Quantinuum, the quantum computing business that separated from Honeywell and later combined with Cambridge Quantum, revealed plans to pursue a U.S. initial public offering that could value the company as high as $12.7 billion.
The company, headquartered in Broomfield, Colorado, said it would seek to sell about 21,052,632 shares with an expected price range of $45 to $50 per share. At the top end of that range, the offering could raise up to $1.05 billion. That prospective valuation represents an increase from the $10 billion valuation Quantinuum achieved in its most recent private funding round.
Quantinuum was formed in 2021 following its split from Honeywell and its subsequent merger with Cambridge Quantum. Honeywell CEO Vimal Kapur chairs the company, and it is led operationally by Rajeeb Hazra, who previously worked at Intel.
The firm named J.P. Morgan and Morgan Stanley as joint lead active book-running managers for the deal. A roster of additional underwriters was disclosed, including:
- BofA Securities
- UBS Investment Bank
- Jefferies
- Evercore ISI
- Cantor
- Mizuho
- Needham & Company
- Societe Generale
- TD Cowen
- Craig-Hallum
- Rosenblatt
The company indicated plans to list its shares on the Nasdaq exchange under the ticker symbol "QNT."
Quantinuum's decision to proceed with the public offering comes at a time when new listings are drawing interest from investors focused on areas regarded as strategically important. The company cited sectors such as AI infrastructure, defense and other critical technologies as areas that have been attracting investor attention, noting that demand for new listings in these fields has increased against a backdrop of geopolitical uncertainty.
Context and market placement
While the filing sets out the proposed share count and price range, the final terms will be determined prior to the IPO. The proposed valuation is higher than the companys prior private market valuation, and the offering has been structured with a broad syndicate of banks to manage the sale and distribution of shares.