US IPO: Honeywell Quantinuum targets valuation of over $14 billion. Should you buy?

Honeywell's Quantinuum is targeting a valuation of up to $14.3 billion in its upsized U.S. initial public offering, underscoring robust investor appetite around quantum computing. J.P. Morgan and Morgan Stanley are joint lead active book-running managers for the Quantinuum offering. Quantinuum is expected to list on the Nasdaq under the symbol 'QNT' on Thursday.

The Broomfield, Colorado-based company is now seeking up to $1.46 billion by marketing 26.5 million shares priced between $53 and $55 apiece, it ‌said on ⁠Monday. It ⁠had earlier aimed to raise up to $1.05 billion by offering about 21.1 ​million shares priced between $45 and $50 apiece.

June is poised for a busy start ​to the IPO market as firms look to capitalize on strong market conditions ahead of SpaceX's blockbuster listing, with ​seven companies spanning from defense to ⁠energy sectors set ‌to price their offerings this week.


Quantum computing ​has ​drawn growing interest after recent technological breakthroughs underscored ⁠its potential to speed up tasks from drug ​discovery to financial modelling and cryptography.

Quantum computers ​are capable of solving complex problems faster than classical computers. But major technical challenges remain, including high error rates that limit practical performance.

Quantinuum's revised IPO terms comes on the heels of the U.S. government unveiling plans last month ‌to take $2 billion in equity stakes across nine quantum-computing companies. Quantinuum will receive $100 million in funding.

The ​company was ​formed in 2021 ⁠by combining Honeywell's quantum computing division and Cambridge Quantum. While it is in early stages of commercial growth, bookings have accelerated ​in recent months as the emerging technology gains traction.