Quantinuum raises $1.68B in upsized IPO, prices at $60 above range; QNT opens at $68, closes flat at ~$15.7B value
Quantinuum, the quantum-computing firm formed from the merger of Honeywell's quantum division and UK-based Cambridge Quantum, priced an upsized IPO of 28,000,000 Class A shares at $60.00 each on June 3, raising $1.68 bil.
At a glance
- 28,000,000 Class A shares priced at $60.00 on June 3, raising $1.68 billion, above $53–$55 range
- 30-day greenshoe of up to 4,200,000 additional shares
- J.P. Morgan and Morgan Stanley joint lead bookrunners; Jefferies and Evercore ISI active bookrunners
- Trading began June 4 on Nasdaq Global Market, ticker QNT; opened $68, session high $71.35, closed roughly flat, ~$15.7B market value ($60 price implied ~$14B)
- Post-IPO Honeywell retains ~48.1% voting power; Ilyas Khan holds ~15% (worth $2B-plus)
VERDICT — CONFIRMED
Quantinuum, the quantum-computing firm formed from the merger of Honeywell's quantum division and UK-based Cambridge Quantum, priced an upsized IPO of 28,000,000 Class A shares at $60.00 each on June 3, raising $1.68 billion — above the earlier marketed range of $53-$55. Underwriters hold a 30-day greenshoe of up to 4,200,000 additional shares. The deal was led by J.P.
Morgan and Morgan Stanley as joint lead bookrunners, with Jefferies and Evercore ISI active bookrunners. Shares began trading on the Nasdaq Global Market under ticker QNT on June 4, opening at $68 and hitting a session high of $71.35 before closing roughly flat, leaving a market value near $15.7 billion (the $60 IPO price implied ~$14B). Post-IPO, Honeywell retains about 48.1% voting power and founder Ilyas Khan holds roughly 15% (worth $2B-plus).
Quantinuum describes itself as a 'full-stack' quantum platform spanning hardware and software, with reportedly accelerating bookings but still nominal revenue (~$31M cited by some outlets), underscoring that the print is a bet on the quantum-computing buildout rather than current cash flows. The listing is one of three major tech IPOs pricing in the same first week of June (alongside INNIO and ahead of SpaceX), signaling a sharply reopened new-issue market despite a hawkish rates backdrop.
Why it matters
the first large pure-play quantum IPO and a key read on institutional appetite for deep-tech, pre-profit listings.
Key facts on file
- 28,000,000 Class A shares priced at $60.00 on June 3, raising $1.68 billion, above $53–$55 range
- 30-day greenshoe of up to 4,200,000 additional shares
- J.P. Morgan and Morgan Stanley joint lead bookrunners; Jefferies and Evercore ISI active bookrunners
- Trading began June 4 on Nasdaq Global Market, ticker QNT; opened $68, session high $71.35, closed roughly flat, ~$15.7B market value ($60 price implied ~$14B)
- Post-IPO Honeywell retains ~48.1% voting power; Ilyas Khan holds ~15% (worth $2B-plus)
- Revenue still nominal (~$31M cited by some outlets)
- One of three major tech IPOs pricing in the first week of June (with INNIO, ahead of SpaceX)
