McKinsey finds quantum companies generated more than $1bn in revenue in 2025.

Honeywell International-backed Quantinuum has filed for an initial public offering (IPO) less than a year after a $600m round valued it at $10bn. Reports suggest that an IPO could raise more than $1.5bn for Quantinuum and value the company at as much as $20bn.

The round comes after the Irish-founded Horizon Quantum and Canada’s Xanadu went public in March, and the US-based Infleqtion, a month prior. Meanwhile, shares at D-Wave grew more than 115pc since last year; IonQ, by nearly 55pc; and Rigetti Computing, by around 84pc, all reflecting the technology’s rising popularity as commercial adoption ramps up to reach a “tipping point”.

The UK-founded, Colorado-based Quantinuum produces full-stack quantum platforms with commercially deployed systems. Its products are used by businesses across sectors, including pharmaceuticals, material science, financial services and governments, it said. The company has multiple offices in the US, as well as in the UK, Germany, Japan and Singapore.

“We believe that we are executing a roadmap to the first commercial-scale, fully fault-tolerant quantum computer before the end of this decade, the Apollo system,” said Quantinuum CEO Dr Rajeeb Hazra on a recent government filing.

“As we innovate to improve our quantum computing platform, working collaboratively with partners like Nvidia and Infineon”. Nvidia’s venture arm backed the company in a funding round last September.

Quantinuum posted a net loss of more than $135m on a revenue of $5.2m in the quarter past. A year ago, it made a $30.5m loss on a $19.1m revenue. The company accumulated $79.3m worth of client contracts in 2025. JP Morgan and Morgan Stanley will be running books for the proposed offering, the company said.

UK scientist Ilyas Khan founded Cambridge Quantum in 2014, before it merged with the US-based Honeywell Quantum Solutions in 2021 to become Quantinuum. Honeywell will remain a strategic customer and partner with Quantinuum following the listing.

A recent McKinsey report found that quantum computing could create as much as $2.7trn in economic value by 2035. It said that quantum companies generated more than $1bn in revenue in 2025 – a number which could compound to as much as $4.4bn by 2028.

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