Quantum computer maker Quantinuum closes flat after $1.68B IPO
Quantinuum Inc. listed its shares on the Nasdaq today after raising $1.68 billion in an initial public offering.
The quantum computer maker sold 28 million shares for $60 apiece. That’s significantly more than the $53 to $55 target range the company filed last week, which itself represented an increase over the original fundraising goal. Quantinuum also boosted the number of shares it sold.
The company’s stock jumped 19% at one point, but ended the trading session just 0.3% above the opening price. Though first-day stock pops are often seen as a vote of confidence, the flat reception also means the company didn’t leave much money on the table. The banks that underwrote the offering have the option to buy up to 4.2 million additional shares at the original IPO rate.
Quantinuum sells a 98-qubit quantum computer called Helios that is based on a trapped-ion design. Its qubits are metal atoms that are suspended in a vacuum chamber by magnetic fields. The system uses lasers to program the qubits, mitigate any errors that emerge during calculations and read the results.
