Quantinuum jumps 13% on Nasdaq debut, valued at $17.6B

Quantinuum’s shares opened at $68 on the Nasdaq on Thursday, 13% above the $60 initial public offering price, giving the company a market value of about $17.6 billion after an upsized $1.68 billion offering.

The company had priced shares above an earlier marketed range of $53 to $55 and raised $1.68 billion in the offering.

Founded in 2021 through the merger of Honeywell’s quantum computing division and the U.K.-based Cambridge Quantum, Quantinuum provides both hardware and software as a full-stack quantum computing platform.

Quantinuum opted for a traditional IPO rather than listing via a special-purpose acquisition company. Chief Executive Rajeeb Hazra said the company pursued the route to build credibility in a sector where investors closely scrutinize technical claims and commercial prospects, adding there was “no air gap between what we’re saying and what we’re doing.” He also said customers are already using the firm’s commercially available hardware and software to begin their “quantum journey.”

The company lists customers across pharmaceuticals, materials science, finance, government and industrial markets, naming clients such as JPMorgan Chase and Amgen in its filings.

Quantinuum is expected to receive $100 million from a U.S. Department of Commerce program that will provide preliminary funding and take equity stakes in companies in the domestic quantum ecosystem. The program is funded through the 2022 Chips and Science Act.

Regulatory filings accompanying the IPO show the company faces financial challenges common to early-stage technology firms. Quantinuum reported first-quarter revenue of $5.24 million, down 73% from $19.1 million a year earlier, and a net loss of $136.5 million, compared with a $30.5 million loss in the same period a year earlier.

Honeywell is expected to retain a majority stake following the offering and will remain a strategic customer and partner.

Willy Lee, a principal at SuRo Capital, said he sees growing commercial activity in the sector and rising revenue among some firms, which has helped support recent public listings for quantum companies.