Honeywell's Quantinuum moves closer to public markets with US IPO filing
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
May 8 : Industrial giant Honeywell's Quantinuum publicly filed its paperwork for a U.S. initial public offering on Friday, moving the quantum computing company closer to a stock market listing.
The IPO market has made a comeback in recent weeks after a brief lull in March as pent-up demand for new listings and less uncertainty around the U.S.-Israeli war on Iran encourage issuers to move ahead with their IPO plans.
The Broomfield, Colorado-based company reported a net loss of $192.6 million on revenue of $30.9 million in the year ended December 31, compared with a net loss of $144.1 million on revenue of $23 million a year earlier.
Quantinuum was formed in 2021 by combining Honeywell's quantum computing division and Cambridge Quantum. The firm is currently in the early stages of commercial growth.
CNA Games
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Show More
Show Less
Majority owned by Honeywell, Quantinuum makes quantum computers that are capable of solving complex problems that would take classical computers thousands of years or more.
Quantinuum has invested more than $2 billion in research and development over the last decade.
"Customer deployments across commercial enterprises and governments already point to the scale of the opportunity ahead for Quantinuum, one that has the potential to be as impactful as AI promises to be, if not greater," CEO Rajeeb Hazra said in a letter.
Quantinuum, which plans to sell new shares in the offering, last year raised about $600 million from investors including Nvidia's venture capital arm at a pre-money valuation of $10 billion.
J.P. Morgan and Morgan Stanley are the joint lead active book-running managers for the offering. Quantinuum will list on the Nasdaq under the symbol "QNT."
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app