Quantinuum Inc., the quantum computing unit majority-owned by Honeywell $HON International Inc., is targeting a valuation of up to $12.7 billion in its U.S. initial public offering, according to Reuters.
The Broomfield, Colorado-based company plans to sell about 21 million shares at $45 to $50 each, aiming to raise up to $1.05 billion
Bloomberg / Getty Images
Quantinuum Inc., the quantum computing unit majority-owned by Honeywell $HON International Inc., is targeting a valuation of up to $12.7 billion in its U.S. initial public offering, according to Reuters.
Plans call for approximately 21.05 million shares to be offered at a price range of $45 to $50, with total proceeds expected to reach as much as $1.05 billion. Quantinuum intends to list on the Nasdaq $NDAQ Global Market under the ticker symbol "QNT," with J.P. Morgan and Morgan Stanley $MS serving as joint lead active book-running managers.
Full-year 2025 results showed $30.9 million in revenue alongside a $192.6 million net loss; in the preceding year, the company had posted $23 million in revenue and a $144.1 million net loss. Revenue of $5.2 million and a net loss of $136.6 million were recorded in the first quarter ending March 31, 2026. As of March 31, 2026, Quantinuum held $677 million in cash and cash equivalents.
After the IPO closes, roughly 49.1% of combined voting power across both share classes will remain with Honeywell, which the filing says intends to continue as both a customer and partner going forward.
The IPO filing arrived shortly after Washington unveiled a $2 billion initiative — spread across nine quantum computing firms — aimed at keeping the United States competitive in the field; Quantinuum is slated to receive $100 million from that package, according to Bloomberg.
The company traces its origins to 2021, when a spin-out of Honeywell's quantum operations was combined with Cambridge Quantum to create Quantinuum. The company, led by CEO Rajeeb Hazra, develops full-stack quantum computing platforms for applications in fields including chemistry, financial services, pharmaceuticals, and cybersecurity. Customers and partners include JPMorgan $JPM Chase, Amgen $AMGN, and Mitsui & Co.
Quantinuum's latest system, Helios, achieved 99.921% two-qubit gate fidelity with 98 physical qubits, which the company said is the highest among commercially available gate-based quantum systems. The company is targeting future systems called Sol, expected in 2027, and Apollo, expected in 2029.
Quartz previously reported that Quantinuum had filed a confidential draft registration statement with the SEC in February 2026, when the number of shares and price range had not yet been set. The company was valued at $10 billion in a September fundraising round, according to Reuters.
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.