Churchill Capital Corp IX/CaymanCCIX

Churchill Capital Corp IX/Cayman Fair Value Disclosure

10-KFiled Feb 5, 20262 min read
Note 8 — Fair Value Measurements
The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities).
 
 
The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:
Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.
Level 3: Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.
As of December 31, 2025, assets held in the Trust Account were comprised of $235 in cash and $307,660,577 invested in U.S. Treasury Securities.
As of December 31, 2024, assets held in the Trust Account were comprised of $2,216 in cash and $296,133,481 invested in U.S. Treasury Securities.
 
    
Amortized
Cost
     
Unrealized
Gain
     
Fair Value
  
December 31, 2025
         
Cash held in Trust Account
    $ 235        —       $ 235  
U.S. Treasury Securities (Matured on 01/20/26)
    $ 307,617,164      $ 43,413      $ 307,660,577  
December 31, 2024
         
Cash held in money markets
    $ 2,216        —       $ 2,216  
U.S. Treasury Securities (Matured on 02/06/25)
    $ 296,120,431      $ 13,050      $ 296,133,481  
The Public Warrants were valued using a Lattice methodology. The Public Warrants have been classified within shareholders’ deficit and will not require remeasurement after issuance. The Public Warrants are a Level 3 measurement. On May 6, 2024, a fair value of $0.20 per Public Warrant was determined. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public Warrants:
 
    
May 6,
2024
  
Market price of Public Shares
    $ 9.76  
Term (years)
      6.61  
Risk-free rate
      4.43 % 
Volatility
      5.0 % 
Market pricing adjustment
      15.0 % 
Transfers to/from Levels 1, 2 and 3 are recognized at the end of the reporting period in which a change in valuation technique or methodology occurs. There were no transfers for the years ended December 31, 2025 and 2024.
Free Sentinel

Want the next Churchill Capital Corp IX/Cayman fair value disclosure the moment it drops?

Set a Sentinel and we'll alert you the moment Churchill Capital Corp IX/Cayman's next filing hits EDGAR. No credit card, your email never gets sold.

Track for free

Historical Timeline

Fiscal YearFiled
2025Feb 5, 2026Showing above
2024Mar 31, 2025

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

SegmentsCommitmentsNew StandardsPay vs Performance