Quantinuum closes flat in Nasdaq debut, after upsized offering

Livestream Menu Quantinuum started trading on the Nasdaq on Thursday under the ticker QNT. The firm was founded from the merger of Honeywell's quantum computing division and UK-based Cambridge Quantum. Quantum stocks can be susceptible to wild swings, but there have been some big winners, with Rigetti Computing shares more than doubling over the past year, with IonQ and D-Wave up at least 50% each. QNT QNT VIDEO7:5307:53 Quantinuum CEO on IPO debut: We're in a transformative moment for the computing industry Squawk on the Street Quantinuum closed little changed in its Nasdaq debut on Thursday, bringing its market value to $15.7 billion. Shares opened trading at $68 per share, hitting a session high of $71.35 a share. The company raised $1.68 billion in an upsized IPO after it priced at $60 per share, above its earlier range of $53 to $55 per share. Quantinuum was founded in 2021 out of a merger of Honeywell's quantum computing division and UK-based Cambridge Quantum. The company describes itself as a "full-stack quantum computing platform," spanning both hardware and software. In its S-1 filing, which came out last month, Quantinuum said its customers span the pharmaceutical, materials science, finance, government and industrial markets, including JPMorgan Chase and Amgen. "We have customers today that are using our commercially available hardware and software, our full stack, to get started with their quantum journey," Quantinuum CEO Rajeeb Hazra said in a Thursday interview with CNBC's "Squawk on the Street." Quantum computing has captured the attention of scientists and researchers for decades, but it largely remains an experimental technology. The technology uses the principles of quantum mechanics to solve complex tasks far beyond the abilities of traditional computers. Hazra said quantum adoption is still in the early stages, but that the "need for these kinds of computing resources is absolutely a given." The quantum industry got an endorsement from the Trump administration last month. The Department of Commerce announced it signed preliminary agreements to provide $2 billion in funding and take equity stakes in nine companies linked to the "quantum ecosystem," including Quantinuum, which will receive $100 million. The funding for the deals comes from the 2022 Chips and Science Act. "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. Quantinuum said in its prospectus that revenue decreased 73% to $5.24 million in the first quarter from $19.1 million a year earlier.