NEW YORK — Quantinuum raised $1.68 billion in an upsized initial public offering (IPO) on Thursday and also secured $100 million in federal funding. The company priced approximately 28 million shares at $60 each for the offering.

The price exceeded a previously expected range of $53 to $55 per share. Quantinuum shares opened at $68 on the Nasdaq under the ticker symbol QNT, reaching an intraday high of over $71 per share. The company closed Thursday trading less than 1% above its offering price, resulting in a market capitalization of $15.66 billion at market close, down from approximately $17.6 billion at the first trading price.

Quantinuum's funding from the U.S. Department of Commerce originates from the 2022 Chips and Science Act. Rajeeb Hazra, chief executive officer of Quantinuum, said, "It's a great validation of quantum, of Quantinuum, as a strategic asset for the U.S. quantum industry and we're very thankful that we have this ability now to be able to shoulder this responsibility, to take trapped ion-based computing forward." Hazra said, "We have customers today that are using our commercially available hardware and software, our full stack, to get started with their quantum journey."

Quantinuum reported a net loss of nearly $200 million for the previous fiscal year and a net loss of $136.5 million in the first quarter of 2026. The company's revenue decreased by 73% year-over-year to $5.24 million in the first quarter of 2026, with bookings of $1.3 million during that period. In a filing, Quantinuum stated its quantum technology may never function.

The company was formed in 2021 through a merger of Honeywell's quantum division and Cambridge Quantum. Honeywell retains a majority stake, holding 48% of the combined voting power in Quantinuum following the offering. According to a prospectus, Honeywell will remain a strategic customer and partner for Quantinuum. Hazra said, "Honeywell will continue to be a very disciplined shareholder and continue to help as they have been with agreements on our supply chain, manufacturing, access to their customer base. Over time, they will deal with this asset, monetize this asset." JPMorgan Chase and Amgen are listed as customers in Quantinuum's filing.