Quantinuum, a quantum computer developer being carved out of Honeywell, raised $1.7 billion by offering 28 million shares at $60, above the revised $53 to $55 range. The company originally filed to offer 21.1 million shares at $45 to $50, before it increased the share offering and range on 06/01.
Quantinuum develops quantum computing systems and software with the goal of commercializing quantum technology for enterprise and government applications. The company operates on the premise that future computing will be hybrid in nature, combining classical processors, GPU-based accelerated compute, and quantum processing units to tackle problems that conventional systems cannot efficiently solve. Its work spans hardware development and software, targeting use cases in fields such as artificial intelligence, cybersecurity, drug discovery, and materials science.
The Broomfield, CO-based company will trade on the Nasdaq under the symbol QNT. J.P. Morgan, Morgan Stanley, Jefferies, Evercore ISI, BofA Securities, UBS Investment Bank, Cantor Fitzgerald, Mizuho Securities, Needham & Co., Societe Generale, and TD Cowen acted as joint bookrunners on the deal.
