Business Combination Prospectus (Form 425)

Filed by Churchill Capital Corp XI pursuant to Rule 425

under the Securities Act of 1933, as amended,

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934, as amended

Subject Company: Churchill Capital Corp XI (File No. 001-43020)

Set forth below is an article published by The Oregonian/OregonLive in which the proposed business transaction between Churchill Capital Corp XI ("Churchill") and Agility Robotics, Inc. ("Agility") is discussed.

Oregon Tech

Oregon robotics company says the industry needs a reality check: 'I really want to pop that bubble'

Updated: Aug. 31, 2026, 5:52 p.m.|Published: Aug. 31, 2026, 5:02 a.m.

Digit, from Agility Robotics, is a humanoid robot that can walk around and carry things like people do. It's already at work in facilities owned by Amazon, Toyota and the logistics company GXO. Agility Robotics photo

By Mike Rogoway | The Oregonian/OregonLive

The internet is full of videos of robots running races, doing backflips, dancing and playing soccer.

Doing real work, though? Jonathan Hurst says that's harder than it looks.Agility Robotics is not embracing the hype.

He's co-founder of Agility Robotics, the Salem company that makes Digit - the rare humanoid robot with an actual job. Standing 5 feet, 9 inches tall, Digit works in warehouses and factories, lifting and stacking heavy boxes.

That kind of activity doesn't make for a great social media video, but Hurst said it's useful work that adds to productivity - something customers will actually pay for. In an increasing competitive industry, he said that's what separates Agility from the pack.

"There's so much hype and so much storytelling that is not connected to reality. And I really want to pop that bubble a little bit," Hurst said.

Founded in Oregon State University's robotics lab a decade ago, Agility hopes this is its breakout year. The company is opening a big engineering office near Silicon Valley, readying the fifth generation of Digit, and preparing to go public in a deal that values the business at $2.5 billion.

Agility wants to differentiate itself with workhorse robots that can safely work alongside people. Digit v5 will be the first of its robots engineered to watch out for its human colleagues, and Hurst said that increases its utility immeasurably.

"A humanoid robot is so much more valuable when it doesn't have to be in a cage," he said. The company says it doesn't expect robots will eliminate human jobs, asserting instead that the kinds of work people do will change - and that robots need to be built to work with people.

Agility has already raised about $390 million from early investors. It anticipates raising another $600 million by offering shares to the public.

It plans to accomplish that by merging with a publicly traded investment fund called a special purpose acquisition company. SPACs bypass the cumbersome regulatory steps associated with a conventional initial public offering.

Many SPACs haven't withstood investor scrutiny, though, with valuations collapsing when they hit the public markets.

That's what happened to Portland vacation management company Vacasa, which went public in 2021 with a market value of $4 billion. Vacasa failed spectacularly in delivering on its promises to investors and sold last year for just $114 million after a string of layoffs.

Agility hopes the heightened expectations that come with going public will prove that its robots are more than hype, and that it's already a viable business.

A Digit robot costs about $400,000 to buy and operate over its lifetime, according to Agility. Analysts at Bernstein Research crunched the numbers on humanoid robots in a report this month and concluded prices must come down 30% to 50% for them to be commercially viable.

Agility says Digit already pencils out, because it operates for 20% less than it would cost to employ a person doing the same job over the robot's five-year life.

"We are just about at that cost, at that exact cusp, where we're able to make a profitable business selling robots while also providing value to a customer," Hurst said. He said costs will come down, though, as Agility improves its materials and the underlying technology and as production scales up.

The company says its "RoboFab" in Salem is capable of producing 10,000 robots a year. Agility hasn't said how many it makes now or reported detailed financial results but it says it spent about $100 million last year on operations.

Agility employs close to 500 across the company, including 175 in Oregon. It's planning for 200 employees at its new software office in Fremont, California. Hurst said the company, which also has an office near Carnegie Mellon University in Pittsburgh, had to go elsewhere for software engineers because it can't find those workers in Oregon's small tech ecosystem.

"We don't have experienced talent here in the specific areas that Agility needs," he said.

The state does occupy a strong niche within the robotics industry, said Hurst, owing to the robotics program at Oregon State. He said the emerging fields of robotics and artificial intelligence are so big they can't all be in California, giving Oregon the opportunity to create an ecosystem that welcomes entrepreneurs and embraces new technologies.

"Do we need to go and beat them and be better than MIT or Carnegie? No," Hurst said. "We just have to be successful in Oregon."

Update: This article has been updated with current Agility employment figures.

About Agility Robotics, Inc.

Agility's commercially deployed humanoids operate alongside teams in warehouses, manufacturing facilities and distribution centers - tackling physically demanding and repetitive tasks while enabling workers to focus on higher-value work. With industry-leading safety standards and years of proven deployment data, we're pioneering a new era of automation that enhances human potential. To learn more, visit www.agilityrobotics.com.

About Churchill Capital Corp XI

Churchill is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It may pursue an initial business combination target in any business or industry.

