Quantinuum Targets $12.7 Billion Valuation in U.S. IPO
quantinuum is targeting a valuation of up to $12.7 billion in its U.S. initial public offering. The company plans to raise up to $1.05 billion by selling about 21.05 million shares at $45 to $50 apiece.
That gives investors a fresh way into a quantum-computing company that has drawn stronger attention across the sector. It also puts a price on a business that still reported a $192.6 million net loss on $30.9 million in revenue in 2025.
Hazra sets the Quantinuum float
Rajeeb Hazra is leading Quantinuum into the offering. The company will list on the Nasdaq under the symbol QNT.
J.P. Morgan and Morgan Stanley are the joint lead active book-running managers. That points to a large institutional sale rather than a small market test.
Honeywell keeps 49.1%
Quantinuum was formed in 2021 after a separation from Honeywell and a merger with Cambridge Quantum. Honeywell will own about 49.1% of the combined voting power after the IPO, and it is expected to remain a customer and partner.
The structure leaves Honeywell with real influence even after the listing. For investors, that means the public shares will sit alongside a continuing industrial backer instead of a clean break.
Losses, grants, and error rates
Quantinuum raised funds at a $10 billion valuation in September, so the new target prices in more growth in a short period. The company also faces high error rates that limit practical performance in quantum computing.
The Trump administration said it will take $2 billion in equity stakes across nine quantum-computing companies. It also announced a $100 million grant for Quantinuum.
The unanswered question is whether the $45 to $50 share range will hold once the company faces public-market scrutiny of its losses and technical limits.
