Manufacturing conglomerate Honeywell announced Wednesday that its quantum computing subsidiary, Quantinuum, has secretly submitted documentation to the Securities and Exchange Commission for a public stock offering.
The quantum computing firm, which Honeywell controls as majority owner, filed the confidential paperwork with federal regulators back in February.
While Honeywell kept specific financial terms under wraps, Quantinuum received a $10 billion valuation during its last funding round in September.
This announcement arrives as the IPO market shows renewed energy following a March slowdown, when uncertainty from Middle East conflicts and technology stock declines caused many companies to postpone their public debuts.
The timing also reflects the intensifying competition to advance quantum computing capabilities, technology that could tackle complicated calculations at speeds far beyond today’s most powerful traditional computers.
Major corporations including Honeywell itself, along with Airbus, BMW Group, HSBC, and JPMorgan Chase currently utilize the comprehensive quantum computing solutions that Quantinuum provides.
Quantinuum emerged in 2021 following its spinoff from Honeywell and subsequent combination with Cambridge Quantum. Honeywell CEO Vimal Kapur serves as chairman, while former Intel executive Rajeeb Hazra leads the company as chief executive.
