Quantinuum just set the terms for one of the biggest IPO of 2026.
SpaceX will be the biggest deal in history when it raises $75 billion in mid-June. It’s critical to invest today – before the IPO starts trading.
The Honeywell-backed quantum computing company plans to sell 21.1 million shares at $45 to $50 each. That's a $1.05 billion raise at the top of the range.
At $50, Quantinuum would have a market value of $12.7 billion. That would make it one of the most valuable quantum computing companies in the world.
The stock begins trading on the Nasdaq under the symbol QNT on June 4. JPMorgan and Morgan Stanley are leading the deal.
Quantinuum was formed in 2021 when Honeywell merged its quantum hardware division with a UK software startup called Cambridge Quantum. After the IPO, Honeywell will still control 49% of the voting power.
The company builds full-stack quantum computers using trapped-ion technology. Its latest system, Helios, launched in November and has been called the most accurate quantum computer in the world. The next system, Apollo, is targeted for end of decade.
Customers include JPMorgan, Amgen, Mitsui, and the U.S. government.
Last week the Commerce Department awarded Quantinuum $100 million in federal funding as part of a $2 billion push to bolster the domestic quantum supply chain. IBM received the largest award at $1 billion.
The financials show this is still a very early-stage business.
Revenue was just $31 million in 2025. Net loss was $193 million. First quarter 2026 revenue dropped to $5.2 million from $19.1 million a year earlier.
At a $12.7 billion valuation, Quantinuum would trade at roughly 290 times trailing sales. That's a steep multiple — but quantum stocks have been running hot. D-Wave Quantum surged over 48% the the last year. Rigetti has rallied nearly 78%.
When I covered Infleqtion's SPAC debut in February, it jumped 40% in its first week. The market clearly wants exposure to this space.
The bigger question is whether Quantinuum's traditional IPO route, Honeywell pedigree, and federal funding can justify a valuation roughly 3x its closest public peer.
The clock is ticking down to SpaceX June 12 IPO day. Are you still interested in buying a stake – at a deep Pre-IPO discount?
Ian Wyatt
Editor, IPO Watch