Honeywell’s Quantum Computing Unit, Quantinuum, Files for U.S. IPO
By Arasu Kannagi Basil
May 8 (Reuters) – Industrial giant Honeywell’s Quantum Computing unit, Quantinuum, has publicly filed its paperwork for a U.S. initial public offering on Friday, bringing the quantum computing company one step closer to a stock market listing.
The IPO market has seen a resurgence in recent weeks following a brief slowdown in March, fueled by pent-up demand for new listings and a decrease in uncertainty surrounding global events. This has encouraged issuers like Quantinuum to move forward with their IPO plans.
Based in Broomfield, Colorado, Quantinuum reported a net loss of $192.6 million on revenue of $30.9 million in the year ending December 31, compared to a net loss of $144.1 million on revenue of $23 million the previous year.
“Pursuing an IPO is always the preferred method for raising capital, especially for high-risk ventures like quantum computing. With the U.S. IPO market open and a strong market appetite for quantum-related firms, it’s no surprise that traditional IPO investors are showing interest,” said IPOX CEO Josef Schuster in a statement to Reuters.
Quantinuum was established 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 specializes in creating quantum computers capable of solving complex problems that would take classical computers thousands of years or more to process.
“Customer deployments in commercial enterprises and governments are already showcasing the immense potential ahead for Quantinuum. This technology has the power to be as transformative as AI, if not more so,” said CEO Rajeeb Hazra in a letter.
In preparation for the IPO, Quantinuum plans to offer new shares to the public. Last year, the company raised approximately $600 million from investors, including Nvidia’s venture capital arm, at a pre-money valuation of $10 billion.
J.P. Morgan and Morgan Stanley have been appointed as joint lead active book-running managers for the IPO. Quantinuum is set to list on the Nasdaq under the symbol “QNT.”
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
