Quantinuum prices on Nasdaq at $60 — above its $53–$55 range — as a 100% primary, roughly $1.68 billion raise, and what public investors actually buy is about 12.6% of the economics of a Honeywell-anchored quantum-computing company through an Up-C structure with a Tax Receivable Agreement. The company keeps the proceeds; the structure keeps most of the upside with the pre-IPO holders.
WHERE THIS DEAL STANDSQuantinuum Inc. is trading, and Bellipo tracks it through lock-up.
RADAR Reported, nothing filed READY Terms on file, awaiting pricing PING Priced, not yet trading STRIKE The first trade crosses ORBIT Trading, through lock-upQuantinuum prices on Nasdaq at $60, above its $53–$55 range, as a 100% primary, ~$1.68B raise — but through an Up-C structure, public Class A investors receive only about 12.6% of the economics of a Honeywell-anchored quantum-computing company.
A Bellipo Dossier is built from the filing itself. We aggregate the company's S-1 and its amendments, extract the disclosures that move a deal, and compile them into a single structured brief — the financial statements normalized into comparable lines, the use-of-proceeds split between primary and secondary, the capitalization and ownership table, the underwriting syndicate, insider selling, the auditor and its prior engagements, and the ranked risk factors. Every figure is traced to the source filing rather than the press release. The result is a desk-grade read of what the company disclosed, not what it announced — in plain English, in about five minutes.
Quantinuum Inc. is a vertically integrated quantum computing company building trapped-ion systems on a multi-zone QCCD (quantum charge-coupled device) architecture. It was formed in 2021 by combining Honeywell Quantum Solutions with Cambridge Quantum. It employs roughly 700 people, of whom more than 450 hold a PhD or Master's degree, and its latest system, Helios, was described in the filing as leading on two-qubit gate fidelity as of December 31, 2025. The company generates revenue across four levers: infrastructure access (cloud and on-premises), software and tool licensing, R&D and application services, and intellectual-property monetization.
Founded 2021 Headquarters Broomfield, Colorado CEO Dr. Rajeeb Hazra Industry Quantum Computing Listing QNT · Nasdaq Global Market Website quantinuum.comQuantum computing hardware and software. The SIC label 'Computer Integrated Systems Design' is an SEC classification code, not a description of the business — the real business is quantum hardware plus software. Revenue is recognized across infrastructure access, software/tool licensing, R&D and application services, and IP monetization. Honeywell intends to remain a strategic customer and partner after the offering.
This is a landmark quantum-computing IPO with a structure that deserves as much attention as the technology. Quantinuum is a vertically integrated trapped-ion quantum computer maker, formed in 2021 by combining Honeywell Quantum Solutions and Cambridge Quantum, with roughly 700 employees and its Helios system. The offering is 100% primary — no selling stockholders — and sized large: about $1.68B gross to the company at the $60 price, which priced above the $53–$55 marketed range. That is real capital into the business, and the above-range pricing is a genuine demand signal — the constructive half. The caution is twofold and structural. First, the economics of what a public buyer receives: this is an Up-C, and Quantinuum Inc.'s only asset is about 12.6% of Quantinuum Holdings; the Continuing Common Unitholders — principally Honeywell — hold about 87.4%, and Honeywell carries about 49.1% of combined voting power post-offering. A Tax Receivable Agreement routes 85% of the company's realized cash tax savings to those pre-IPO holders, not to public shareholders. Second, the financial profile of an early-stage platform: FY2025 net revenue was $30.9M against a $192.6M net loss, and bookings were $79.3M. Q1 2026 revenue of $5.2M looks alarming against $19.1M a year earlier, but the prior quarter was inflated by a one-time $16.5M upfront sales-type lease recognition, and the Q1 2026 loss widened mainly on a $64.2M non-cash warrant fair-value charge rather than operations. Notably, the filing discloses no going-concern doubt — $677.0M of cash backs a stated runway of more than twelve months. Read the Up-C economics and the TRA as carefully as the qubits.
Quantinuum is a vertically integrated quantum computing company using a trapped-ion, multi-zone QCCD architecture. It was formed in 2021 by combining Honeywell Quantum Solutions and Cambridge Quantum, is incorporated in Delaware, and is headquartered in Broomfield, Colorado. Dr. Rajeeb Hazra is Chief Executive Officer. It employs roughly 700 people, more than 450 with advanced degrees, and its latest system is Helios. Revenue comes from four levers: infrastructure access (cloud and on-premises), software and tool licensing, R&D and application services, and intellectual-property monetization.
This is a 100% primary offering with no selling stockholders. The company offers 28,000,000 new Class A shares, with a customary over-allotment option for additional company shares. The IPO priced at $60.00 — above the $53.00–$55.00 marketed range — for gross proceeds of approximately $1.68B (28,000,000 × $60.00). Quantinuum Inc. uses the proceeds to purchase newly issued Common Units of Quantinuum Holdings, LLC at the IPO price less underwriting discounts; Quantinuum Holdings uses the proceeds for general corporate purposes and offering expenses. This is a growth-funding raise, not a deleveraging or secondary liquidity event.
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