By Mackenzie Tatananni

Honeywell International's goal is to take Quantinuum public within the next two years, according to a person with direct knowledge of the matter.

While Honeywell is aiming to take the quantum-computing company public between the end of 2026 and sometime in 2027, this timeline is subject to change and depends on market conditions, the source told Barron's.

Earlier reporting by Bloomberg said Honeywell was seeking a valuation of roughly $10 billion for Quantinuum, which formed through the merger of Honeywell Quantum Solutions and Cambridge Quantum in 2021. Honeywell is the company's largest shareholder, with a roughly 52% stake.

The latest development comes little over a year after Honeywell announced the closing of a $300 million equity fundraise for Quantinuum at a pre-money valuation of $5 billion. The round was anchored by JPMorgan Chase, with additional participation from Amgen and Japanese conglomerate Mitsui.

Quantinuum's name lately has been in the news. The company claimed to have demonstrated a possible real-world use of a quantum computer this past Wednesday after its System Model H2 completed a number-generation task beyond the capabilities of a classical computer. A paper was published in the journal Nature to illustrate the findings.

The project's collaborators lauded the milestone, with Quantinuum proclaiming, "The time when quantum computing was years away from having societal and business impact is now over."

The breakthrough came at a good time for the company as interest in quantum computing continues to mount. Nvidia hosted its inaugural Quantum Day on March 21 during Nvidia GTC, at which Quantinuum CEO Rajeeb Hazra was among the executives invited to discuss their outlook for the technology.

While a steady stream of news has sparked interest in the sector, it comes at a cost. Shares of quantum pure-plays including D-Wave Quantum, IonQ, and Rigetti Computing plunged on the heels of Quantum Day, after clear timelines or major announcements failed to materialize.

Volatility is nothing new for the sector with quantum technology still in development and not yet available at scale. Quantinuum, for one, plans to launch the industry's first 100-logical-qubit system by 2027, around the time investors may see the company go public.

"Three years ago, I would have said I don't know where the technology is, and getting to the capacity range of 100 logical qubits is probably mid-2030s," Hazra told Barron's. "But the last few years have changed everything. We've now been able to show scaling, we've been able to show error suppression."

Quantinuum offers a so-called full stack of quantum software, hardware, and applications. The company said it will add quantum-generated certifiable randomness into its portfolio later this year, and remains on track to deliver commercially scalable computers by the end of the decade.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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March 29, 2025 11:45 ET (15:45 GMT)

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