Quantinuum, Honeywells subsidiary, moves closer to IPO after filing for an (introduction).

Automated translation by Reuters using machine learning and AI. Please refer to the following disclaimer: https://bit.ly/rtrsauto. (Analyst comment added in paragraph 4) by Arasu Kannagi Basil

Quantinuum, a subsidiary of industrial giant Honeywell (HON.O), filed on Friday for an initial public offering in the United States, bringing the quantum computing company closer to a stock market listing.

The IPO market has seen renewed activity in recent weeks after a brief lull in March, with pent-up demand for new listings and reduced uncertainties related to the US-Israel war against Iran encouraging issuers to move forward with their IPO projects.

Based in Broomfield, Colorado, the company recorded a net loss of $192.6 million on revenue of $30.9 million for the year ended December 31, compared to a net loss of $144.1 million on revenue of $23 million the previous year.

“Going public is always the best choice to raise funds, especially for high-risk operations related to quantum computing. Given that the IPO window in the United States is open and the market strongly supports companies in quantum computing, it’s not surprising that this is generating keen interest, even among traditional IPO investors,” said Josef Schuster, IPOX’s general manager, to Reuters.

Quantinuum was created in 2021 through the merger of Honeywell’s quantum computing division and Cambridge Quantum. The company has invested over $2 billion in research and development over the past decade and is currently in the early stages of its commercial growth.

Majority-owned by Honeywell, Quantinuum manufactures quantum computers capable of solving complex problems that would take thousands of years, or more, on classical computers.

“Deployments in commercial enterprises and governments already show the extent of the opportunity available to Quantinuum, an opportunity that could have an impact as significant as that promised by AI, if not greater,” said CEO Rajeeb Hazra in a statement.

Quantinuum, planning to sell new shares as part of this offering, raised approximately $600 million last year in a “Series A” funding round from investors, including Nvidia’s venture capital arm, at a post-money valuation of $10 billion.

J.P. Morgan and Morgan Stanley are the active joint bookrunners for the operation. Quantinuum will be listed on the Nasdaq under the symbol “QNT.”