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QUANTINUUM $QNT IS GOING PUBLIC TODAY AND THE IPO WAS OVERSUBSCRIBED 20 TIMES It is the first quantum computing pure-play to ever go public via a traditional IPO, per Bloomberg. Here is the full breakdown: The deal: - Shares: 28M Class A (upsized from 26.5M) - Pricing: $60 per share (above the $53-$55 range) - Total raise: $1.68B - Greenshoe: 30-day option for 4.2M additional shares - Underwriters: JPMorgan and Morgan Stanley - Exchange: Nasdaq under $QNT The valuation: - Implied market cap: $15.6B - Priced 9% above the marketed range - Second-largest publicly traded quantum company behind IonQ $IONQ The ownership post-IPO: - Honeywell $HON: 49% voting power - Cambridge Quantum: 33% voting power - US Commerce Department: minority non-controlling stake from a $100M federal grant The company: - Based in Broomfield, Colorado - Formed in 2021 from Honeywell Quantum Solutions and Cambridge Quantum - Builds trapped-ion quantum computers - Helios system: 99.921% two-qubit gate fidelity, 99.9975% single-qubit fidelity - Use cases span chemistry, machine learning, cybersecurity, finance, drug discovery, and aerospace - Not yet profitable, expected to post losses for the foreseeable future The early users and customers: - NVIDIA $NVDA - Amgen $AMGN - Mitsui - Honeywell $HON (strategic partner) The market context: - Quantum stocks have rallied hard in 2026: D-Wave and Rigetti both up over 70% since the end of March, IonQ up over 130% - IBM $IBM has gained 33% in the past two weeks alone - Trump administration committed $2B to US quantum computing firms on May 21 - Quantinuum received $100M, IBM received the largest award at $1B