Monitor IPO pricing and demand indications; the wide loss base and early-stage commercialization suggest high volatility post-listing. Watch for definitive CHIPS Act award documentation and milestone achievement.
Executive Summary
Quantinuum Inc. filed Amendment No. 2 to its S-1, updating the IPO terms to 26.5 million Class A shares in the price range of $53.00-$55.00 per share. The company is a leading full-stack quantum computing company using trapped-ion technology, with Q1 2026 revenue of $5.2M, net loss of $136.6M, and cash of $677M. Proceeds will be used to purchase Common Units from Quantinuum Holdings for general corporate purposes. A non-binding LOI with the Dept. of Commerce for up to $100M CHIPS Act funding adds a potential catalyst but carries execution risk. The Up-C structure gives Honeywell ~48.1% voting power post-IPO.
Key Financial Metrics
Key Facts
- IPO of 26,500,000 shares at $53-$55 per share (midpoint $54).
- Q1 2026 revenue $5.2M (down 73% YoY due to prior-year sales-type lease); net loss $136.6M.
- FY 2025 revenue $30.9M, net loss $192.6M.
- Pro forma cash post-IPO ~$2.04B; net proceeds ~$1.36B at midpoint.
- Non-binding LOI with Dept. of Commerce for up to $100M CHIPS Act funding (equity-linked).
- Honeywell will hold ~48.1% voting power post-IPO via dual-class structure.
Financial Impact
IPO size of ~$1.43B gross proceeds at midpoint; net proceeds ~$1.36B. CHIPS Act award up to $100M subject to milestones.
Risk Factors
- Significant technical barriers to large-scale fault-tolerant quantum computing.
- Heavy operating losses and history of negative cash flow; capital-intensive roadmap.
- Customer concentration; reliance on government contracts and cloud providers.
- Honeywell retains significant voting control; potential governance conflicts.
- U.S. Government Transaction non-binding and subject to milestone execution risk.
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001628280-26-039286 |
| Exhibit: exhibit11-sx1a2.htm | 0001628280-26-039286 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 16, 2026 6w ago | Institutional Cluster | $66.01 $49.10 | โผ โ25.62% | โผ โ24.09% | $46.33 (โ29.81%) |
Jul 27, 2026 9w ago | Press Release | $49.78 $53.89 | โฒ +8.26% | โฒ +4.88% | $46.33 (โ6.93%) |
Jun 8, 2026 16w ago | Insider Buy | $54.94 $77.60 | โฒ +41.24% | โฒ +39.80% | $46.33 (โ15.67%) |
Jun 8, 2026 16w ago | Insider Cluster | $54.94 $77.60 | โฒ +41.24% | โฒ +39.80% | $46.33 (โ15.67%) |
Jun 4, 2026 17w ago | 3 | $56.26 $83.17 | โฒ +47.83% | โฒ +45.97% | $46.33 (โ17.65%) |
Jun 4, 2026 17w ago | 3 | $56.26 $83.17 | โฒ +47.83% | โฒ +45.97% | $46.33 (โ17.65%) |
Jun 4, 2026 17w ago | EFFECT | $60.38 $74.56 | โฒ +23.48% | โฒ +24.86% | $46.33 (โ23.27%) |
Jun 1, 2026 17w ago | S-1/A | โ | awaiting T+20 | โ | โ |
May 26, 2026 18w ago | S-1/A | โ | awaiting T+20 | โ | โ |
US Market Status
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