Quantinuum lost nearly $200 million last year, saw revenue drop the first quarter of 2026, and says its technology may never work–yet investors are clamoring to buy the stock.
The quantum computer maker boosted the price and number of shares it will issue on the New York Stock Exchange ahead of its public debut on Thursday, indicating higher-than-anticipated demand.
Quantum computers are a nascent technology that promise to solve problems current machines can’t, unlocking commercial advantages in areas from drug discovery to defense. A multitude of startups, as well as tech giants like IBM and Google, are racing to build a quantum computer powerful enough to realize these benefits.
It’s expensive work. Lately, a number of firms have taken advantage of sky-high tech valuations and gone public to raise the necessary funds, as investors scramble to be part of the gold rush. The number of publicly traded quantum computer companies in the US has doubled since the start of the year.
Government support for the technology may have somewhat reassured some investors. In May, the US Department of Commerce said that it would invest between $2 billion in nine quantum companies, including $100 million into Quantinuum. That vote of confidence in the companies’ roadmaps will have cted as a “tailwind,” as Quantinuum secured investor support in the runup to its debut, according to Narang.
While Quantinuum is the fourth firm of its kind to list in the US this year, it will be the first to have gone through the slower, more regulated initial public offering process.
“You can argue that quantum hasn’t gone through the ringer yet,” says Prineha Narang, a professor of physical science,and electrical and computer engineering at the University of California, Los Angeles. “That’s exactly why a lot of companies and investors are watching the Quantinuum IPO.”
None of the firms have built a quantum computer powerful enough to be commercially valuable yet. When – and whether they ever will – remains uncertain. “In quantum to date, with most companies and equities, you’re not buying a business as of yet, you’re buying a probability,” said Olivier Roussy, chief executive officer of quantum security firm BTQ Technologies Corp.
Reporting by Isabella Ward, WIRED Staff Writer
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