SCHEDULE 13G/A: Fort Baker Capital Discloses 4.1% Stake in Churchill Capital X

Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC jointly reported a 4.1% beneficial ownership in Churchill Capital Corp X/Cayman's Class A Ordinary Shares.

Summary

• Fort Baker Capital Management LP, Steven Patrick Pigott, and Fort Baker Capital, LLC jointly reported beneficial ownership of 1,722,666 Class A Ordinary Shares of Churchill Capital Corp X/Cayman.
• This represents 4.1% of the Class A Ordinary Shares outstanding.
• The ownership is held with shared voting power and shared dispositive power for all reporting persons.
• The percentage of class was calculated based on 41,700,000 Class A ordinary shares outstanding as of August 13, 2025, as reported in the Issuer's Form 10-Q.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: A Schedule 13G is a neutral disclosure of beneficial ownership. The 4.1% stake is significant but below the 5% threshold for initial filings, and the certification disclaims intent to influence control, suggesting a passive investment.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, which could be viewed positively as a vote of confidence, though the passive nature limits direct influence.

Key Dates

Keywords

Churchill Capital Corp X, Fort Baker Capital Management, Steven Patrick Pigott, Fort Baker Capital LLC, Schedule 13G, Beneficial Ownership, Class A Ordinary Shares, Investment Adviser, SEC Filing