Quantinuum IPO raises $1.68 billion, prices above range at $60

At $60 per stock — topping its astir precocious marketed scope of $53 to $55 — Honeywell International's majority-owned quantum computing unit, Quantinuum, pulled successful $1.68 cardinal done its archetypal nationalist offering, according to CNBC. Thursday's Nasdaq Global Market debut, nether the ticker awesome "QNT," follows the merchantability of 28 cardinal shares successful the offering.

The stock pricing puts the company's full marketplace worth astatine astir $15 billion, per The Wall Street Journal. A 30-day overallotment enactment gives underwriters the close to get arsenic galore arsenic 4.2 cardinal further shares should capitalist request warrant it. J.P. Morgan and Morgan Stanley served arsenic associated pb progressive book-running managers.

According to Quantinuum's IPO filing, Honeywell's stock of the combined voting powerfulness upon woody completion volition basal astatine astir 48.1%. No pure-play quantum computing institution had antecedently gone nationalist done a accepted IPO process, making this listing a historical first, according to Barron's.

A 2021 merger betwixt Honeywell's quantum computing part and the U.K.-based bundle steadfast Cambridge Quantum gave emergence to Quantinuum. The Broomfield, Colorado-based institution develops full-stack quantum computing platforms, including hardware systems and bundle tools, for customers successful pharmaceuticals, fiscal services, materials science, and authorities markets. The institution reported $30.9 cardinal successful gross and a nett nonaccomplishment of $192.6 cardinal for full-year 2025.

The IPO comes arsenic the U.S. authorities has moved to summation its enactment for the quantum computing sector. Last month, the Trump medication announced a $2 cardinal inaugural to instrumentality equity stakes successful 9 quantum computing companies; Quantinuum is slated to person up to $100 cardinal from that bundle done the Commerce Department nether the CHIPS Act, the institution disclosed successful its filing.

Japan's RIKEN probe institute accounted for astir 60% of the company's 2025 revenue, highlighting the industry's continued reliance connected authorities and probe spending, according to Reuters. Steep research-and-development expenses, the inherent trouble of the underlying physics, and the lack of a wide way to wide commercialization stay persistent headwinds for the sector.

Quantinuum's latest system, Helios, achieved 99.921% two-qubit gross fidelity with 98 carnal qubits, which the institution said is the highest among commercially disposable gate-based quantum systems. The institution is targeting aboriginal systems called Sol, expected successful 2027, and Apollo, expected successful 2029.