tech
Honeywell’s quantum company goes public. What investors should know about the IPO
It's a win for Honeywell as the offering gives a valuation to a business that investors previously had to guess what it was worth.
TL;DR
- Quantinuum, a quantum computing company backed by Honeywell, had its stock jump as much as 19% on its debut.
- The IPO raised $1.68 billion, with shares priced at $60 each, above the expected range.
- Honeywell retains a significant stake and voting power in Quantinuum.
- Quantinuum was formed in 2021 through the merger of Honeywell's Quantum Solutions group and Cambridge Quantum.
- The quantum computing sector is considered highly speculative and in its early stages, with applications still under development.
- Honeywell is also in the process of spinning off its Aerospace business and renaming its automation business Honeywell Technologies.
- Honeywell Aerospace has disclosed long-term financial targets ahead of its spin-off on June 29.