Quantum computing has been a "promising someday" story for a decade. Today it's about to get a price.
Honeywell announced Friday that Quantinuum, the quantum computing company it backs, has publicly filed an S-1 with the SEC. That puts it on a path to a Nasdaq listing this year.
Quantinuum will list its Class A common stock on the Nasdaq Global Select Market under the ticker QNT. The company hasn't said yet how many shares it plans to sell or what price range it's targeting.
Both will get filled in as the deal moves through the SEC. So the timing is on standard IPO terms - the deal can't price until the agency signs off.
The bank lineup looks heavy. J.P. Morgan and Morgan Stanley are joint lead active book-running managers, the two firms running the deal.
Jefferies and Evercore ISI are also acting as active book-runners. Four big investment banks on one quantum IPO is a sign Wall Street thinks there's real demand.
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Quantinuum was formed in 2021 when Honeywell merged its in-house quantum unit with Cambridge Quantum, a UK-based software company. The combined business is what people in the industry call "full-stack."
That means it builds the quantum hardware, the software that runs on it, and the cryptography tools that go with it. So Quantinuum competes on three fronts at once.
Last year, the company raised about $600 million from investors including Nvidia's venture capital arm. That round valued Quantinuum at $10 billion pre-money - the price before the new cash came in.
The IPO will give regular investors their first chance to put a price on a quantum computing company at scale. Up to now, that valuation has been a private-market story.
The number to watch is the price range. That's where Wall Street puts a public price tag on quantum for the first time.
It will tell investors whether the IPO market sees the tech as closer to "real revenue today" or still "someday." Until the SEC signs off, the deal stays on standard timing.
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