Honeywell International announced that it will confidentially file a draft registration statement with the U.S. Securities and Exchange Commission for an initial public offering of its majority‑owned quantum‑computing business, Quantinuum. The filing will be a confidential Form S‑1, and the company has not yet set a share price or the number of shares to be offered.
Quantinuum, formed in 2021 from the merger of Honeywell Quantum Solutions and Cambridge Quantum, has raised $600 million in August 2025 at a $10 billion valuation and $300 million in January 2024 at a $5 billion valuation. Analysts now project that the IPO could value the company at more than $20 billion and raise roughly $1 billion, underscoring the high growth potential of the quantum‑computing sector.
The move is part of Honeywell’s broader portfolio‑optimization plan, which includes a planned separation of its Automation and Aerospace businesses into three independent companies by the second half of 2026. By spinning off Quantinuum, Honeywell aims to unlock value in a high‑growth technology unit, provide dedicated capital, and allow the company to focus on its core industrial businesses while still retaining a stake in the quantum‑computing market.
Management emphasized that the decision reflects confidence in Quantinuum’s technology and market position. “We are committed to delivering shareholder value through portfolio optimization,” said Vimal Kapur, Chairman and CEO of Honeywell. “Spinning off Quantinuum will allow us to unlock the full potential of our quantum‑computing capabilities while maintaining a strategic partnership with a company that is a leader in the field.”
The IPO filing signals Honeywell’s intent to raise capital for Quantinuum’s continued investment in hardware and software development, potentially accelerating the unit’s path to profitability and positioning it as a key player in the emerging quantum‑technology landscape. The move also provides Honeywell with a mechanism to gradually reduce its ownership stake in Quantinuum, aligning the company’s capital structure with its long‑term strategic goals.
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