Quantinuum, a Honeywell subsidiary, is moving closer to going public after filing for an IPO

Quantinuum, a subsidiary of industrial giant Honeywell, filed on Friday for a public listing in the United States, bringing the quantum computing company closer to a stock market debut.

The initial public offering (IPO) market has picked up momentum in recent weeks after a brief lull in March, with pent-up demand for new listings and reduced uncertainties related to the US-Iran war fueling issuers to push ahead with IPO plans.

Based in Broomfield, Colorado, the company recorded a net loss of $192.6 million on revenue of $30.9 million for 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 to raise funds, especially for high-risk operations in quantum computing. With the IPO window open in the US and strong market support for quantum computing-related companies, it’s not surprising to see keen interest, even among traditional IPO investors,” said Reuters’ Josef Schuster, IPOX managing 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 commercial growth.

Primarily owned by Honeywell, Quantinuum manufactures quantum computers capable of solving complex problems that would take thousands of years, or more, on classical computers.

“Deployments at commercial enterprises and governments already show the scale of opportunity for Quantinuum, an opportunity that could have as significant an impact as promised by AI, if not more,” said CEO Rajeeb Hazra in a statement.

Quantinuum, which plans to sell new shares in the offering, raised around $600 million last year in a fundraising round with investors, including Nvidia’s venture capital arm, valuing the company at $10 billion.

J.P. Morgan and Morgan Stanley are the active lead underwriters for the IPO. Quantinuum will be listed on Nasdaq under the symbol “QNT.”