The Quantinum closed little changed at its Nasdaq debut on Thursday, bringing its market value to $15.7 billion.
Shares opened trading at $68 per share, reaching a session high of $71.35 per share. The company raised $1.68 billion in an enhanced IPO after it priced at $60 per share, above its previous range of $53 to $55 per share.
Quantinuum was founded in 2021 through the merger of Honeywell‘s quantum computing division and UK-based Cambridge Quantum. The company describes itself as a “full-stack quantum computing platform,” combining hardware and software.
In its S-1 filing, which came out last month, Quantinum said its clients span the pharmaceutical, materials science, financial, government and industrial markets, including JPMorgan Chase and Amgen.
“We have customers today who are using our available hardware and software, our full stack, to get started on their value journey,” Quantinum CEO Rajeeb Hazra said in an interview Thursday with CNBC’s “Squawk on the Street.”
Quantum computing has attracted the attention of scientists and researchers for decades, but it remains largely an experimental technology. The technology uses the principles of quantum mechanics to solve complex tasks beyond the capabilities of traditional computers.
Hazra said quantum discovery is still in its early stages, but said “the need for this kind of computing resources is absolutely given.”
The quantum industry received approval from the Trump administration last month.
The Department of Commerce announced that it has signed the first agreements to provide funding of two billion dollars and to take equity shares in nine companies connected to the “quantum ecosystem,” including Quantinuum, which will receive $100 million. Funding for the deals comes from the 2022 Chips and Science Act.
“It’s a great validation of quantum, of Quantinuum, as a strategic asset for the US quantum industry and we’re very grateful that we have this ability now to be able to take on this responsibility, to advance ion-based computing,” Hazra said.
Quantinuum said in its prospectus that revenue fell 73% to $5.24 million in the first quarter from $19.1 million a year ago. The company recorded a net loss in the latest quarter of $136.5 million after a loss of $30.5 million in the same period last year.
Bookings, which track the value of a customer’s contract, reached $1.3 million during the first three months of 2026, compared to $1.9 million last year.
Honeywell, which is expected to retain a majority stake after the offering, will continue to be a customer and strategic partner, the prospectus said.
Quantinum stock chart for one day.
Big tech has also increased its bets on quantum computing in recent years. Google, Microsoft, Amazon again IBM they have spent millions on the technology, which supporters say will solve complex problems, including drug discovery.
This week, Microsoft unveiled a new quantum chip that it says is 1,000 times better than before and could help the company build a powerful quantum computer by 2029.
Excitement over the new technology has boosted quantum computing stock shares in recent years, but the sector is vulnerable to dramatic swings in the news.
Rigetti Computing shares have more than doubled year over year, while IonQ again ID-Wave increase by at least 50% each. The sector fell during the first quarter of the tech selloff.
Flexibilitywhich went public in February through a special-purpose acquisition merger, is up nearly 25% from its initial price.
Quantinuum’s debut comes as the IPO market continues to heat up.
Shares of the AI chipmaker Cerebras it’s up nearly 70% from its debut last month. Investors are closely watching Elon Musk’s SpaceX, which is expected to begin trading on the Nasdaq on June 12. Anthropic filed its private IPO prospectus on Monday, and OpenAI is preparing to file its private IPO prospectus in the coming weeks.
WATCH: A look inside Microsoft’s new quantum computing chip
