Quantinuum Files Nasdaq IPO With $30.9M in 2025 Revenue and a $193M Net Loss ($QNT)

Quantinuum, the trapped-ion quantum computing company spun out of Honeywell in 2021, filed its S-1 with the SEC on Friday to list Class A common stock on the Nasdaq Global Market under the ticker QNT, with J.P. Morgan and Morgan Stanley named as joint lead bookrunners.

On May 8, 2026, Quantinuum Inc. filed its initial public offering registration statement, the S-1 (the SEC form a U.S. company files when selling shares to the public for the first time), with the Securities and Exchange Commission. The Broomfield, Colorado company plans to list Class A common stock on the Nasdaq Global Market under the ticker QNT. J.P. Morgan and Morgan Stanley are joint lead bookrunners. The filing is the company’s first public document since spinning out of Honeywell in November 2021.

Quantum computing has been a research project for four decades and a venture-funded private company story for the last five years. The Quantinuum S-1 is the moment the field tests whether public markets will pay a real price for it. The filing also lands inside the same AI infrastructure trade that has driven hedge fund 13Fs all spring, with NVIDIA, Honeywell and JPMorgan all named in the prospectus.

What Quantinuum Does, in Plain English

Quantinuum builds trapped-ion quantum computers. Each system holds individual atoms (typically barium or ytterbium ions) in place with electromagnetic fields, then uses lasers to read and manipulate them as qubits, the quantum-computing equivalent of bits. A classical bit is either 0 or 1. A qubit can hold both states at once and entangle with other qubits, which lets the machine attack certain problems much faster than any classical computer ever could.

The company sells access to these systems through a cloud platform and a software stack that includes InQuanto for chemistry workloads. Customers named in the prospectus include NVIDIA, Infineon, and JPMorgan Chase. Quantinuum operates two commercial systems today, the System Model H1 and Helios. Helios has 98 physical qubits and reached 99.921 percent two-qubit gate fidelity in 2025, past the Three Nines threshold the field treats as a baseline for fault-tolerant computing.

The Numbers in the S-1

Quantinuum reports $30.9 million in net revenue for 2025, up from $23.0 million in 2024, alongside a $192.6 million net loss versus $144.1 million the year prior. Q1 2026 revenue fell to $5.2 million from $19.1 million in Q1 2025, and net loss widened to $136.6 million from $30.5 million.

Bookings (the dollar value of customer contracts signed in the period) were $79.3 million for full-year 2025 but $1.3 million in Q1 2026, down from $1.9 million in Q1 2025. The company tells investors in the prospectus that its customer base is concentrated and that revenue from individual customers may represent a large percentage of total revenue in any given period.

Cash and equivalents stood at $677.0 million on March 31, 2026, down from $762.6 million at year-end 2025. Series financing across A, A-1, and B preferred totaled approximately $1.5 billion before this offering, the largest single capital raise in the quantum computing industry to date.

Why NVIDIA, Infineon, and JPMorgan Are in the Filing

The prospectus names three commercial relationships in the same paragraph: NVIDIA and Infineon as engineering partners on the quantum stack, and JPMorgan Chase as a customer building applications on the platform.

The pairing matters because each name represents one of the three pillars investors track in the broader AI infrastructure trade. NVIDIA sits on the GPU layer that hyperscalers buy in the tens of billions. Infineon is a semiconductor specialist whose silicon shows up inside the control electronics of a quantum computer. JPMorgan Chase has run an in-house Quantum Algorithms team since 2017 and has been a public collaborator on quantum chemistry and finance applications. The three names give the IPO a credible commercial pipeline rather than a research-only narrative.

The Roadmap: Helios, Sol, Apollo

Quantinuum describes a three-system technology roadmap in the S-1. Helios is the current commercial system. Sol, expected in 2027, is targeting roughly 100 logical qubits at 99.999 percent (Five Nines) logical fidelity. Apollo, targeted for 2029, is planned for hundreds of logical qubits at up to 99.99999999 percent (Ten Nines) logical fidelity, which the company translates as roughly 10 billion operations between errors.

The S-1 says Quantinuum has already built a laboratory prototype of the Sol chip and that Apollo prototypes are in parallel development on common testbeds. The roadmap is the bridge the prospectus uses between today’s $30.9 million revenue base and the commercial-scale, fault-tolerant machine the company is asking public investors to fund.

What to Watch

Pricing range and share count: The S-1 leaves IPO price range, share count, and proposed offering size blank, which is typical for a first-filed S-1. The next amendment will fill in the price range and indicate Quantinuum’s target valuation. Public quantum-adjacent comparables IonQ, Rigetti, and D-Wave all trade at a fraction of their 2021 to 2022 SPAC-merger valuations.

Customer concentration: The prospectus warns that revenue from individual customers may represent a large percentage of total revenue in any given period. A future amendment will include the management discussion and analysis detail on top customers and concentration thresholds, which will tell readers how dependent the booked pipeline is on a small number of contracts.

The Sol prototype: The S-1 says Quantinuum has built a laboratory prototype of the Sol chip. The first commercial release of Sol is the milestone the prospectus uses to bridge today’s revenue base to the 2029 Apollo system. Any update to the Sol timeline, positive or negative, becomes a price-sensitive event once QNT trades.