A Honeywell-backed (HON) company is aiming for one of the biggest public-market tests yet for the quantum computing trade.

Quantinuum is seeking to raise as much as $1.05 billion in its IPO, offering 21 million shares at $45 to $50 each. At the top of the range, Quantinuum would be valued around $12.7 billion and is expected to trade on Nasdaq (^IXIC) under the ticker QNT, according to IPO terms filed Tuesday.

That is a big ask for a company still in the early stages of commercializing quantum computing. Quantinuum was formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum, giving it both quantum hardware and software capabilities. The company says it is working toward a commercial-scale, fault-tolerant quantum computer before the end of the decade, with potential applications in chemistry, machine learning, cybersecurity, finance, and drug discovery.

Quantinuum reported $5.2 million of revenue in the March quarter, down from $19.1 million a year earlier. Its net loss widened to $136.6 million from $30.5 million over the same period.

The swings show how early and concentrated the business remains. The filing says Japan’s RIKEN accounted for 90% of revenue in last year’s March quarter but just 7% in the latest period, while other government-linked customers made up much of this year’s revenue.

The company points investors instead to early demand and its long-term technology roadmap. Quantinuum reported $79.3 million of bookings in 2025, though bookings slowed to $1.3 million in the March quarter from $1.9 million a year earlier.

Its pitch rests on accuracy more than raw size. Quantinuum says its Helios system has 98 physical qubits, 48 logical qubits, and 99.921% two-qubit gate fidelity, a measure of how accurately quantum operations are performed. The company is targeting its next system, Sol, in 2027, followed by Apollo in 2029.

The IPO is landing against a friendlier backdrop for quantum stocks.

Public quantum names have rebounded hard since the broader market low on March 30, even after major drawdowns from their peaks.

IonQ (IONQ) is up about 132% since the end of March, while D-Wave Quantum (QBTS) is up about 110%. Rigetti Computing (RGTI) and Quantum Computing (QUBT) are both up more than 85%. Year-to-date gains are substantially lower.

But the rally has not erased the prior damage. Rigetti remains more than 50% below its record closing high, while D-Wave is still nearly 40% below its peak. IonQ is still down roughly 25% from its high, even after its recent rebound.

The sector also got a fresh policy boost this month, after the Trump administration announced quantum-computing funding tied to government equity stakes in several companies, including D-Wave and Rigetti.

Quantinuum has its own tentative government deal.

The company has a non-binding letter of intent with the Commerce Department for up to $100 million under the CHIPS Act, though the funding would come in tranches tied to milestones and Quantinuum would issue equity securities to the government in exchange.

Honeywell International (HON) is using that backdrop to unlock value while staying tied to the business. Honeywell will keep roughly 49% of the votes after the offering and plans to stay on as both a customer and a development partner.

That gives the deal a different feel from the already-public quantum names, many of which came to market through SPACs. Quantinuum is trying to become the sector’s serious IPO benchmark.

The question for investors is whether that cleaner quantum story deserves a premium price — or whether the sector’s rally has already pulled too much of the future into today’s valuation.

Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.com.

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