A company generating roughly $31 million in annual revenue wants public market investors to value it at $12.7 billion. In most industries, that math would get you laughed out of the room. In quantum computing, it apparently gets you an IPO.

Quantinuum, the trapped-ion quantum computing company majority-owned by Honeywell, filed its S-1 registration on May 26 to list on Nasdaq. The company plans to offer approximately 21 million shares priced between $45 and $50 each, targeting gross proceeds of up to $1.05 billion. The stock is expected to trade under the ticker QNT.

The numbers behind the quantum hype

Quantinuum reported revenue of approximately $30.9 million for 2025. Its net loss for the same period came in at $192.6 million. Trailing twelve-month revenue through March 2026 sits at about $36 million.

That means the top-end IPO valuation represents more than 400 times the company’s annual revenue. The proposed valuation also represents a 27% premium over the $10 billion post-money valuation Quantinuum received during a private funding round in September 2025.

JPMorgan Chase is among the major backers supporting the listing. Honeywell, which created Quantinuum through the 2021 merger of its Honeywell Quantum Solutions division with Cambridge Quantum, remains the dominant shareholder.

Why quantum, and why now

Quantinuum’s recently launched Helios quantum computer represents the firm’s latest hardware advancement. Collaborations with Microsoft and bp are on the books. Quantinuum has also been involved in funding discussions with the US Department of Commerce, with government applications including post-quantum cryptography and materials simulation.

Quantinuum would become one of the first pure-play quantum computing companies to trade on a major US exchange.

What this means for investors

The company lost $192.6 million on $30.9 million in revenue last year. That’s a business burning roughly six dollars for every dollar it earns. At a $12.7 billion valuation, you’re paying an extraordinary premium for technology that doesn’t yet generate meaningful commercial revenue.

As the controlling shareholder, Honeywell’s continued commitment to the business provides a backstop of sorts. It also means public investors will likely have limited governance influence.

Quantinuum’s work on post-quantum cryptography has direct implications for blockchain security. Quantum computers powerful enough to break current encryption standards would theoretically threaten the cryptographic foundations of Bitcoin and other digital assets.

Investors considering the IPO should watch the final pricing closely. The $45-to-$50 range could shift based on institutional demand during the roadshow.