Quantinuum said on May 26 it is targeting a valuation of up to $12.7 billion in its U.S. initial public offering, setting up one of the biggest public market tests yet for a quantum-computing company. The company plans to raise as much as $1.05 billion by selling about 21.05 million shares at $45 to $50 apiece.
The listing would give the market a fresh look at a business built around a technology that still struggles with high error rates, even as investor attention has intensified. Quantinuum raised money at a $10 billion valuation in September, and the new pricing range would push that figure higher if demand holds. The company is set to list on the Nasdaq under the symbol QNT, with J.P. Morgan and Morgan Stanley serving as joint lead active book-running managers.
Quantinuum was formed in 2021 after a separation from Honeywell and a merger with Cambridge Quantum, and Honeywell is expected to own about 49.1% of the combined voting power after the offering. The company’s latest financial results show how far it still has to go before the technology becomes a steady business: it reported a net loss of $192.6 million on revenue of $30.9 million in 2025, compared with a net loss of $144.1 million on revenue of $23 million a year earlier.
The IPO comes at a moment when the Trump administration has sharpened its focus on the sector, saying it will take $2 billion in equity stakes across nine quantum-computing companies and announcing a $100 million grant for Quantinuum. That support does not erase the technical hurdles, but it does underline why the company is going to market now: quantum computing remains difficult to commercialize, yet it is drawing more policy and capital attention than it has in years. Honeywell is expected to remain a customer and partner after the IPO, leaving the company tied to its industrial roots even as it tries to sell investors on a future built around cleaner, more reliable quantum systems.
