Quantinuum (QNT) Registration filing summary

Company overview and business model

• Operates a vertically integrated quantum computing platform, combining hardware, middleware, and application software for hybrid quantum-classical workflows.

• Focuses on high-fidelity trapped-ion quantum systems, with proprietary QCCD architecture and a full-stack approach.

• Monetizes through hardware access (on-premises and cloud), software licensing, research services, and outcome-driven IP.

• Formed in 2021 via the combination of Honeywell Quantum Solutions and Cambridge Quantum.

• Serves commercial, government, and research customers in sectors like finance, pharma, materials, and cybersecurity.

Financial performance and metrics

• Net revenue for the year ended Dec 31, 2025: $30.9M; net loss: $192.6M.

• Net revenue for the three months ended Mar 31, 2026: $5.2M; net loss: $136.6M.

• Bookings for the year ended Dec 31, 2025: $79.3M.

• Cash and cash equivalents as of Mar 31, 2026: $677.0M.

• Adjusted EBITDA for 2025: $(171.2)M; for Q1 2026: $(68.2)M.

Use of proceeds and capital allocation

• Net proceeds of ~$941.7M (assuming $47.50/share IPO price) to be used to purchase newly issued Common Units from Quantinuum Holdings.

• Quantinuum Holdings will use proceeds for general corporate purposes and to pay offering expenses.

• Potential use of a portion of proceeds for acquisitions or investments in complementary technologies or businesses.