Honeywell's Quantinuum confidentially files for US IPO

April 22 (Reuters) - Industrial ‌giant Honeywell ​said ​on Wednesday its quantum computing company, Quantinuum, has confidentially filed paperwork ‌for a U.S. initial public offering.

The firm, ⁠majority owned by Honeywell, had submitted papers with ‌the U.S. Securities and ‌Exchange Commission in February.

Honeywell did not disclose the financial details of the potential ​offering, but Quantinuum was valued at $10 billion in a fundraising round in September.

The ⁠filing comes as the market for new listings regains momentum ​after a brief lull in March, when volatility tied to the U.S.-Israeli ​war with Iran and ‌a broader software selloff forced many issuers to the sidelines.

The move ⁠also coincides with a race to accelerate development of quantum computing technology, which promises to ⁠solve complex problems exponentially faster than classical supercomputers.

The full-stack ​quantum computing provider's technologies are used by Honeywell, Airbus, BMW Group, HSBC and JPMorgan Chase.

Quantinuum, formed ‌in 2021 after a separation from Honeywell and merger with Cambridge ‌Quantum, is chaired by the industrial giant's ⁠CEO, Vimal Kapur, ‌and led by ​Intel veteran Rajeeb Hazra.

(Reporting by Utkarsh Shetti in Bengaluru; Editing by Shilpi ‌Majumdar)

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