Honeywell's Quantinuum raises $1.68 billion in U.S. IPO as quantum computing heats up, Reuters reports
Honeywell's Quantinuum said on Wednesday it had raised $1.68 billion in its U.S. initial public offering after pricing shares at $60 apiece.
TL;DR
- Quantinuum raised $1.68 billion in its U.S. IPO, pricing shares at $60 each.
- The IPO saw strong investor demand, with the company increasing its price range and share offering size earlier in the week.
- Quantinuum will begin trading on the Nasdaq on Thursday under the ticker symbol "QNT".
- The company was formed in 2021 through the merger of Honeywell's quantum computing business and Cambridge Quantum.
- Despite growing optimism, the quantum computing industry faces challenges including high development costs and uncertain commercial adoption timelines.
- Honeywell will retain approximately 48.1% of the company's combined voting power post-offering.
- Analysts expect Quantinuum's IPO to significantly impact the quantum computing sector due to the limited number of publicly traded companies.