Quantinuum was almost lost $200 million last year, revenue fell in the first quarter of 2026, and it says its technology may never work—but investors are clamoring to buy the stock.
The maker of quantum computers raised the price and number of shares it will offer on the New York Stock Exchange ahead of its initial public offering on Thursday, reflecting stronger-than-expected demand.
Quantum computers are an emerging technology that promises to solve problems that current machines cannot, opening up commercial advantages in areas ranging from drug discovery to defense. Many startups, including tech giants such as IBM and Google, are racing to create a computer capable enough to achieve these benefits.
It is an expensive job. Recently, several companies have taken advantage of high technology valuations and gone public to raise much-needed funds, as investors scramble to be part of the gold rush. The number of publicly traded quantum computing companies in the US has doubled since the beginning of the year.
Government support for the technology may have reassured some investors. In May, the US Department of Commerce said that it will invest between 2 billion dollars in nine quantitative companies, including 100 million dollars in Quantinuum. That vote of confidence in the company’s plans would have acted as a “windwind,” as Quantinuum secured investor support in its startup iteration, according to Narang.
Although Quantinuum is the fourth company of its kind to list in the US this year, it will be the first to go through a slower, more regulated initial public offering process.
“You can say that the quantum has not yet passed through sound,” says Prineha Narang, professor of physical science, and electrical and computer engineering at the University of California, Los Angeles. “That’s why many companies and investors are looking at the Quantinum IPO.”
No company has built a quantum computer powerful enough to be commercially valuable yet. When – and if they ever will – remains uncertain. “Quantity so far, with many companies and equity, you’re not buying a business so far, you’re buying potential,” said Olivier Roussy, chief executive officer of quantum security firm BTQ Technologies Corp.
Reporting by Isabella Ward, WIRED Staff Writer
