Quantinuum is coming to Nasdaq with a stark set of numbers: $30.9 million in 2025 revenue, a $192.6 million net loss, and a proposed valuation near $14.3 billion. The Honeywell-controlled quantum computing company is expected to price on June 3 Eastern time and begin trading on June 4 under QNT, making it the largest pure-play quantum IPO so far.
The offering was repriced upward in less than a week. The May 26 filing pointed to about $12.7 billion of value, 21 million shares at $45 to $50, and up to roughly $1.05 billion raised; by June 1, the range had moved to 26.5 million shares at $53 to $55, for as much as $1.46 billion. Bankers saw demand many times larger than the available shares, so the price moved with the order book.
The bet is not on today’s revenue but on fault-tolerant quantum systems arriving before the decade ends. Quantinuum uses trapped ions, highlights its high-scoring System Model H2, and is selling a roadmap to Apollo, a commercial-scale fault-tolerant machine. Honeywell keeps 49.1% of the voting power, Cambridge Quantum holds 32.5%, and founder Ilyas Khan’s stake would be worth more than $2 billion if the deal lands at the target range.
Sources：The Quantum Insider coverage of Quantinuum IPO expansion; The Next Web report on the $1.46 billion target; Bloomberg coverage of the Honeywell-backed IPO; The Quantum Insider report on the original landmark filing; CocoLoop