Quantinuum completed a sizable U.S. initial public offering on Wednesday, selling 28 million shares at $60 apiece to raise $1.68 billion, a person familiar with the matter said. The deal underscores a renewed willingness among investors to back companies in the emerging quantum computing sector.
The company, based in Broomfield, Colorado, had earlier adjusted terms of the offering during the week, raising its indicated price range to $53 to $55 per share and increasing the planned allotment to 26.5 million shares before ultimately pricing at $60 and selling 28 million shares. The final sizing and pricing reflect demand that pushed the offering beyond its earlier guidance.
Quantinuum's debut on the Nasdaq is scheduled for Thursday under the ticker QNT. J.P. Morgan and Morgan Stanley served as the lead underwriters for the transaction, arranging distribution of the newly issued stock to the market.
The IPO is being watched as a test of investor appetite for quantum computing firms. Market participants have been encouraged by technical and commercial developments in the field, and this offering provides one of the larger public tests of whether those developments translate into investor commitments at scale.
Quantinuum traces its corporate lineage to a 2021 merger that combined Honeywell's quantum computing business with Cambridge Quantum. In its IPO filing, the company disclosed that Honeywell will retain about 48.1% of the combined voting power once the offering is completed.
The deal comes as the U.S. new listings market shows signs of momentum, with investor interest concentrated in technology and other high-growth sectors. That concentration has been a significant factor in the deal's reception and final pricing.
Summary
Quantinuum, the quantum computing firm formed from Honeywell's quantum unit and Cambridge Quantum, sold 28 million shares at $60 each in a U.S. IPO that raised $1.68 billion. The company will begin trading on Nasdaq under QNT, with J.P. Morgan and Morgan Stanley as lead underwriters. Honeywell retains roughly 48.1% of combined voting power post-offering.
Key details
- IPO proceeds: $1.68 billion from 28 million shares priced at $60 each.
- Underwriters: J.P. Morgan and Morgan Stanley led the offering.
- Post-offering structure: Honeywell maintains about 48.1% of combined voting power.