New York, May 26, 2026, 10:16 EDT
- Quantinuum is looking to raise as much as $1.05 billion in a U.S. IPO, which could value the company at $12.7 billion.
- Washington rolled out new quantum-computing incentives just days before the deal, with planned funding for Quantinuum included.
- The company remains unprofitable, and its revenue is still small compared to the valuation it wants from public investors.
Quantinuum, which is backed by Honeywell, is looking for a valuation up to $12.7 billion in its planned U.S. IPO. The quantum computing firm out of Broomfield, Colorado, set terms Monday for one of the sector’s biggest swings in public markets. Quantinuum is offering around 21.05 million shares, priced between $45 and $50, to try to bring in as much as $1.05 billion.
The timing is key. Investors are piling into firms linked to strategic tech like AI infrastructure, defense, and quantum computing. Washington has started putting money into some of these areas directly. Last week, the Commerce Department said it sent out letters of intent for $2.013 billion in federal incentives spread across nine quantum companies and foundry projects.
Quantinuum will get part of the funding. The Department of Commerce says it’s set to hand the company $100 million to target bottlenecks in fault-tolerant trapped-ion quantum computers—hardware meant to catch and correct errors on the fly. The department would take a minority, non-controlling equity position in any company it funds.
The IPO is also set to give public markets a clearer benchmark for a sector that has mostly used special-purpose acquisition companies. IonQ, Rigetti Computing and D-Wave Quantum are already trading. But as Reuters Breakingviews pointed out, Quantinuum would be the first quantum-computing firm to try a standard IPO.
Honeywell is set to keep a big stake in the business. Quantinuum said after the IPO, Honeywell should hold around 49.1% of combined voting rights and keep its role as customer and partner. Quantinuum came together in 2021, spinning out from Honeywell’s quantum division and merging with Cambridge Quantum.
Quantinuum is still posting early numbers. Its filing showed net revenue of $30.9 million and a net loss of $192.6 million for 2025, up from revenue of $23.0 million and a $144.1 million net loss in 2024. Net revenue in the first quarter of 2026 dropped to $5.2 million from $19.1 million the previous year, and its net loss increased to $136.6 million from $30.5 million.
Quantinuum CEO Rajeeb Hazra told investors in the prospectus that the company has “created a full-stack quantum computing platform” and is aiming for “the first commercial-scale, fully fault-tolerant quantum computer before the end of this decade.” That plan is central to the pitch but puts the real returns further out. SEC
The company builds its quantum systems around trapped ions—charged atoms fixed by electromagnetic fields. In the filing, it names other methods competitors use: IonQ also turns to ion traps; Rigetti and IBM run on superconducting qubits; PsiQuantum and Xanadu rely on photons, or light particles.
Quantinuum said the fight goes beyond tech. The company told investors it needs to hire and keep quantum physicists and other skilled staff, but others have deeper pockets or more resources. Supplier risk is another worry. It listed threats tied to semiconductor production, special materials and other key parts.
Honeywell shares traded up 2.2% to $232.83 in the morning session. Quantum stocks were weaker: IonQ lost 3.2%, Rigetti sank 8.2% and D-Wave slid 8.0%, the latest market data showed.
J.P. Morgan and Morgan Stanley are running the books as joint lead managers for the deal. Quantinuum wants to trade on Nasdaq using the symbol “QNT.” SEC
Risk looks clear here. Public markets may like the quantum pitch, but Quantinuum is still burning cash and its tech hasn’t hit wide commercial use. If private customer demand doesn’t pick up, or systems take more time to scale, holding on to Quantinuum’s valuation could be tough once the stock lists.
