One month after the Quantinuum IPO: the numbers under the biggest quantum listing ever

[Slay40]

With IQM debuting and SEEQC filing this week, it is worth revisiting how the sector's flagship listing is actually going. Quantinuum raised 1.68 billion dollars in an upsized IPO in early June at 60 dollars a share, opened at 68 and closed its first day flat at a 15.7 billion valuation, the biggest pure quantum listing there has been

The prospectus numbers underneath deserve more attention than they got. First quarter revenue fell 73 percent year on year to 5.24 million dollars, the net loss ballooned to 136.5 million from 30.5 million, and bookings came in at just 1.3 million. That is a fifteen billion dollar company with quarterly revenue smaller than a decent restaurant chain

The counterweight is the government backstop. Commerce signed preliminary agreements to put 2 billion dollars into nine quantum ecosystem companies with equity stakes attached, 100 million of it earmarked for Quantinuum, and the CEO openly called it validation of the company as a strategic asset. When the state is your anchor investor, normal valuation math partially stops applying

This is the context every new quantum listing trades in. Investors are consciously paying for a position in a strategic technology rather than for cash flows, which works right up until sentiment turns. Is the government floor real protection, or comfort blanket thinking?

Quantinuum closes flat in Nasdaq debut, after upsized offeringwww.cnbc.com

[Layla79]

Revenue falling 73 percent while going public at 15 billion should be studied in business schools. The IPO window mattered more than the income statement

[Pixel Jay]

Quantum revenue is lumpy system sales, one delivered machine slipping a quarter wrecks the comparison. The bookings number is the scarier line

[AustinTheory18]

1.3 million in bookings is the number I cannot get past. Forward demand is the whole story for a pre profit company and it went backwards

[Blake_32]

Government equity stakes cut both ways. Great floor, but you now have a shareholder who can rewrite your export market overnight

[Depot16]

Trapped ions still have the best fidelities in the business and Helios is genuinely impressive kit. The tech is not the problem, the price was

[Electric Holly]

Everyone comparing this to dotcom misses that Amazon was doubling revenue through the bust. Nothing here is doubling except losses

[R948]

Honeywell keeping majority control post IPO also means public shareholders are along for a ride they do not steer

[HitmanMatt53]

The strategic asset framing is doing all the valuation work. Fine, but strategic assets historically get nationalised margins, not venture returns

[Amber78]

Fifteen billion for the best team in the field with a state backstop, or zero point something billion for SEEQC with 4 million revenue. Weirdly I think the small one is the better risk reward

[Andy99]

Flat on debut in this market was actually a decent outcome. The real test is the first earnings call as a public company later this month