Quantinuum filed for an IPO worth 20 billion dollars. It has 31 million in revenue and a quantum computer that does not exist yet.

TL;DR

Honeywell-backed Quantinuum filed for a US IPO targeting a valuation above 20 billion dollars. The quantum computing company reported 30.9 million dollars in annual revenue and 192.6 million in losses, pricing itself on a fault-tolerant machine planned for 2029.

Quantinuum filed for a US initial public offering on Thursday that could value the company at more than 20 billion dollars. In the year ended 31 December 2025, Quantinuum reported revenue of 30.9 million dollars and a net loss of 192.6 million dollars. The company is asking public market investors to pay a premium of more than 600 times revenue for a quantum computer that does not yet exist in its final form. The computer it is building, a universal fault-tolerant machine called Apollo, is scheduled for 2029.

The filing is significant not because of Quantinuum’s current financials, which are modest by any standard, but because of what the IPO...

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