A company backed by Honeywell (HON) aims to conduct one of the largest public market tests yet for commercial quantum computing.
Quantinuum is seeking to raise up to $1.05 billion in its initial public offering, offering 21 million shares at $45 to $50 each. At the top of the range, Quantinuum would be valued at about $12.7 billion and is expected to list on the Nasdaq Composite (^IXIC) under the symbol QNT, according to IPO terms filed Tuesday.
This is a big ask for a company that is still in the early stages of commercializing quantum computing. Quantinuum was formed in 2021 by combining Honeywell Quantum Solutions and Cambridge Quantum, giving it quantum hardware and software capabilities. The company said it is working toward a fault-tolerant, commercial-scale quantum computer before the end of the decade, with potential applications in chemistry, machine learning, cybersecurity, finance and drug discovery.
Quantinuum reported $5.2 million in revenue in the March quarter, up from $19.1 million a year earlier. Its net loss widened to $136.6 million from $30.5 million during the same period.
The changes show how early and focused the business remains. The filing says Japan’s RIKEN accounted for 90% of revenue in the March quarter of last year, but only 7% in the latest period, while other government-linked clients accounted for much of this year’s revenue.
Instead, the company pointed investors to early demand and its long-term technology roadmap. Quantinuum reported $79.3 million in bookings in 2025, although bookings slowed to $1.3 million in the March quarter from $1.9 million a year earlier.
Their pitch is based more on precision than raw size. Quantinuum said its Helios system has 98 physical qubits, 48 ​​logical qubits and a two-qubit gate fidelity of 99.921%, a measure of the precision with which quantum operations are performed. The company is targeting its next system, Sol, in 2027, followed by Apollo in 2029.
The IPO lands in a more favorable context for quantum stocks.
Public quant names have rebounded strongly since the overall market low on March 30, even after significant declines from their highs.
IonQ (IONQ) is up about 132% since the end of March, while D-Wave Quantum (QBTS) is up about 110%. Rigetti Computing (RGTI) and Quantum Computing (QUBT) rose more than 85%. Earnings so far this year are substantially lower.
But the rebound has not erased the previous damage. Rigetti remains more than 50% below its all-time closing high, while D-Wave is still almost 40% below its high. IonQ is still about 25% off its high even after its recent rally.