Quantinuum, a Honeywell subsidiary, moves closer to the stock markets with the filing of an IPO request.

Quantinuum, a subsidiary of industrial giant Honeywell, filed for an initial public offering (IPO) in the United States on Friday, taking a step closer to a stock market listing. The IPO market has seen increased activity in recent weeks after a brief slowdown in March, with pent-up demand for new listings and reduced uncertainties related to the U.S.-Israel conflict against Iran encouraging issuers to move forward with their IPO plans.

Based in Broomfield, Colorado, the company recorded a net loss of $192.6 million on revenue of $30.9 million for the fiscal year ending 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, particularly for high-risk operations related to quantum computing. With the U.S. IPO window open and strong market support for quantum computing companies, it is not surprising that there is keen interest, even among traditional IPO investors,” said Reuters Josef Schuster, managing director of IPOX.

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.

“The deployments in commercial enterprises and governments already demonstrate the scope of the opportunity for Quantinuum, an opportunity that could have as significant an impact as promised by AI, if not more,” said CEO Rajeeb Hazra in a statement.

Quantinuum, which plans to sell new shares in this offering, raised approximately $600 million last year in a “Series G” funding round from investors including Nvidia’s venture capital arm, valuing the company at $10 billion.

J.P. Morgan and Morgan Stanley are the active lead underwriters for the IPO. Quantinuum will be listed on the Nasdaq under the symbol “QNT.”