Honeywell’s Quantinuum Sets $12.7 Billion IPO Target After Whispers of $20 Billion
May 26, 2026 – 11:56 am
Quantinuum, the quantum-computing company majority-owned by Honeywell, is targeting a valuation of $12.7 billion in its US Initial Public Offering (IPO), according to a Reuters report on Tuesday, significantly below the earlier whispered figure of over $20 billion.
This new target represents a roughly 27% premium over the company’s $10 billion pre-money valuation set during Honeywell’s $600 million equity raise last September. It is also approximately 36% lower than previous IPO speculation, suggesting either more conservative banking estimates or a strategic decision by Quantinuum to price for a measured debut.
Quantinuum reported $31 million in revenue in 2025, alongside significant operating losses as indicated in its S-1 filing. The IPO would be the largest listing in the quantum computing space to date and the first for a private company directly transitioning from frontier hardware development to a public valuation exceeding $10 billion.
Comparable publicly traded peers, such as IonQ, Rigetti, and D-Wave, trade well below this mark, based on similar or smaller revenue scales. Quantinuum’s premium is attributed to its unique trapped-ion qubit hardware technology, believed to have a longer error-correction runway than superconducting alternatives.
This IPO doubles as a strategic move for Honeywell, which holds a majority stake in the company. It prepares investors for the eventual spin-off of its quantum business and provides Honeywell shareholders with direct quantum exposure rather than implied exposure through their existing shares. The company has not disclosed its intended retention of the stake after the offering.
The current $12.7 billion target falls within an active quantum funding cycle. Nord Quantique secured a $1.4 billion valuation in a Fidelity-backed round earlier this month, while Finland’s IQM has been actively raising capital. The European quantum venture fund 55 North closed its first €134 million in October.
The decrease from $20 billion to $12.7 billion is noteworthy. Pre-revenue and early-stage quantum companies, like CoreWeave, have faced more disciplined investor expectations in recent IPOs compared to later-stage private funding rounds. The lower target reflects underwriters’ adjustments based on market sentiment and order book interest. Reuters did not disclose the lead bookrunners for this offering.
The roadshow is expected to begin within weeks, with Quantinuum listed under the ticker QNT on Nasdaq upon pricing.