for Churchill Capital Corp XI (CCXI)

Role: Chief Executive Officer, President and Chairman of the Board of Directors, Director, 10%+ Owner
Signature: /s/ Michael Klein
Issuer symbol: CCXI
Transactions as of: 16 Dec 2025
Net transactions value: $0
Form type: 3
Filing time: 16 Dec 2025, 21:40:41 UTC
Previous filing: 24 Sep 2025
Next filing: 19 Dec 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	16 Dec 2025	0001327392
CHURCHILL SPONSOR XI LLC	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	16 Dec 2025	0002078043
M. Klein Associates, Inc.	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:	16 Dec 2025	0001751504

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	CCXIU	Class B Ordinary Shares, par value $0.0001 per share							16 Dec 2025	Class A Ordinary Shares, par value $0.0001 per share	13,800,000		See Footnotes	F1, F2

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

Explanation of Responses:

Id	Content
F1	The reported shares of Churchill Capital Corp XI (the "Issuer") are directly held by Churchill Sponsor XI LLC (the "Sponsor") and include up to 1,800,000 Class B ordinary shares that are subject to forfeiture if the underwriters of the Issuer's initial public offering do not exercise in full an option granted to them to cover over-allotments. Pursuant to the Issuer's Amended and Restated Memorandum And Articles of Association, the Class B ordinary shares will automatically convert into the Class A ordinary shares, par value $0.0001 per share, of the Issuer 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). The Class B ordinary shares have no expiration date.
F2	Michael Klein is the controlling stockholder of M. Klein Associates, Inc., which is the managing member of the Sponsor.

Content

The reported shares of Churchill Capital Corp XI (the "Issuer") are directly held by Churchill Sponsor XI LLC (the "Sponsor") and include up to 1,800,000 Class B ordinary shares that are subject to forfeiture if the underwriters of the Issuer's initial public offering do not exercise in full an option granted to them to cover over-allotments. Pursuant to the Issuer's Amended and Restated Memorandum And Articles of Association, the Class B ordinary shares will automatically convert into the Class A ordinary shares, par value $0.0001 per share, of the Issuer 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). The Class B ordinary shares have no expiration date.

Michael Klein is the controlling stockholder of M. Klein Associates, Inc., which is the managing member of the Sponsor.

Remarks:

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