Quantinuum Inc., a quantum computing company backed by Honeywell International Inc., is seeking to raise $1.05 billion in its US initial public offering, capitalizing on investor enthusiasm for the technology.
The company plans to market about 21 million shares for $45 and $50 each, according to its filing Tuesday with the US Securities and Exchange Commission. At the top of that range, Quantinuum would have a market value of $12.7 billion based on the outstanding shares listed in its filing.
Quantinuum makes powerful quantum computers that are capable of solving complex tasks beyond the abilities of traditional processors. Quantum computers have the potential to make exponential leaps in computing, necessary in artificial intelligence.
The company is developing platforms for use in fields such as chemistry, machine learning, cybersecurity, finance and drug discovery. It counts companies such as Amgen Inc. and Mitsui & Co. as early users and collaborators, the filing shows.
“We believe that we are executing a roadmap to the first commercial-scale, fully fault-tolerant quantum computer before the end of this decade, the Apollo system,” Chief Executive Officer Rajeeb Hazra wrote in a letter to investors included in the filing.
The Broomfield, Colorado-based company had a net loss of $136.6 million on revenue of $5.2 million for the three months ended March 31, compared with a net loss of $30.5 million on revenue of $19.1 million a year earlier, according to its filing.
The artificial intelligence frenzy that’s powered the broader market over the past three years stoked a rally in quantum computing stocks that reached a peak in October before seeing some selling pressure this year.
Shares of D-Wave Quantum Inc. surged more than 200% in 2025, extending a more than 800% rally from the previous year. Rigetti Computing Inc. shares are well off their October highs after surging nearly 3,000% from the start of 2023 through the end of last year.
The Trump administration is supporting the sector’s development, announcing on May 21 more than $2 billion in funding for a group of quantum computing firms in the US. Quantinuum is set to receive $100 million, while International Business Machines Corp. will get $1 billion, the largest award in the Commerce Department’s package.
The US government is set to receive minority, non-controlling stakes in the companies in exchange for the funding.
Quantinuum was formed in 2021, combining the hardware capabilities of Honeywell Quantum Solutions and Cambridge Quantum’s software. Honeywell has indicated its intention to remain a strategic customer and partner following the listing, per the filing.
In a list of potential risk factors, the company notes it will need to develop its manufacturing process to make computers in high volume, and that it currently relies on single-source suppliers for an array of materials and systems.
Three of Quantinuum’s four commercial quantum computing systems are located in its Colorado campus, the filing shows. The fourth is in Japan, and a fifth system is expected to be deployed in Singapore late this year.
JPMorgan Chase & Co. and Morgan Stanley are leading the offering. The shares are expected to trade on the Nasdaq Global Market under the symbol QNT.
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