Quantinuum is increasing the size of its initial public offering as investor demand keeps building. The company now plans to offer 26.5 million shares at $53 to $55 each, up from the original plan of 21 million shares at $45 to $50. At the top of the range it could raise $1.46 billion and hit a $14.3 billion market cap.

The revised terms are a significant jump from the initial filing in May, when Quantinuum was targeting roughly $1.05 billion at a $12.7 billion valuation. Shares are expected to start trading on the Nasdaq under "QNT" this week.

This would be the largest public listing ever by a dedicated full-stack quantum computing company, and the first pure-play quantum hardware firm to list on a major US exchange through a traditional IPO rather than a SPAC. For context, IonQ currently trades at around $27 billion and D-Wave sits near $11 billion.

Quantinuum was created in 2021 through a merger of Honeywell Quantum Solutions and Cambridge Quantum. It reported $30.9 million in revenue during 2025, up from $23 million the year before, along with $79.3 million in bookings. Net loss was $192.6 million as the company keeps investing heavily in R&D.

The company also has a tentative $100 million agreement with the US Commerce Department to advance its trapped-ion quantum systems. IBM is expected to receive about $1 billion from the same department for a standalone quantum foundry. After the offering, Honeywell will retain roughly 49% of voting power and Cambridge Quantum about 32.5%. Founder Ilyas Khan's personal stake would be worth over $2 billion at the offering price.