Quantinnum Files for IPO Amidst Honeywell's Portfolio Transformation

Honeywell International's (HON) shares jumped 2% in after-hours trading following the news that its quantum computing subsidiary, Quantinnum, has filed for an initial public offering (IPO).

Quantinnum was formed in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum. The company has submitted its registration statement to the Securities and Exchange Commission (SEC) and will trade on the Nasdaq Global Market under the symbol QNT.

The subsidiary had a net loss of $136.6 million on revenue of $5.2 million for the three months ended March 31, compared to a net loss of $30.5 million and revenue of $19.1 million in the same quarter last year.

JPMorgan Chase & Co. and Morgan Stanley are leading the offering, which marks a significant step towards making quantum computing accessible to public market investors.