Quantinuum raises $1.68B in IPO, starting Nasdaq trading amid strong federal support for quantum tech.

Quantinuum completed a $1.68 billion IPO by selling 28 million shares at $60 each, exceeding initial price expectations, and began trading on Nasdaq under the ticker QNT. The company, formed from Honeywell’s quantum operations and Cambridge Quantum, benefits from up to $100 million in U.S. federal funding as part of a $2 billion quantum technology initiative. Despite strong market interest and technical advances, Quantinuum faces challenges including heavy reliance on a single customer, RIKEN, which accounts for 60% of 2025 revenue, and ongoing losses with uncertain profitability timelines. Honeywell retains significant voting control, and the IPO reflects growing investor enthusiasm for quantum computing amid rising AI demands.