The Largest Quantum Computing IPO in U.S. Stocks is Here: Quantinuum Plans to Raise $1.05 Billion

Quantinuum, a quantum computing company held by Honeywell, officially submitted its IPO pricing term document to the SEC this week, planning to issue about 21 million shares at a price of $45 to $50 per share, raising a maximum of $1.05 billion. At the top of the issuance range, the company's overall valuation will reach about $12.7 billion,有望 becoming the largest-scale IPO in the history of the quantum computing field.

When Quantinuum completed a $600 million financing in September last year, the valuation was $10 billion, which increased by about 27% in just 8 months, driven by policy catalysis and sector enthusiasm. Based on the full-year revenue of $30.93 million in 2025, the IPO corresponds to a price-to-sales ratio of over 400, far exceeding the valuation level of most AI software companies.

In terms of equity structure, Honeywell currently holds about 55% of the shares, and will still retain about 49.1% of the merged voting rights after the IPO, essentially maintaining a controlling position.

The company is going public using the "Up-C" structure, accompanied by a tax receivable agreement that requires the listed company to pay Honeywell and Cambridge Quantum related parties 85% of the actual tax savings generated from the IPO and future share exchanges.

In addition, the company has a "Transaction Committee", and the board of directors cannot approve significant decisions exceeding $10 million without the vote of at least one designated Honeywell director. This means that the actual voice of public shareholders is quite limited, and combined with a thin float, the stock price will be highly sensitive to news.

On the financial level, the company had a net loss of $136.6 million in the first quarter of this year, with revenue of only $5.2 million, while in the same period last year, the net loss was $30.5 million and revenue was $19.1 million - the loss has expanded while revenue has declined significantly.

The core story Quantinuum tells investors is not the current financial performance, but a technology roadmap leading to a "fully fault-tolerant quantum computer": By 2025, the Helios system will have 98 physical qubits, the Apollo fault-tolerant system is planned to be launched in 2029, and the goal is to achieve a utility-scale Lumos system by 2033.

CEO Rajeeb Hazra has clearly promised that Apollo will become "the first commercial-scale fully fault-tolerant quantum computer" before the end of this decade.

In terms of technology, Quantinuum uses an ion trap architecture and has demonstrated 48 fully error-corrected logical qubits on the Helios system, with an encoding rate close to 2:1 - as a comparison, Google's Willow chip has an error correction encoding rate of about 100:1.

In terms of commercialization, the company has signed a multi-year agreement with BMW, granting BMW priority usage rights to subsequent generations of quantum computers, focusing on advanced material research; Amgen and Mitsui are also early partners.

This IPO has a special policy backdrop. In the same week Quantinuum submitted its pricing document, the Trump administration announced over $2 billion in support funds for 9 quantum computing enterprises, with Quantinuum receiving $100 million, and the government obtaining a minority stake. The dual identity of "national team endorsement + market pricing" provides additional narrative support for its IPO.

For investors, the core issue of this IPO is whether the capital market is willing to pay for a deep technology with a valuation of tens of billions of dollars that will only reach a key verification point in 2029?

At present, when the AI bull market is still warm and the policy is strong, short-term sentiment may be optimistic. However, whether the Apollo system can be delivered on schedule in 2029 will be the ultimate criterion for testing this bet.