Insider Brief
- Honeywell disclosed that its majority-owned quantum computing subsidiary, Quantinuum, plans to confidentially submit a draft registration statement to the U.S. Securities and Exchange Commission, initiating the early regulatory steps toward a possible initial public offering.
- The confidential Form S-1 submission would begin the SEC review process, but Honeywell said, as yet, no timetable has been set and the number of shares and price range have not been determined.
- Quantinuum, formed in 2021 from the combination of Honeywell Quantum Solutions and Cambridge Quantum, operates as a full-stack quantum company with several hundred employees across the U.S., UK, Germany, and Japan.
Honeywell disclosed in a statement that it plans to take a step toward a possible public offering of its majority-owned quantum computing subsidiary, Quantinuum, signaling a potential shift in the company’s long-term ownership and capital strategy.
In the statement, Honeywell said Quantinuum intends to confidentially submit a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission. The filing would begin the formal review process required for an initial public offering, though no timetable or commitment to proceed was disclosed.
Sources close to the IPO process indicate that the deal would value the company at approximately $20 billion-plus (USD) and that the offering could raise roughly $1 billion.
Honeywell reports that the number of shares that will be offered and the proposed price range have not been determined. The company added that any offering would depend on market conditions and the completion of the SEC’s review process.
Confidential submissions allow companies to begin discussions with regulators while delaying public disclosure of detailed financial information. The process has become common among technology firms seeking flexibility amid volatile capital markets.
Quantinuum was formed in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum. The company develops quantum computing hardware, software and cryptographic technologies, and has positioned itself as a full-stack leader in a field still largely driven by long-term research investment rather than near-term revenue.
The company has more than 630 employees, including 370+ scientists and engineers, across the US, UK, Germany and Japan.
Honeywell remains Quantinuum’s majority owner, though the company has previously said it intends for Quantinuum to operate independently with its own governance and capital structure. A potential IPO would provide Quantinuum with direct access to public markets while giving Honeywell an option to gradually reduce its ownership over time.
The announcement was made under Rule 135 of the Securities Act of 1933, which allows companies to disclose limited information about a potential securities offering without it being considered a solicitation or offer to sell. Honeywell emphasized that the statement does not constitute an offer to sell securities or an offer to buy them.
