Quantinuum IPO seeks $1B raise at nearly $13B valuation

Quantinuum set IPO terms on May 26 that would raise about $1B and value the quantum-computing company near $13B, according to MarketWatch and Reuters coverage of the filing. The deal qualifies as Tier-1 because the expected valuation is above $1B and the offering size itself is around $1B.

The company is backed by Honeywell $HON and was formed from Honeywell Quantum Solutions and Cambridge Quantum Computing. The proposed listing gives public-market investors a direct valuation mark for trapped-ion quantum hardware, software and services at a time when AI infrastructure spending has already lifted adjacent technology multiples.

Item | Figure
Planned IPO raise | About $1B
Implied valuation | Nearly $13B
2025 revenue cited by Reuters | $30.9M
2025 net loss cited by Reuters | $192.6M

The revenue and loss figures put the valuation debate in plain numbers. A nearly $13B market value against 2025 revenue of $30.9M implies investors are underwriting long-dated commercialization, not current cash flow. That makes the IPO a test of appetite for frontier-computing exposure after several quantum and AI-linked equities traded at elevated multiples.

Honeywell’s stake is another market variable. Any retained ownership, lock-up terms and post-IPO governance rights will affect how investors value the parent-company read-through. For $HON holders, Quantinuum’s public mark could clarify hidden asset value but may also expose volatility if the IPO prices below the top of the range.

Next watch points are the final price range, share count, underwriter book indications and first-day trading. Investors should also read the S-1 risk factors for customer concentration, research milestones, dilution and the timeline from technical performance to recurring commercial revenue.