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(Analyst comment added in paragraph 4) by Arasu Kannagi Basil
Quantinuum, a subsidiary of industrial giant Honeywell (HON.O), filed for an initial public offering in the United States on Friday, bringing this quantum computing company closer to a stock market listing.
The IPO market has seen a resurgence of 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 forward with their IPO plans.
Based in Broomfield, Colorado, the company recorded a net loss of $192.6 million on revenue of $30.9 million in the fiscal year ended 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 for raising funds, especially for high-risk operations related to quantum computing. As the IPO window in the United States is open and the market strongly supports companies in quantum computing, it is not surprising that this generates considerable interest, even among traditional IPO investors,” said Reuters Josef Schuster, IPOX’s general director.
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 its commercial growth.
Majority-owned by Honeywell, Quantinuum manufactures quantum computers capable of solving complex problems that would take thousands of years, if not more, on classical computers.
“The deployments in commercial enterprises and governments already show the extent of the opportunity available to Quantinuum, an opportunity that could have as significant an impact as promised by AI, if not more,” said General Director Rajeeb Hazra in a letter.
Quantinuum, which plans to sell new shares as part of this offering, raised around $600 million last year in a “Series A” 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 co-leads of the operation. Quantinuum will be listed on the Nasdaq under the symbol “QNT.”
