Quantinuum files Amendment No. 2 to S-1 with the SEC setting IPO pricing terms at $45 to $50 per share for 21,052,632 shares, targeting up to $1.05 billion in gross proceeds at a $12.7 billion fully-diluted valuation, with Nasdaq Global Market listing under ticker QNT
On 2026-05-26 (Tuesday), Quantinuum Inc. filed Amendment No. 2 to its Form S-1 registration statement with the U.S. Securities and Exchange Commission (accession 0001628280-26-037917) setting concrete pricing terms for its Nasdaq Global Market initial public offering. Per the amended S-1 and corroborating coverage from Reuters, Bloomberg, Barron's, and Investing.com on 2026-05-26, Quantinuum is offering 21,052,632 shares of Class A common stock at a proposed price range of $45.00 to $50.00 per share. At the top of the range, the offering would raise approximately $1.05 billion in gross proceeds and value the company at approximately $12.7 billion on a fully-diluted basis; at the midpoint, the company expects approximately $941.7 million in net proceeds, or approximately $1.09 billion if the underwriters exercise their option to purchase up to 3,157,894 additional shares to cover over-allotments. J.P. Morgan and Morgan Stanley are the joint lead active book-running managers; Jefferies and Evercore ISI are also acting as active book-running managers per the prior 2026-05-08 public S-1 disclosure. The proposed $12.7 billion valuation represents an approximately 27% premium to the $10 billion pre-money valuation at which Quantinuum raised $600 million in its September 2025 private round, and a ~37% discount to the >$20 billion target valuation referenced in trade-press coverage following the original 2026-05-08 S-1 filing. The S-1/A carries forward the previously-disclosed FY2025 financials (revenue $30.9M against $192.6M net loss, vs $23.0M / $144.1M loss in FY2024) and Q1 2026 financials (revenue $5.2M against $136.6M net loss, vs $19.1M / $30.5M loss in Q1 2025). Quantinuum will list on the Nasdaq Global Market under ticker symbol 'QNT'.
Score 8 — anchor §8.2 row 8 'Concrete advance with near-term consequence — standards, capital, architecture, or capability' applied to capital. The S-1/A pricing-terms filing is the formal milestone immediately preceding public-market trading and establishes the demand-side anchor at which the broader investor base will value the largest pure-play trapped-ion quantum company. The $1.05 billion top-of-range offering size sits at the boundary of the §8.2 row 8 anchor ('A Series B/C of $150-500M for a credible hardware startup') and the §8.2 row 9 anchor ('A single financing ≥ $500M for a pure-play quantum company — e.g. PsiQuantum's $617M Series D, 2024') and would, if it closes at the top of range, be the largest pure-play quantum financing of 2026 and the second-largest in the field's commercial history (behind PsiQuantum 2024 $617M Series D adjusted for the public-market structure). Held at 8 not 9 because the IPO has not closed — the price-range filing is a non-binding signal subject to last-minute demand adjustment; the score-9 anchor for closed financings will apply when QNT begins trading. The pricing range itself reflects two competing forces: (a) the broader sector tailwind from the simultaneous 2026-05-21 US DOC CHIPS Act $2.013B nine-company LOI announcement and the 2026-05-22 federal-rally-induced rally in QBTS/RGTI/INFQ; (b) sector-specific dilution risk from the simultaneous 2026-05-26 Terra Quantum + Axiom Intelligence definitive de-SPAC at $3.5B equity valuation, which adds a second large pure-play quantum public listing within the same trading window. The $12.7B valuation is a ~37% haircut to the >$20B target trade-press guidance from the 2026-05-08 S-1 publication, suggesting pricing-stage book-build feedback was more conservative than the early sell-side commentary anticipated.
Three trackable second-order consequences. First, Quantinuum's pricing band sets a public-market valuation benchmark for the trapped-ion modality that downstream private rounds at IonQ comparables (Pasqal, Quandela, Atom Computing, Oxford Ionics, Infleqtion follow-on rounds) will price against; the $12.7B level relative to FY2025 $30.9M revenue implies a ~411x trailing revenue multiple that anchors private-market expectations. Second, Honeywell deconsolidation timing per the company's 2026-04-23 Q1 statement begins in Q2 2026 — the IPO close (expected late-May or early-June pricing window per IPO market mechanics for filed price ranges) accelerates Honeywell's Quantinuum-attributable revenue separation into discontinued operations on Honeywell's reporting line. Third, the $1.05B top-of-range gross proceeds, if realized, materially de-risks Quantinuum's fault-tolerant-quantum-computing-by-2029 capital runway — the company's prior 2025 $600M raise extended the cash horizon to roughly 24 months at the FY2025 $192.6M net-loss burn rate; the public-offering proceeds would extend the runway by approximately five additional years at the same burn rate, materially reducing the near-term dilution-driven equity-issuance pressure that has constrained roadmap execution at peer pure-plays.