Quantinuum Files Publicly Under “QNT” While D-Wave’s Bookings Explode 1,994 Percent
The Quantum Sector Is Splitting Into Two Stories
On May 8, Honeywell announced that its quantum computing subsidiary Quantinuum had publicly filed a Form S-1 with the SEC and intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol QNT. J.P. Morgan and Morgan Stanley are joint lead book-runners; Jefferies and Evercore round out the active syndicate. The number of shares and the price range have not yet been set. This is the most consequential quantum public filing since IonQ went public in 2021, and it confirms what the prior April 22 confidential submission had only hinted at — the largest privately held full-stack quantum company is going public in 2026.
Four days later, on May 12, D-Wave Quantum reported Q1 2026 results that read like two different companies stapled together. Revenue fell 81 percent year-over-year to $2.9 million. Bookings rose 1,994 percent to a record $33.4 million. Remaining performance obligations — the closest GAAP proxy for backlog — ended the quarter at $42.4 million, up 563 percent year-over-year and 216 percent quarter-over-quarter. Management said roughly 54 percent of that backlog should convert to revenue within twelve months. The market took one look at the $2.9 million headline and the stock dropped 6 percent.
