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Honeywell-Controlled Quantinuum Looking to Raise Up to $1.21 Billion in IPO

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Honeywell-Controlled Quantinuum Looking to Raise Up to $1.21 Billion in IPO

Quantinuum, a quantum computing platform controlled by Honeywell International (HON), is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday.

The company plans to offer about 21.1 million class A shares at an estimated price range of $45 to $50 per share, according to a preliminary prospectus filed with the US Securities and Exchange Commission. Underwriters will have a 30-day option to purchase about 3.2 million additional shares.

Based on the top-end of the expected price range, the share sale will raise up to $1.21 billion, assuming the over-allotment option is exercised in full' calculations showed.

Quantinuum is looking to list its class A shares on the Nasdaq Global Market under the symbol "QNT," according to the filing. It intends to have a dual-class stock structure, with each class A and B share entitling the holder to a single vote.

Following the IPO, Honeywell entities are expected to beneficially own about 49.1% of the combined voting power of Quantinuum's class A and B shares, or 48.5% if the underwriters fully exercise their over-allotment option, according to the filing.

Quantinuum has customers across pharmaceuticals, materials science, financial services, government and industrial markets, the filing showed.

The company reported a net loss of $192.6 million and net revenue of $30.9 million for 2025, compared with a $144.1 million loss and revenue of $23 million for the prior year. For the first quarter of 2026, it reported a net loss of $136.6 million and net revenue of $5.2 million, compared with a loss of $30.5 million and sales of $19.1 million a year earlier.

Quantinuum had cash and cash equivalents of $677 million at the end of March, compared with $762.6 million at the end of 2025, according to the filing.

The company recently entered into a letter of intent with the US Department of Commerce under the CHIPS Act of 2022, covering an award of up to $100 million, the filing showed.

Shares of Honeywell were up 1.8% intraday Tuesday.

"For (Honeywell) shareholders, the IPO crystallizes the value of a previously embedded asset ahead of the June 29 aerospace separation, which remains the primary near-term catalyst," Wedbush Securities analyst Michael Piccolo said in a note, referring to the spin-off of the unit into a pure-play aerospace and defense company.

Price: $231.78, Change: $+3.86, Percent Change: +1.69%

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