CCIX
Churchill Capital Corp IX Ordinary SharesFinancial Services·nan
$10.81
$396M market cap
Revenue
$0.0M
Free Cash Flow
$-0.5M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Churchill Capital Corp IX does not have significant operations. It focuses on effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. Churchill Capital Corp IX was incorporated in 2023 and is based in New York, New York.
2-Year Price History
$10.78+7.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -1.2 | -1.2 | 1.5 | -0.3 | -0.3 | -0.0 | 0.2 | 0.5 | 28.8 | -4.8% | -- | -- |
| Act | 2025-Q4 | 0.0 | 2.7 | -0.4 | 2.7 | -0.2 | -0.2 | -0.0 | 0.0 | 0.0 | 36.7 | -1.6% | -- | -- |
Valuation & Metrics
Market Stats
Price$10.81
Market Cap$396M
Enterprise Value$397M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-0.1%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$4.2M
Free Cash Flow$-0.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-3.2%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.0M
Days to Cover1.0
Change (vs Prior)+59.9%
Need at least 2 settlement dates for chart
Employees
Headcount2
Revenue / Employee$0
Gross Profit / Employee$0
Cash Runway
3.9months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
65.8%(+6.8% YoY)
45 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.1%(+0.1% YoY)
1 filers
Vanguard, iShares, SPDR
Market makers
0.0%(+0.0% YoY)
0 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| TENOR CAPITAL MANAGEMENT Co., L.P. | $28.9M | $10.52 | +$0 | +$26.7M | +6.1% | $1.50B |
| Empyrean Capital Partners, LP | $28.1M | $10.30 | +$0 | −$2.8M | +3.3% | $2.82B |
| BERKLEY W R CORP | $19.3M | $10.66 | +$9.3M | +$19.0M | +0.3% | $1.86B |
| Alberta Investment Management Corp | $16.0M | $10.52 | +$0 | +$16.0M | -0.4% | $14.74B |
| Fort Baker Capital Management LP | $15.5M | $10.09 | −$14.7M | −$9.1M | -0.5% | $974M |
| Crossingbridge Advisors, LLC | $14.4M | $10.68 | +$14.4M | +$14.4M | -0.1% | $492M |
| ARISTEIA CAPITAL LLC | $13.5M | $10.02 | +$0 | −$401K | +5.1% | $2.68B |
| D. E. Shaw & Co., Inc. | $13.1M | $10.12 | +$0 | +$0 | -0.3% | $118.02B |
| LINDEN ADVISORS LP | $12.3M | $10.44 | +$0 | +$8.0M | -7.0% | $1.89B |
| JPMORGAN CHASE & CO | $10.7M | $10.67 | +$10.5M | +$10.7M | -0.2% | $1.47T |
| HIGHBRIDGE CAPITAL MANAGEMENT LLC | $10.7M | $10.67 | +$10.6M | +$10.7M | -5.6% | $1.12B |
| MOORE CAPITAL MANAGEMENT, LP | $10.7M | $10.02 | +$0 | +$0 | +2.3% | $2.52B |
| METEORA CAPITAL, LLC | $9.9M | $10.44 | −$272K | +$9.9M | -6.2% | $69.12B |
| Westchester Capital Management, LLC | $8.8M | $10.59 | +$8.0M | +$6.5M | -4.4% | $2.07B |
| RiverPark Advisors, LLC | $6.4M | $10.64 | +$1.6M | +$6.4M | -0.7% | $208M |
| GOLDMAN SACHS GROUP INC | $5.6M | $10.35 | +$0 | −$2K | -0.2% | $760.93B |
| Ghisallo Capital Management LLC | $4.3M | $10.02 | +$0 | +$0 | +1.5% | $2.56B |
| Sculptor Capital LP | $4.3M | $10.02 | +$0 | −$16.0M | +5.4% | $4.63B |
| AQR Arbitrage LLC | $3.7M | $10.16 | −$55K | −$440K | -0.0% | $5.11B |
| Verbena Value LP | $3.0M | $10.63 | +$0 | +$3.0M | +14.8% | $611M |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
+0.46%
avg per quarter
Holders (ex-self)
+0.55%
excl. this stock
Buyers (this Q)
-1.80%
13 buyers · $0.06B in
Sellers (this Q)
-2.26%
11 sellers · $0.03B out
alpha coverage: 99% of $ has a lifetime-alpha record
Holder behavior (holder profile)source: holder
On big dips (−10%+)
-3.9%
how holders react when this stock falls
On quiet Qs
-3.1%
−10% to +10% baseline
On rallies (+10%+)
-15.2%
how they react when this stock rises
Holders' portfolio flow this Q
+18.1%
inflows — adds are organic
Sellers' portfolio flow this Q
+16.6%
Sellers grew AUM elsewhere — opinionated cut of this stock.
Biggest decreases this quarter
Magnetar Financial LLCexited−$19.6MFort Baker Capital Management LP−$14.7Mα-0.5PICTON MAHONEY ASSET MANAGEMENTexited−$9.5MPolar Asset Management Partners Inc.exited−$5.4MBCK CAPITAL MANAGEMENT LPexited−$4.0MVerition Fund Management LLCexited−$2.9MCITIGROUP INCexited−$2.7MShaolin Capital Management LLCexited−$2.1MGRITSTONE ASSET MANAGEMENT LLCexited−$2.0MPERISCOPE CAPITAL INC.exited−$1.9M
New buyers this quarter
Top-5 holders · 41.5%
TENOR CAPITAL MANAGEMENT Co., L.P.--
Empyrean Capital Partners, LP--
BERKLEY W R CORP--
Alberta Investment Management Corp--
Fort Baker Capital Management LP--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Empyrean Capital Partners, LP2.6MFort Baker Capital Management LP1.5MTENOR CAPITAL MANAGEMENT Co., L.P.2.7MMagnetar Financial LLC—Sculptor Capital LP400KBERKLEY W R CORP1.8MCOWEN AND COMPANY, LLC—ARISTEIA CAPITAL LLC1.3MAlberta Investment Management Corp1.5MTORONTO DOMINION BANK—
Corporate
Order Flow (FINRA, ~3w lag)
28.2%retail+25.5pp
24.5%dark-6.0pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Churchill Capital Corp IX: The Empty Tank and the Contingent Liability Trap
Overall Risk
8/10
Fraud
3/10
Dilution
7/10
Insolvency
9/10
Earnings Overstated
2/10
Hidden Liabilities
8/10
Legal
4/10
Audit Warnings
9/10
Hidden Upside
2/10
Contextually Acceptable
4/10