Why this matters: Infleqtion's lending market has undergone a structural shift in six weeks. Availability collapsed from above 3,900% in early June to just 5.5% today. That's not noise — it's a near-total drainage of the borrowable pool, coinciding with a 25% share price decline over one month.
In early June, INFQ was almost unborrowable-in-demand terms. Availability sat above 3,900% on June 3 — meaning roughly 40 shares remained available for every one already borrowed. Shorts were not meaningfully engaged.
Then something changed. Short interest began climbing steeply after June 19. By late June it had tripled. By early July it had reached 34 million shares. Availability fell in lockstep — from loose to tight to critically scarce.
As of July 13, availability stands at just 5.5%. For every 18 shares currently borrowed, only one remains available to lend. On July 8 and July 10 the figure briefly hit sub-1.3% — the tightest the borrow market has been all year.
Pricing has followed supply. Cost to borrow (CTB) stood at 0.36% on June 11. It now sits at 1.62% — a 57% jump in one week and a 160% rise over the month. That's still a modest absolute figure, but the direction and speed matter. Each tightening in availability has pushed CTB higher, and with availability still extremely tight, further pressure is plausible.
Short interest itself has pulled back this week — down roughly 24% from its July 8–9 peak near 34.6 million shares to around 24 million. That reduction hasn't meaningfully eased the borrow market, which suggests the shares freed up were quickly reabsorbed or that available supply has also shrunk.
Two firms initiated coverage in late June and early July. Canaccord Genuity set a Buy with a $22 target. Wedbush launched at Outperform with a $20 target. The consensus sits at Buy with a mean target of $21.
That target implies more than 100% upside from the current price of $10.13. The stock has fallen 25% over the past month and 9% in the past day alone. The gap between analyst expectations and market pricing is wide.
Earnings are due August 14. The last print, in May, sent the stock down 6% on the day before recovering over the following week.
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