NEW YORK: Quantinuum, the quantum computing company spun out of Honeywell, filed for a U.S. initial public offering on Tuesday that could raise up to $1.05 billion and value the business at roughly $12.7 billion. The Nasdaq listing, the largest ever filed by a pure-play quantum company, will trade under the ticker QNT and is expected to price on or about June 3 or 4, according to the company’s S-1 filing with the Securities and Exchange Commission.
Quantinuum plans to offer about 21 million shares of Class A common stock at a price range of $45 to $50 each, the company said in its S-1/A filing. J.P. Morgan and Morgan Stanley are lead book-running managers, with Jefferies and Evercore ISI joining as active book-runners. Honeywell will retain about 49.1% of voting power after the offering, and Cambridge Quantum will hold roughly 32.5%, the filing shows.
A Honeywell Spinout Goes Public on a Thin Revenue Base
Quantinuum was formed in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum, a U.K. quantum software firm founded by Ilyas Khan. The company is chaired by Honeywell CEO Vimal Kapur and led by chief executive Rajeeb Hazra, a former Intel executive who took the top job in 2024.
The numbers in the prospectus underline how early the quantum industry still is. Quantinuum reported revenue of $30.9 million for 2025, up from $23 million a year earlier, the filing said. A $12.7 billion valuation against $30.9 million in revenue works out to roughly 411 times sales, a multiple that even most generative AI startups have not commanded in private markets.
The company last raised in September 2025, when Honeywell led a $600 million round at a $10 billion pre-money valuation, Honeywell said in a press release at the time. The IPO range implies roughly a 25% step-up in valuation in nine months, a markup that holds only if QNT prices at the top of the range.
Quantinuum’s pitch to public investors is that it owns the full quantum stack, running trapped-ion hardware alongside a software platform sold to enterprise and government customers. The S-1 will be parsed closely for how concentrated that $30.9 million revenue base is, how much of it is recurring, and how much is grant-funded research work that may not repeat. Revenue grew about 34% year over year from $23 million in 2024, the company said in the filing, a growth rate that bulls will point to and bears will argue is too small in absolute dollars to support the multiple.
What does the Quantinuum IPO mean for quantum computing startups?
If QNT prices at the top of its range and trades well, it sets a public-market benchmark that lets the next wave of quantum companies, including IonQ, Rigetti, D-Wave, and PsiQuantum, justify raising at premium private valuations on similarly thin revenue. A weak debut would do the opposite, closing the window on pre-revenue deep-tech listings for the rest of 2026.
The Quantinuum filing is also a stress test for the “deep tech with a roadmap” thesis. Founders pitching long-horizon, science-led companies have argued for years that the public markets would eventually treat their valuations the way they treat AI infrastructure plays. QNT is the first chance to find out at scale. The fact that J.P. Morgan and Morgan Stanley are willing to anchor a billion-dollar book at these multiples suggests at least some institutional appetite is there.
Founder Ilyas Khan, who built Cambridge Quantum before the Honeywell merger, is the single largest individual shareholder in the company. His stake is worth more than $2 billion at the top of the price range, a figure that puts him into the same paper-billionaire tier as the founders of Oura and Cerebras at their respective IPOs.
What to Watch Before QNT Starts Trading
The pricing meeting is the next major checkpoint. Bankers will gauge demand against the $45 to $50 range, and the final number will signal whether public investors are buying the quantum thesis at the multiples Quantinuum is asking for. Order book coverage, the size of any greenshoe allocation, and the proportion of allocations going to long-only mutual funds versus hedge funds will all matter.
After trading begins, the first-week price action sets the tone for the rest of the quantum cohort. A strong opening would likely pull IonQ, Rigetti, and D-Wave higher and accelerate fundraising conversations at private quantum companies. A break of issue price would do the opposite, and would also raise pressure on Honeywell, which still controls the majority of voting power and will be the largest single beneficiary of any post-IPO upside. The filing follows a busy stretch of high-profile listings, including OpenAI’s confidential IPO filing earlier this month, that has put renewed focus on how public markets price unprofitable frontier-tech companies.
Beyond the float, the bigger watch item is customer disclosure. Quantinuum’s prospectus will be parsed for the names and dollar values of its enterprise contracts, the source of that $30.9 million in revenue, and any commitments tied to its hardware roadmap. Whatever shows up in those line items will shape how Wall Street values not just QNT but every quantum competitor that follows it to market.
