Quantinuum Sets IPO Terms, Seeks Up to $1.05B at $12.7B Valuation

Quantinuum set terms for its initial public offering on Tuesday, May 26, 2026, aiming to raise up to $1.05 billion and target a valuation of nearly $12.7 billion. The Honeywell spin-off plans to list on Nasdaq under the symbol QNT, surpassing the market caps of quantum peers D-Wave Quantum and Rigetti Computing. The company will offer 21.05 million shares at $45 to $50 each, with JPMorgan and Morgan Stanley as lead underwriters. Quantinuum recently joined a U.S. quantum initiative, securing $100 million in government funding and a minority stake. The company remains loss-making: it reported a net loss of $128.2 million on revenue of $5.24 million in the first quarter of 2026, following a $458.2 million loss on $30.93 million in revenue for 2025. Post-IPO, Honeywell will hold 49.1% voting control. Quantum computing shares fell in tandem, with D-Wave and Rigetti down over 5% on Tuesday as investors rotated. GlobalFoundries (GFS), a Quantinuum partner, rose 5% to a record.