Quantinuum targets $12.7B IPO valuation

Quantinuum, a quantum computing company backed by Honeywell, is targeting a valuation of up to $12.7 billion in its U.S. initial public offering. The company plans to raise $1.05 billion by selling approximately 21.05 million shares at $45 to $50 each. This move capitalizes on heightened investor attention in quantum computing and artificial intelligence. Quantinuum, formed in 2021 from a separation from Honeywell and a merger with Cambridge Quantum, is chaired by Honeywell CEO Vimal Kapur and led by Intel veteran Rajeeb Hazra. J.P. Morgan and Morgan Stanley are the joint lead active book-running managers, and Quantinuum will list on the Nasdaq-100 under the symbol 'QNT'. The U.S. government is also supporting the sector, with the Commerce Department announcing over $2 billion in funding for quantum computing firms, including $100 million for Quantinuum and $1 billion for IBM Corp.