Quantum Computing’s Biggest IPO Yet? Quantinuum Eyes $1.6 Billion Nasdaq Listing

TLDR

• Quantinuum raised its IPO price range from $45–$50 to $53–$55 per share
• The company increased its share offering from 21 million to 26.5 million shares
• The total IPO target is now $1.6 billion, with a valuation of roughly $13 billion
• The offering is reportedly oversubscribed by a double-digit multiple
• Revenue grew to $30.9 million in 2025, but losses widened to $192.6 million

Quantinuum, the quantum computing company owned by Honeywell, has raised its IPO price range to $53–$55 per share, up from the original $45–$50 range. The company also increased the number of shares it plans to sell from 21 million to 26.5 million.

The total IPO target now stands at $1.6 billion. The company plans to list on the Nasdaq Global Market under the ticker QNT.

The IPO is reportedly oversubscribed by a double-digit multiple ahead of its expected debut early next month. That means demand for shares far exceeds the number available.

Quantinuum is classified as an emerging growth company under U.S. federal securities laws. It has elected to comply with reduced public company reporting requirements as a result.

Revenue Growing, But Losses Widening

Quantinuum generated $30.9 million in revenue in 2025, up from $23 million in 2024. Bookings reached $79.3 million over the same period.

However, the company posted a loss of $192.6 million in 2025. The losses reflect heavy spending on growth, research, and commercialization.

After the IPO, Quantinuum will operate as a holding company. Its sole asset will be a 12.1% stake in Quantinuum Holdings, LLC, which will handle all business operations.

Class A stockholders will own 12.1% of economic interests in the company after the offering. That figure rises to 13.4% if underwriters exercise their full option to purchase additional shares.

Proceeds from the offering will be used to purchase newly issued Common Units from Quantinuum Holdings. Those funds will then go toward general corporate purposes and offering-related expenses.

Government Deal and Investor Interest

Quantinuum recently signed a deal with the U.S. federal government. The agreement provides R&D funding to help solve key technical problems in fault-tolerant trapped-ion quantum computers.

Investor interest in quantum computing has been rising ahead of this listing. The strong IPO demand reflects that broader trend.

Still, Quantinuum remains a deeply unprofitable company. The key question for investors is whether strong pre-IPO demand will carry over once shares begin trading publicly.

Honeywell, which owns Quantinuum, has a Moderate Buy consensus rating from Wall Street analysts. The average price target for Honeywell stock implies about 6.3% upside potential.

The company has two classes of common stock: Class A and Class B. Both carry one vote per share, but Class B holders have no economic rights or dividend entitlements beyond par value.

Quantinuum’s IPO is one of the more closely watched listings in the tech space this year, given the growing interest in quantum computing as a sector.

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