Additional Information About the Proposed Transaction and Where to Find It

The proposed transaction will be submitted to shareholders of Churchill for their consideration. Churchill intends to file a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the "SEC"), which will include preliminary and definitive proxy statements to be distributed to Churchill's shareholders in connection with Churchill's solicitation of proxies for the vote by Churchill's shareholders in connection with the proposed transaction and other matters to be described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Agility stockholders in connection with the completion of the proposed transaction. After the Registration Statement has been filed and declared effective, a definitive proxy statement/prospectus and other relevant documents will be mailed to Agility stockholders and Churchill shareholders as of the record date established for voting on the proposed transaction. Before making any voting or investment decision, Churchill and Agility shareholders and other interested persons are advised to read, once available, the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, as well as other documents filed with the SEC by Churchill in connection with the proposed transaction, as these documents will contain important information about Churchill, Agility and the proposed transaction. Shareholders may obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed by Churchill with the SEC, without charge, at the SEC's website located at www.sec.gov or by directing a written request to Churchill Capital Corp XI, 640 Fifth Avenue, 14th Floor, New York, NY 10019.

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events.

These statements include: statements relating to, without limitation: our ability to consummate the Merger and PIPE Investment and the satisfaction or waiver of the closing conditions set forth in the Merger Agreement and Subscription Agreement; the occurrence of any other event, change or other circumstances that could give rise to the termination of the Merger Agreement or Subscription Agreements; projections of market opportunity and market share; estimates of customer adoption rates and usage patterns; projections regarding Agility's future development plans; the timing and success of Agility's future development plans; the ability of Agility to implement its strategic initiatives and continue to innovate its existing products and services; the potential for share price appreciation; the expected timing of announcement and close of the potential transaction; Agility's economic opportunity and total addressable market; the expected amount of gross transaction proceeds and the planned pre-money valuation of Agility; expectations regarding Agility's ability to attract, retain and expand its customer base; Agility's deployment of proceeds from capital raising transactions; Agility's expectations concerning relationships with strategic partners, suppliers, regulatory bodies and other third parties; Agility's ability to maintain, protect and enhance its intellectual property; future ventures or investments in companies, products, services or technologies; development of favorable regulations affecting Agility's markets; the potential benefits of the proposed transaction and expectations related to its terms and timing; and the potential for the combined company to increase in value.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, many of which are beyond the control of Agility and Churchill.

These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause Churchill's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such statements. Such risks and uncertainties include: that Agility is pursuing an emerging technology, faces significant technical challenges and may not achieve commercialization or market acceptance; Agility's historical net losses and limited operating history; Agility's expectations regarding future financial performance, capital requirements and unit economics; Agility's use and reporting of business and operational metrics; Agility's competitive landscape; Agility's dependence on members of its senior management and its ability to attract and retain qualified personnel; the potential need for additional future financing; Agility's ability to manage growth and expand its operations; potential future acquisitions or investments in companies, products, services or technologies; Agility's reliance on strategic partners and other third parties; Agility's ability to maintain, protect and defend its intellectual property rights; risks associated with privacy, data protection or cybersecurity incidents and related regulations; the use, rate of adoption and regulation of artificial intelligence and machine learning; uncertainty or changes with respect to laws and regulations; uncertainty or changes with respect to taxes, trade conditions and the macroeconomic environment; the combined company's ability to maintain internal control over financial reporting and operate a public company; the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of Churchill's securities; the failure by the parties to satisfy the conditions to consummation of the proposed transaction, including the approval of Churchill's shareholders; the possibility that required regulatory approvals for the proposed transaction are delayed or are not obtained, which could adversely affect the combined company or the expected benefits of the proposed transaction; the risk that shareholders of Churchill could elect to have their shares redeemed, leaving the combined company with insufficient cash to execute its business plans; the level of redemptions of Churchill's public shareholders; the ability of Agility to grow and manage growth, maintain relationships with customers and retain its management and key employees; costs related to the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; the outcome of any legal proceedings or government investigations that may be commenced against Agility or Churchill; failure to realize the anticipated benefits of the proposed transaction; Agility's estimates of expenses and profitability; the evolution of the markets in which Agility competes; the ability of Churchill or the combined company to issue equity or equity-linked securities in connection with the proposed transaction or in the future; and other factors described in Churchill's filings with the SEC. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Agility, Churchill or the combined company resulting from the proposed transaction with the SEC, including under the heading "Risk Factors." If any of these risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, these statements reflect the expectations, plans and forecasts of Agility's and Churchill's management as of the date of this communication; subsequent events and developments may cause their assessments to change. While Agility and Churchill may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so. Accordingly, undue reliance should not be placed upon these statements.

In addition, statements that "we believe" and similar statements reflect Churchill's beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this communication, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and Churchill's statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

An investment in Churchill is not an investment in any of Churchill's founders' or sponsors' past investments, companies or affiliated funds.

The historical results of those investments are not indicative of future performance of Churchill, which may differ materially from the performance of Churchill's founders' or sponsors' past investments.

Participants in the Solicitation

Churchill, Agility and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Churchill's shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Churchill's shareholders in connection with the proposed transaction will be set forth in proxy statement/prospectus statement when it is filed by Churchill with the SEC. You can find more information about Churchill's directors and executive officers in Churchill's final prospectus related to its initial public offering filed with the SEC on December 16, 2025. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests will be included in the proxy statement/prospectus statement when it becomes available. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus statement carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from the sources described above.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of the securities described herein in the United States or any other jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.