Quantinuum, the quantum computing firm that is majority-owned by Honeywell International (HON), has announced plans to hold an initial public offering (IPO).
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Quantinuum, which is widely regarded as one of the most advanced quantum computing companies, says it is submitting the paperwork and registration needed to go public with the U.S. Securities and Exchange Commission (SEC).
The timing, number of shares to be issued, and price of the IPO have not yet been set. However, the IPO fulfills a pledge made by Honeywell to take the quantum computing firm public sometime in 2026 or 2027, at the latest.
About Quantinuum and Its Business
Quantinuum was founded in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum, a U.K.-based start-up company. The company makes ultra-powerful computers that are capable of solving complex problems and calculations.
Quantinuum competes in the quantum computing space against rivals such as D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and IonQ (IONQ). Quantinuum boasts clients such as JPMorgan Chase (JPM) and Softbank (SFTBY). Late last year, chipmaker Nvidia (NVDA) invested in Quantinuum through a $600 million funding round.
Is HON Stock a Buy?
Honeywell stock has a consensus Moderate Buy rating among 15 Wall Street analysts. That rating is based on eight Buy, six Hold, and one Sell recommendations issued in the last three months. The average HON price target of $235.07 implies 10.91% upside from current levels.
