Quantinuum IPO targets $12.7B valuation on Nasdaq

Quantinuum Inc., the quantum computing portion majority-owned by Honeywell International Inc., is targeting a valuation of up to $12.7 cardinal successful its U.S. archetypal nationalist offering, according to Reuters.

Plans telephone for astir 21.05 cardinal shares to beryllium offered astatine a terms scope of $45 to $50, with full proceeds expected to scope arsenic overmuch arsenic $1.05 billion. Quantinuum intends to database connected the Nasdaq Global Market nether the ticker awesome "QNT," with J.P. Morgan and Morgan Stanley serving arsenic associated pb progressive book-running managers.

Full-year 2025 results showed $30.9 cardinal successful gross alongside a $192.6 cardinal nett loss; successful the preceding year, the institution had posted $23 cardinal successful gross and a $144.1 cardinal nett loss. Revenue of $5.2 cardinal and a nett nonaccomplishment of $136.6 cardinal were recorded successful the archetypal 4th ending March 31, 2026. As of March 31, 2026, Quantinuum held $677 cardinal successful currency and currency equivalents.

After the IPO closes, astir 49.1% of combined voting powerfulness crossed some stock classes volition stay with Honeywell, which the filing says intends to proceed arsenic some a lawsuit and spouse going forward.

The IPO filing arrived soon aft Washington unveiled a $2 cardinal inaugural — dispersed crossed 9 quantum computing firms — aimed astatine keeping the United States competitory successful the field; Quantinuum is slated to person $100 cardinal from that package, according to Bloomberg.

The institution traces its origins to 2021, erstwhile a spin-out of Honeywell's quantum operations was combined with Cambridge Quantum to make Quantinuum. The company, led by CEO Rajeeb Hazra, develops full-stack quantum computing platforms for applications successful fields including chemistry, fiscal services, pharmaceuticals, and cybersecurity. Customers and partners see JPMorgan Chase, Amgen, and Mitsui & Co.

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.

Quartz antecedently reported that Quantinuum had filed a confidential draught registration connection with the SEC successful February 2026, erstwhile the fig of shares and terms scope had not yet been set. The institution was valued astatine $10 cardinal successful a September fundraising round, according to Reuters.