Quantinuum, a quantum computing firm backed by industrial conglomerate Honeywell (HON), has filed for a U.S. IPO as it looks to take advantage of the investor excitement around quantum computing. Notably, the company is still deeply unprofitable, with a net loss of $136.6 million on revenue of $5.2 million for the quarter ended on March 31. That compares with a much smaller net loss of $30.5 million on revenue of $19.1 million during the same period last year. Therefore, it is still in an early and expensive growth phase.
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Forget margin or options. Here's how the pros trade QBTSFor context, Quantinuum develops quantum computers designed to solve problems that traditional processors struggle with or cannot handle efficiently. The technology could eventually play an important role in areas like artificial intelligence, where massive computing power is increasingly important. The company is building platforms that will be used in chemistry, machine learning, cybersecurity, finance, and drug discovery. It has also named companies such as Amgen (AMGN) and Mitsui (MITSY) as early users.
The filing comes after quantum computing stocks saw a major rally that was partly tied to the AI boom. Investors have been looking for technologies that could support the next wave of computing, and quantum names became part of that trend. Indeed, D-Wave Quantum (QBTS) rose more than 200% in 2025 after surging over 800% the year before, while Rigetti Computing (RGTI) climbed nearly 3,000% from the start of 2023 through the end of last year before pulling back from its October highs. Quantinuum’s IPO will now test whether investors still have an appetite for the quantum trade.
Is HON Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on HON stock based on 10 Buys, three Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average HON price target of $256 per share implies 20.1% upside potential.
