Automated translation by Reuters using machine learning and AI. Analyst comment added in paragraph 4 by Arasu Kannagi Basil.
Quantinuum, a subsidiary of industrial giant Honeywell (HON.O), filed its paperwork on Friday for a US stock market debut, bringing the quantum computing company closer to a public listing.
The IPO market has seen increased activity in recent weeks after a brief lull in March, with pent-up demand for new listings and reduced uncertainties related to the US and Israel-Iran war encouraging issuers to move ahead with IPO plans.
Based in Broomfield, Colorado, the company reported a net loss of $192.6 million on revenue of $30.9 million for the year ending December 31, compared to a net loss of $144.1 million on revenue of $23 million in the previous year.
“Going public is always the best choice to raise funds, especially for high-risk quantum computing operations. With the US IPO window open and strong market support for quantum computing-related companies, it is not surprising that this is generating significant interest, even among traditional IPO investors,” said Reuters’ Josef Schuster, CEO of IPOX.
Quantinuum was created in 2021 through the merger of Honeywell’s quantum computing division and Cambridge Quantum. The company has invested over $2 billion in research and development over the past decade and is currently in the early stages of commercial growth.
Majority-owned by Honeywell, Quantinuum manufactures quantum computers capable of solving complex issues that would take thousands of years, if not more, on classical computers.
“Deployments in commercial enterprises and governments already show the magnitude of the opportunity for Quantinuum, an opportunity that could have as much impact as promised by AI, if not more,” said CEO Rajeeb Hazra in a statement.
Quantinuum, planning to sell new shares in this offering, raised around $600 million last year in a ” Series ” fundraising round from investors, including Nvidia’s venture capital arm, at a valuation of $10 billion.
J.P. Morgan and Morgan Stanley are the active lead underwriters for the deal. Quantinuum will be listed on Nasdaq under the symbol “QNT”.
