Quantinuum gets $16bn market cap in IPO

By the market close, Quantinuum’s market cap was $15.7 billion.

The company was formed in 2021 to pursue quantum computing development by putting together Honeywell’s quantum computing unit and Cambridge Quantum.

Quantinuum said its Q1 revenue fell 73% to $5.24 million in  from $19.1 million a year earlier. 

The company recorded a Q1 net loss of $136.5 million after losing $30.5 million during the same period one year ago.

Q1 bookings were $1.3 million, compared to $1.9 million a year earlier. 

Last month the US Department of Commerce made a $100 million Chips Act award to Quantinuum.