A new quantum-computing stock is getting closer to hitting Wall Street, as a Honeywell International spinoff named Quantinuum has set terms Tuesday for an initial public offering.
Those terms become public with quantum stocks enjoying a wave of interest, as Colorado-based Quantinuum, which bills itself as a vertically integrated quantum-computing platform, was among the quantum companies in line to receive new funding from the Trump administration of $100 million, with the government also taking a minority equity stake.
On Tuesday, Quantinuum said it would offer 21.05 million shares in its IPO, all coming from the company. The expected pricing range was put at between $45 and $50 a share, which sets the company up to raise up to $1.05 billion.
And with 253.9 million shares expected to be outstanding after the IPO, the anticipated pricing level would value the company at up to $12.7 billion. That would be above the market capitalizations of some publicly traded quantum-computing companies, such as D-Wave Quantum, Rigetti Computing and Infleqtion.
In September, a fundraising round had valued Quantinuum, formed in 2021 by the merger of Honeywell Quantum Solutions and Cambridge Quantum, at $10 billion.
Aerospace and defense company Honeywell will remain a principal stockholder after the IPO, as it will beneficially own 49.1% of the combined voting power of Quantinuum’s Class A and Class B shares. Also after the IPO, CEO Rajeeb Hazra is set to own 4% of the Class A shares outstanding.
Honeywell’s stock closed up 1.7%, and has run up 10.2% since the company said on Jan. 14 that it would take its quantum-computing business public.
Going the other way, shares of D-Wave Quantum dropped 5.4%, Rigetti’s stock sank 5.1% and Infleqtion shares shed 2.9%. It’s not uncommon for stocks of rivals to companies going public to take a hit, as investors pare holdings so they can buy into new issues without increasing exposure to a sector.
Meanwhile, shares of GlobalFoundries, the chip maker that Quantinuum is partnering with as part of the government’s support of expansion plans, climbed 5% to a third straight record close.
In the first quarter, Quantinuum said it booked revenue of $5.24 million, after taking in $30.93 million in 2025. The net loss for the latest quarter was $128.2 million, after a loss of $458.2 million in 2025.
Quantinuum expects Class A shares to trade on the Nasdaq under the ticker symbol “QNT.” The lead underwriters of the IPO are Wall Street heavyweights J.P. Morgan and Morgan Stanley.
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