- Honeywell-backed Quantinuum files S-1 for Nasdaq IPO under ticker QNT, targeting a valuation above $20 billion
- Full-year 2025 revenue and net losses grew 34% — to $30.9 million and $192.6 million respectively
- The entire valuation rests on Apollo, a fault-tolerant quantum computer not due until 2029
Quantum computing company Quantinuum has filed for a US IPO as competition intensifies across the sector. Backed by Honeywell International, the company could reportedly achieve a valuation between $15 billion and $20 billion when it lists on Nasdaq under the ticker QNT, reports Bloomberg.
J.P. Morgan and Morgan Stanley are joint lead book-running managers, with Jefferies and Evercore ISI also on the deal. No price range has been set. The listing is anticipated for mid-2026.
Quantinuum, a full-stack quantum computing company, was formed in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum. The company is led by CEO Rajeeb Hazra and was founded by Ilyas Khan, who created Cambridge Quantum in 2014. It is headquartered in Broomfield, Colorado, with major operations in Cambridge, UK.
The company develops quantum computers for applications in chemistry, cybersecurity, finance, machine learning, and drug discovery. Customers and collaborators include Amgen and Mitsui & Co..
Quantinuum combines quantum hardware with software and cybersecurity tools, targeting enterprise customers seeking large-scale computing systems.
Quantinuum has also raised major funding rounds. In 2024, it secured $300 million at a $5 billion valuation in a round led by JPMorgan Chase. In 2025, it raised another $600 million, doubling its valuation to $10 billion. Investors included Nvidia’s NVentures, Quanta Computer, Honeywell, Mitsui, QED Investors and Amgen.
Despite investor interest, the company remains loss-making. Quantinuum reported a net loss of $136.6 million on revenue of $5.2 million for the quarter ended March 31, compared with a loss of $30.5 million a year earlier. The filing also highlighted manufacturing risks and reliance on single-source suppliers for key materials and systems.
Three of Quantinuum’s four commercial quantum systems are located in Colorado, while another operates in Japan. A fifth system is expected to launch in Singapore later this year.
Competition in quantum computing is accelerating as companies race to commercialise systems capable of outperforming traditional processors. D-Wave Quantum focuses on quantum annealing systems, while Rigetti Computing and IonQ are building gate-based quantum platforms for enterprise and research customers. IBM and Google are also investing heavily in quantum research, increasing pressure on smaller specialists to scale commercially and secure long-term enterprise partnerships.
