Honeywell (NASDAQ:HON) shares advanced 1.7% on Wednesday morning after the industrial group said its majority-owned quantum computing arm, Quantinuum, plans to confidentially submit paperwork for an initial public offering.
In a statement, Honeywell said Quantinuum intends to file a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission on a confidential basis. Details such as the size of the offering and the expected price range have not yet been set.
The proposed listing will depend on market conditions and the completion of the SEC’s review process. Honeywell currently retains a controlling stake in Quantinuum, which focuses on developing quantum computing technologies.
Quantinuum was created in 2021 through the combination of Honeywell Quantum Solutions and Cambridge Quantum Computing. A potential IPO would mark a key milestone in bringing quantum computing closer to commercial adoption, a field seen as capable of delivering processing power well beyond that of conventional computers for certain specialized uses.