$QNT Quantinuum

Quantum Computing Stock
Launched on the pre-market platform: hl, bn (hl price is relatively high)
Total shares approximately 250 million shares, initial proposed issuance approximately 21 million shares
Expected IPO date: June 4, 2026
IPO price range: $45-50 per share, currently $100 per share in pre-market
Financial overview:
Fiscal year 2024: revenue $23 million, net loss $144.1 million.
Fiscal year 2025: revenue $30.9 million (about 35% growth from $23 million the previous year), net loss $192.6 million.
Q1 2026: revenue about $5.2 million, net loss $136.6 million
Revenue in the last 12 months approximately $17.08 million
The U.S. government’s recent major support action for quantum computing (announced May 21, 2026): The U.S. Department of Commerce signed 9 memoranda of understanding under the CHIPS and Science Act, planning to provide $2.01B in federal incentives to support 2 quantum foundries and 7 quantum computing companies, including a planned $100 million (intent) for Quantinuum to develop large-scale fault-tolerant ion trap quantum computers. After the news, quantum stocks led by IBM surged for a week.
Valuation:
Bull Market Scenario
• Assume the market assigns QNT a multiple similar to or slightly higher than IonQ’s
• 2025 revenue at 250-300x or bookings at 150-200x, or assume 2026 revenue quickly reaches $100-150 million
• Reasonable market cap: $18-21 billion (around 80)
Normal Scenario
• Assign QNT a multiple of 150-200x of 2025 revenue (close to IonQ’s multiple for 2025, but with a smaller revenue base), or 100-130x of bookings.
• Assume 2026 revenue of $60-90 million (reasonable conversion).
• Reasonable market cap: $13-15 billion (around 55)