TL;DRQuantinuum boosted its IPO to $1.46 billion after double-digit oversubscription, raising the price range to $53-55 per share and targeting a $14.3 billion valuation. The Honeywell-backed quantum computing company reported $31 million in 2025 revenue and is set to begin trading Thursday.
Quantinuum, the Honeywell-backed quantum computing company, has increased the size of its initial public offering to as much as $1.46 billion after demand from investors far exceeded the original allocation. The company is now offering 26.5 million shares at $53 to $55 each, up from a previous range of approximately 21 million shares at $45 to $50. At the top of the new range, Quantinuum would enter the public market with a valuation of $14.3 billion.
The IPO drew orders for a double-digit multiple of the shares available, according to people familiar with the matter. Quantinuum is on track to price after the market closes in New York on Wednesday and begin trading on the Nasdaq Global Market under the symbol QNT on Thursday. It would be the first pure-play quantum computing hardware company to list on a major US exchange.
The valuation question
The numbers behind the $14.3 billion valuation are unusual even by the standards of frontier technology IPOs. Quantinuum reported $30.9 million in revenue for 2025, $79.3 million in bookings, and a net loss of $192.6 million. At the top of the IPO range, the company would be valued at roughly 462 times its last annual revenue, a multiple that only makes sense as a bet on quantum computing’s commercial future rather than its present economics.
