In 1885, a man named Albert Butz invented a device that automatically regulated the temperature in your home. He called his company the Butz Thermo-Electric Regulator Co. Twenty-one years later, in 1906, a man named Mark C. Honeywell founded a competing heating company. The two companies merged in 1927.
That enterprise survived the Great Depression, two World Wars, the Cold War, the personal computer revolution, the internet, and the smartphone era.
Today it is known as Honeywell International (HON) - a Fortune 100 company with $36 billion in annual revenue.
Honeywell Put Its Name On The Most Important Technology IPO Of 2026
Quantinuum (QNT) - the quantum computing company Honeywell built by combining its own quantum hardware division with Cambridge Quantum in 2021 - began trading on the Nasdaq under the ticker QNT. The company raised $1.68 billion. It priced at $60 per share, above an already elevated range. Demand came in roughly 20 times oversubscribed. The deal was upsized twice before it closed.
When a 141-year-old American industrial company bets its reputation on a new technology - and institutional investors line up 20 times over to get in - that is not hype. That is a generational signal.
Think about what Honeywell has seen in its lifetime. It navigated from mechanical thermostats to aerospace controls to digital automation to AI-powered building systems. Each time, it identified the next technological shift early enough to build a business around it.
In 2016, Honeywell's engineers began building quantum computers. In 2021, they merged that work with Cambridge Quantum to create Quantinuum. And yesterday, they brought it public - retaining approximately 48% of combined voting power in the process. A company that has survived 141 years does not keep half of something it doesn't believe in.
The First-Day Read On QNT
Now for the honest first-day read. QNT opened at $68 - a 13% pop above the $60 IPO price - hit an intraday high of $71.35, then faded and closed near $60.38. Essentially flat on the day. Some investors will read that as a disappointment. I read it as a healthy debut.
A stock that was 20 times oversubscribed, priced above range, and closed at its offering price on the first day is a market finding equilibrium - not a trade that failed. The intraday high of $71.35 tells you where demand lives when the sellers step back.
The closing price of $60 tells you where the floor was set.
I will be honest about the risk too. Quantinuum reported $30.9 million in revenue in 2025 with a $192.6 million net loss. At a $15.7 billion market cap, this is not a value investment. It is a bet on a 2029 roadmap - specifically, the Apollo fault-tolerant quantum system that Quantinuum has said it will deliver by the end of the decade.
If that roadmap slips, the valuation is difficult to defend. If it holds, the entry point looks obvious in hindsight. That is the nature of frontier technology investing, and it is exactly why position sizing matters.
The other quantum names that were already public told you something important yesterday too. Rigetti (RGTI) has more than doubled in the past year. IonQ (IONQ) and D-Wave (QBTS) are each up at least 50%. The quantum trade didn't start yesterday. Quantinuum's IPO is the confirmation that it has already begun.
The Replay Is Available Now — But The Rate Closes Sunday
Last night I covered all of this live - the government's $2 billion commitment, IBM's $10 billion follow-through, the six stocks I'm watching, and the one picks-and-shovels name most quantum coverage has never written about.
If you missed it, the full replay is available now. The special rate from last night is still available - but it closes before the weekend.
After Sunday it's gone.
The full thesis, the stock names, the picks-and-shovels play nobody else is writing about - plus the subscriber rate that expires before the weekend.
Here’s to the future,
Matt McCall
Founder, NXT Wave Research
P.S. - A company that started by regulating furnace temperatures in 1885 is now building fault-tolerant quantum computers. If that arc doesn't make you take quantum seriously, I'm not sure what will. The replay is up. The rate closes Sunday. Don't wait.
