Quantinuum hit the public markets June 4 with an impressive debut. Shares opened at $68, a 13% jump from the $60 IPO price, before closing around $60.38.
The company raised $1.68 billion by selling 28 million shares, achieving a post-IPO valuation between $14 billion and $15 billion.
Quantinuum, trading on NASDAQ under the ticker QNT, upsized its offering. The initial price range was $53 to $55. The final $60 price reflects strong demand.
Meanwhile, quantum computing competitor IonQ saw its shares decline 3.8% during the same session.
Formed in 2021 from the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, Quantinuum specializes in trapped-ion quantum systems. Unlike superconducting circuits used by Google and IBM, the company uses individual charged atoms held in place by electromagnetic fields.
Honeywell remains the majority owner. Key investors include Nvidia, JPMorgan Chase, Fidelity, Mitsui, and Amgen.
The $14 billion to $15 billion valuation represents a bet that Quantinuum will be among the winners when quantum computing becomes commercially viable. The $1.68 billion in fresh capital provides significant runway for R&D and potential acquisitions.