Quantum computing is having a mass market moment

Almost lost $200 million last year, saw revenue decline in the first quarter of 2026, and says its technology may never work — yet investors are clamoring to buy the stock.

The quantum computer maker boosted the price and number of shares it will issue on the New York Stock Exchange ahead of its debut public offering on Thursday, indicating higher-than-expected demand.

Quantum computers are an emerging technology that promises to solve problems that current devices cannot, opening up commercial advantages in areas from drug discovery to defense. Many startups, as well as technology giants like IBM and Google, are racing to build a quantum computer powerful enough to achieve these benefits.

It’s an expensive business. Recently, a number of companies have taken advantage of high technology valuations and gone public to raise needed funds, as investors flock to be part of the gold rush. The number of publicly traded quantum computer companies in the United States has doubled since the beginning of the year.

Government support for the technology may have reassured some investors somewhat. In May, the US Commerce Department said it would invest between $2 billion in nine quantum companies, including $100 million in Quantinum. This vote of confidence in the companies’ roadmaps will serve as a “tailwind”, as Quantinuum has garnered investor support in the run-up to its debut, according to Narang.

While Quantinuum is the fourth company of its kind to list in the US this year, it will be the first to go through the slower and more regulated IPO process.

“You could say quantum isn’t at risk yet,” says Prinha Narang, a professor of physical sciences and electrical and computer engineering at the University of California, Los Angeles. “This is exactly why so many companies and investors are keeping an eye on Quantinuum’s IPO.”

No company has built a quantum computer powerful enough to be of commercial value yet. It remains uncertain when – and whether – this will happen. “Quantitatively so far, with most companies and stocks, you’re not buying a company yet, you’re buying a prospect,” said Olivier Roussy, CEO of quantitative security firm BTQ Technologies Corp.

(Reporting by Isabella Ward, WIRED staff writer)