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Honeywell-backed quantum computing firm Quantinuum announced terms for its US initial public offering on Tuesday. It is aiming for a valuation of around $12.7 billion. The company plans to sell shares between $45 and $50 each. However, it hopes to raise as much as $1.05 billion.
Quantinuum intends to list on the Nasdaq under the ticker “QNT.” The proposed valuation turns out to be quite high from the the $10 billion valuation it received during its private funding round in September 2025. At that time, it managed to raise $600 million with investors. This included Nvidia’s NVentures, Quanta Computer, JPMorgan Chase, Mitsui, and Amgen.
Quantinuum bets big on Quantum IPO boom
If this IPO is successful, then this would make Quantinuum the first company focused solely on quantum computing to go public. However, IonQ, Rigetti Computing, and D-Wave Quantum previously went public through SPAC mergers.
Just days before the IPO filing, Cryptopolitan reported that the Trump administration announced $2 billion in equity investments. This included the nine quantum computing firms.
According to reports, Quantinuum received a $100 million grant from this initiative. Meanwhile, France has also committed over $1 billion to its national quantum strategy,
This might come as a shock, but Quantinuum’s financials have revealed growing losses. The company reported $30.9 million in revenue for 2025. This marked a 35% increase from the last year. However, its net loss widened to $192.6 million from $144.1 million.
Over the first quarter of 2026, its Revenue dropped by 73% year over year to $5.2 million. Its net losses grew to $136.6 million from $30 million a year earlier. Almost three-quarters of Quantinuum’s 2025 revenue has come from US govt contracts and Japan’s RIKEN.
Quantum hype outruns revenue
The dependency of the company on govt funded project has flagged some concerns for investors. Quantinuum’s valuation suggests a price-to-sales ratio that exceeds 400 times its 2025 revenue. It is much higher than the estimate seen in past deep-tech IPOs.
Semiconductor designer Arm Holdings went public in 2023. It had a valuation of about 20 times trailing sales. Similarly, AI infrastructure company C3.ai debuted in 2020. It saw a valuation of around 40 times its forward revenue estimates.
This disparity indicates that investors view quantum computing differently from traditional tech sectors. They might be watching it as a long-term and strategic investment that focuses on anticipated breakthroughs rather than current earnings. Market analysis hints that the area has shifted from an experimental phase to early commercialization.
Quantinuum focuses on developing trapped-ion quantum computers. It uses electrically controlled ions as qubits. This strategy is different from the superconducting systems used by firms like IBM and Google.
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