Ahead of the Quantinuum IPO

Quantinuum is set to IPO on Tuesday June 2, 2026 under ticker QNT.

Quantinuum is the NISQ era leader with its 48 logical qubits and industry lead 99.92% fidelity. Additionally, QNT has the heritage of industry scale and engineering excellence of its parent, Honeywell.

Their revenue and projections:

Year	Revenue
2025	$30.9M
2026	declining
2028	$266M
2029	$856M
2030	$2.5B

Note: 2028–2030 are projections. I don’t have a 2027 figure.

The company expects an inflection to occur in 2029, when they deliver their APOLLO system. Their prospectus teases a new LUMOS system in ~2030 with 1M physical qubits (no published logical qubit number, but should be in the thousands).

While QNT’s roadmap is below what IONQ has published (80,000 logical qubits in 2030), QNT has proven their approach out in recent years and deserve some premium for accomplishments and heritage. QNT is claiming the mantle of the first quantum technology industry IPO (not a SPAC). And, their float is quite small — about 10% of total will be made available for trading. They have a great story, a transformative technology, proven accomplishments, and great heritage. Expect fireworks at IPO.

Going forward, after IPO, one should expect that QNT will move based on story — milestone achievements/misses, breakthroughs/setbacks, and customer wins/losses.

As it relates to Q-Day, QNT will likely not deliver a machine that can crack RSA-1024 until APOLLO in 2029. RSA-2048 will likely not be cracked by QNT until LUMOS arrives sometime in 2030 or later.

All in all, the Quantinuum IPO represents a maturing of the quantum market with the introduction of a new pure-play that has solid history and heritage. The funds they receive will surely lead to M&A, and possibly the acceleration of its roadmap.