Quantinuum, the quantum-computing company majority-owned by Honeywell, is targeting a valuation of $12.7bn in its US IPO, according to a Reuters report on Tuesday, a level materially below the $20bn-plus figure that circulated earlier in May when the company filed its S-1.
The new figure puts the IPO at roughly 27% above the $10bn pre-money valuation set in Honeywell’s $600m equity raise last September. It is also about 36% below the earlier IPO whisper, suggesting either that bankers have taken a more conservative read of public-market appetite for pre-revenue quantum names or that the company itself has chosen to price for a confident debut rather than a stretch one.
Quantinuum reported $31m in revenue in 2025, against operating losses that the S-1 implied are larger by an order of magnitude. The IPO would be the largest quantum-computing listing to date and the first in which a private quantum company moves directly from frontier hardware development to a public-market valuation north of $10bn.
Comparable public peers, including IonQ, Rigetti and D-Wave, trade well below that mark on revenues of similar or smaller scale. Quantinuum’s premium rests on its hardware approach, trapped-ion qubits, which is generally considered to have a longer error-correction runway than the superconducting approach used by most quantum-adjacent listed firms.
