Quantinuum almost lost The company raised $200 million last year, reported a decline in revenue in the first quarter of 2026, and says the technology may never work, yet investors are clamoring to buy shares.
The quantum computer maker raised the price and number of shares it will issue on the Up-to-date York Stock Exchange ahead of Thursday’s debut, indicating stronger-than-expected demand.
Quantum computers are an emerging technology that promises to solve problems that current machines cannot, unlocking commercial benefits in areas from drug discovery to defense. Many startups, as well as tech giants like IBM and Google, are racing to build a quantum computer powerful enough to take advantage of these benefits.
It’s pricey work. Recently, many companies have taken advantage of the valuations of breathtaking technologies and gone public to raise the necessary funds, as investors look to get in on the gold rush. The number of quantum computing companies listed on the U.S. stock exchange has doubled since the beginning of the year.
Government support for the technology may have gone some way to reassuring some investors. In May, the U.S. Department of Commerce said it would invest $2 billion or more in nine quantum companies, including $100 million in Quantinuum. According to Narang, the vote of confidence in the companies’ roadmaps acted as a tailwind as Quantinuum secured investor support ahead of its debut.
While Quantinuum is the fourth company of its type to be publicly traded in the U.S. this year, it will be the first to go through the slower and more regulated initial public offering process.
“You could argue that the quantum hasn’t passed the ringer yet,” says Prineha Narang, a professor of physical sciences and electrical and computer engineering at the University of California, Los Angeles. “This is why many companies and investors are watching the Quantinuum IPO.”
No company has yet built a quantum computer powerful enough to be of commercial value. When – and whether this will ever happen – remains uncertain. “Quantum-wise, with most companies and stocks, you’re not buying the company yet, you’re buying the probability,” said Olivier Roussy, CEO of BTQ Technologies Corp. dealing with quantum security.
Reporting by WIRED writer Isabella Ward