Quantinuum, the quantum computing company majority-owned by Honeywell International Inc., has taken a significant step toward going public by filing for an initial public offering (IPO) in the United States. The company plans to list its Class A common shares on the Nasdaq Global Select Market under the ticker symbol 'QNT'. This move comes as Honeywell undergoes a broader portfolio restructuring, including the planned spin-off of its aerospace unit by June 29, 2026.
The IPO filing reveals Quantinuum's financial performance for the first time. In 2025, the company generated net revenue of $30.9 million, up from $23.0 million in the prior year. However, net losses widened to $192.6 million from $144.1 million. For the quarter ended March 31, 2026, revenue dropped sharply to $5.2 million from $19.1 million in the same period a year earlier, while net losses increased to $136.6 million from $30.5 million.
Quantinuum was formed in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum. The company positions itself as a full-stack quantum computing provider, offering hardware, software, developer tools, and applications. Over the past decade, it has invested more than $2 billion in research and development, according to the filing.
The IPO market has shown renewed activity following a quiet March, with pent-up demand and reduced market uncertainty opening the window for high-growth, higher-risk tech stocks. J.P. Morgan and Morgan Stanley are serving as joint lead active bookrunners, with Jefferies and Evercore ISI also acting as active bookrunners. The number of shares and pricing have not yet been determined.
Quantinuum completed a $600 million funding round in September 2025, achieving a pre-money valuation of $10 billion. Investors in that round included Quanta Computer, NVentures, QED Investors, JPMorganChase, Mitsui, Amgen, Cambridge Quantum Holdings, Serendipity Capital, and Honeywell. Honeywell CEO Vimal Kapur noted at the time that Quantinuum was meeting its strategic, technical, and commercial milestones.
The company faces competition from major tech firms such as Alphabet, IBM, and Microsoft, which are also pursuing quantum computing. Quantinuum's technology relies on trapped-ion systems, where electrically charged atoms are confined by electromagnetic fields to serve as the core computing elements. The company acknowledges that alternative designs could potentially outperform its approach.
Quantinuum's public valuation may fall short of its private valuation, given ongoing technical challenges in building large-scale, fault-tolerant quantum machines. The company projects continued losses until it begins meaningful production and delivery of its systems. Honeywell has cautioned that there is no guarantee the IPO will be completed or what the final terms will be.
Honeywell itself reported first-quarter sales of $9.1 billion, a 2% increase, and maintained its 2026 guidance. Orders rose 7%, pushing the backlog to nearly $38 billion. Adjusted earnings per share climbed 11%, though reported earnings were impacted by separation expenses, debt restructuring, and asset-impairment charges. Honeywell shares last traded at $213.12, giving the company a market capitalization of approximately $135 billion.
