Quantinuum Inc. (QNT)

Price$49.65Cached quoteAs of 2026-09-05 12:28 UTC

AI: Overvalued

Price checkThe market price still assumes extraordinary commercial growth despite a large cash cushion and tiny current sales.

Using the SEC’s 262.9 million economic interests and the observed closing quote, equity value is about $14.0 billion. After subtracting $2.1 billion of cash, investors are paying roughly $11.9 billion for the operating business. Against management’s $28–32 million 2026 revenue guide, that is about 372–425 times sales after cash. Even a generous 15-times sales yardstick would require roughly $0.8 billion of annual revenue, around 26 times the guide midpoint. The stock is about 11% below its initial public offering level, but that discount does not offset the growth already priced in. MarketWatch+2SEC+2

Big pictureLosses remain large, but current cash could fund several years if spending does not accelerate sharply.

Second-quarter net loss was $596.5 million, but $464.6 million of share-based employee compensation and a $47.6 million non-cash change in stock-linked contracts distorted it; adjusted operating loss before interest, taxes, depreciation and amortization was still $68.3 million. First-half operating cash use was $129.1 million and capital spending was $39.2 million, leaving about $168.3 million of cash consumed after running and investing. The balance sheet is strong: $2.15 billion of current assets covered $138.7 million of current liabilities more than fifteen times. Revenue remains lumpy; first-half sales fell 38% because the prior year included a $16.5 million hardware lease. SEC+2SEC+2

Business strengthQuantinuum has credible technology and partners, but its commercial base remains small and concentrated.

Helios has 98 physical qubits, and the company reported near five-nines logical fidelity, a measure of how reliably corrected quantum information survives operations. Oracle plans to host Helios inside its cloud infrastructure, while 180 organizations use Quantinuum’s Nexus developer platform. Customer concentration is improving: RIKEN represented 16% of first-half 2026 revenue versus 84% a year earlier. The bull case is repeat cloud and software usage with attractive direct economics; adjusted second-quarter gross margin—revenue left after direct costs—was about 62%. The bear case is that these wins remain far too small relative to valuation. ir.quantinuum.com+2ir.quantinuum.com+2

What could change the storyMuch faster repeat sales could justify optimism; slower commercialization or more share issuance would break the case.

The valuation becomes more defensible if Oracle distribution, Sol in 2027, and Apollo in 2029 drive revenue toward hundreds of millions without cash use rising proportionally. The company is allocating its public-offering cash to research, manufacturing, and working capital rather than dividends or buybacks. Quantinuum sold 28.5 million new Class A shares in the offering and says it may need more outside capital until sales become significant. The $447.5 million first-half stock-compensation charge was mostly offering-triggered and non-cash, but future share awards and any discounted government share issuance can still reduce existing owners’ percentage stakes. SEC+2SEC+2

AI: News

Upsized Nasdaq debutThe public offering raised a large cash cushion, but the first-day surge faded by the close.

On June 4–5, Quantinuum completed its Nasdaq debut after selling 28.5 million Class A shares including the underwriters’ partial option, generating about $1.63 billion net of underwriting discounts. Reuters reported the shares opened 13.3% above the offering level, while MarketWatch reported they finished the first day almost flat. The financing sharply reduced near-term funding risk, but it also expanded the share base and left investors valuing a still-lossmaking, early-revenue business at a very high level. Reuters+2MarketWatch+2

Earnings and Oracle dealRevenue beat expectations and Oracle gave Quantinuum a major route to customers, raising hopes for real-world adoption.

On August 11, Quantinuum reported $8.0 million of second-quarter revenue, up 279% year over year, and guided to $28–32 million for 2026. The same day it announced a multi-year Oracle partnership to place Helios inside Oracle Cloud Infrastructure. The next session closed about 28% higher. Because the earnings release and Oracle announcement arrived together, the price move cannot be cleanly attributed to either one. The business impact depends on whether cloud access produces repeat usage and meaningful revenue, not just technical validation. ir.quantinuum.com+2ir.quantinuum.com+2

Quanta manufacturing partnershipQuanta’s engineering partnership could make future systems easier to manufacture, but financial terms remain undisclosed.

On August 13, Quantinuum and Quanta Computer announced a joint development agreement covering hardware infrastructure, systems engineering, and manufacturing for future quantum computers. The mechanism matters because moving from laboratory systems to repeatable manufacturing is essential for scaling deployments and lowering unit costs. No contract value, purchase commitment, or revenue contribution was disclosed, so the near-term financial effect is uncertain. Shares fell over the following two sessions, but that timing alone does not show the partnership caused the decline. quantinuum.com+1

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$0	$30.9M
Research & development	$0	$165.4M
Operating expenses	$549.3M	$164.9M
Operating income	−$199.3M	−$152.8M
Operating margin	—	−493.85%
EBITDA	−$169.5M	−$120.5M
EBITDA margin	—	−389.67%
Net income	−$192.6M	−$144.1M
Net profit margin	—	−465.78%
Basic EPSper basic share	-$2.15	-$4.16
Diluted EPSper diluted share	-$0.64	-$0.48

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

12.62%of listed shares

Capital World Investors4.56M shares · Jun 30, 2026

View holders

Top 20 reported holders of QNT
Holder	% owned
Capital World Investors	12.62%4.56M shares
CITADEL ADVISORS LLC	6.37%2.3M shares
BlackRock, Inc.	6.25%2.26M shares
Capital Research Global Investors	4.86%1.75M shares
Defiance ETFs, LLC	3.36%1.22M shares
Penserra Capital Management LLC	3.32%1.2M shares
WELLINGTON MANAGEMENT GROUP LLP	3.13%1.13M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.85%1.03M shares
Capital International Investors	2.66%961.43K shares
VANGUARD CAPITAL MANAGEMENT LLC	2.63%949.28K shares
Balyasny Asset Management L.P.	2.27%821.92K shares
ALLIANCEBERNSTEIN L.P.	2.18%789.33K shares
Hazra Rajeeb	≈2.17%784.51K shares
VOYA INVESTMENT MANAGEMENT LLC	1.91%691.44K shares
FIL Ltd	1.85%666.77K shares
FMR LLC	1.78%642.8K shares
NORGES BANK	1.56%564K shares
FRANKLIN RESOURCES INC	1.51%545.32K shares
Shannon River Fund Management LLC	1.30%469.36K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.28%463.91K shares

Percentages use 36.13M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys11$24.66M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 5, 2026Form 4	Narang PrinehaDirector	BuyClass A Common Stock	200	$60.00	$12.0K	6.0K
Jun 5, 2026Form 4	JIMENEZ JOSEPHDirector	BuyClass A Common Stock	66.7K	$60.00	$4.00M	72.5K
Jun 5, 2026Form 4	SHARAN NITESHChief Financial Officer	BuyClass A Common Stock	6.5K	$60.00	$390.0K	340.8K
Jun 5, 2026Form 4	Barron HalDirector	BuyClass A Common Stock	250.0K	$60.00	$15.00M	255.8K
Jun 5, 2026Form 4	Branderiz EricDirector	BuyClass A Common Stock	8.3K	$60.00	$500.0K	14.2K

Review ownership filings at SEC.gov ↗

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Quantinuum Inc. (QNT)

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