Honeywell-backed quantum computing company Quantinuum announced terms for its US initial public offering on Tuesday. It aims to value about $12.7 billion. The company plans to sell shares worth between $45 and $50 each. However, it hopes to raise up to $1.05 billion.
Quantinuum intends to list its shares on the Nasdaq under the symbol “QNT.” The proposed valuation appears to be quite high compared to the $10 billion valuation it received during a private financing round in September 2025. At that time, it managed to raise $600 million from investors. This included NVitures from Nvidia, Quanta Computer, JPMorgan Chase, Mitsui, and Amgen.
Quantinuum is betting big on the IPO boom
If successful, this IPO would make Quantinuum the first company focused solely on quantum computing to go public. However, IonQ, Rigetti Computing, and D-Wave Quantum have gone public through SPAC mergers.
A few days before the IPO filing, Cryptopolitan I mentioned The Trump administration announced $2 billion in equity investments. This included the nine quantum computing companies.
according to According to reports, Quantinuum received a $100 million grant from this initiative. Meanwhile, France has also allocated over US$1 billion to its national quantitative strategy.
This may come as a shock, but it’s a Quantinum shock Finance It revealed increasing losses. The company reported revenue of $30.9 million for 2025. This represents a 35% increase from last year. However, its net loss widened to $192.6 million from $144.1 million.
During the first quarter of 2026, its revenue fell 73% year over year to $5.2 million. Its net loss rose to $136.6 million from $30 million the previous year. Nearly three-quarters of Quantinuum’s 2025 revenue came from U.S. government contracts and Japan’s RIKEN.
Quantitative hype trumps revenue
The company’s reliance on government-funded projects has raised some concerns among investors. Quantinuum’s valuation indicates a price-to-sales ratio of more than 400 times its 2025 revenue. This is significantly higher than the estimate seen in previous deep tech IPOs.
Semiconductor designer Arm Holdings goes public in 2023. Its valuation is about 20 times its sales. Likewise, AI infrastructure company C3.ai debuted in 2020. It saw a valuation at about 40 times its future revenue estimates.
This disparity indicates that investors view quantum computing differently than traditional technology sectors. They may view it as a long-term strategic investment that focuses on expected accomplishments rather than current profits. Market analysis indicates that the area has moved from the pilot stage to the early commercialization stage.
Quantinuum is focused on developing quantum computers with trapped ions. It uses electrically controlled ions as qubits. This strategy differs from the superconducting systems used by companies such as IBM and Google.
