Quantinuum, the quantum-computing firm majority-owned by Honeywell, has set a $12.7bn IPO valuation target on Nasdaq, significantly below the $20bn-plus figure that circulated when the company filed its S-1 earlier in May. The revised target is roughly 27% above the $10bn pre-money valuation from Honeywell's $600m equity raise last September. With only $31m in 2025 revenue against large operating losses, the IPO would be the largest quantum-computing listing to date. The discount reflects more conservative public-market appetite for pre-revenue frontier tech companies, a pattern also seen in recent AI-adjacent IPOs. Comparable listed peers like IonQ, Rigetti, and D-Wave trade well below this valuation. The roadshow is expected to begin within weeks, with Quantinuum listing under ticker QNT on Nasdaq.
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