SCHEDULE 13G

CHURCHILL CAP CORP XI

Units, each consisting of one Class A ordinary share and one-tenth of one redeemable warrant · CUSIP: G2131A124

Event date: 2025-12-31

Reporting persons may disclose overlapping interests. Their amounts are shown individually and are not added into a filing total.

Filing-level shares

Unavailable

Percent of class

Unavailable

• Fort Baker Capital Management LP

  Shares: 2,252,979.00 · Class: 5.4%

• Steven Patrick Pigott

  Shares: 2,252,979.00 · Class: 5.4%

• Fort Baker Capital, LLC

  Shares: 2,252,979.00 · Class: 5.4%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.