For the makers and artists relying on these tools, the immediate reality is stark: the technology powering the next generation of creative software may still be fundamentally broken, yet the market is treating it as an inevitable triumph. Quantinuum, a firm at the forefront of this race, reported a loss of nearly £200 million last year and saw its revenue fall in the first quarter of 2026. Despite this, the company insists its technology might never function as promised, while investors continue to flock to its stock.
The rush to capitalise on unproven tech
Ahead of its public debut on Thursday, the quantum computer maker increased both the price and the number of shares it would issue on the New York Stock Exchange. This move indicated demand higher than anticipated. Quantum computing remains a nascent field, promising to solve problems current machines cannot handle and unlocking commercial advantages ranging from drug discovery to defence. A multitude of startups, alongside tech giants like IBM and Google, are racing to build a quantum computer powerful enough to realise these benefits.
It is expensive work. Lately, a number of firms have taken advantage of sky-high tech valuations and gone public to raise the necessary funds, as investors scramble to be part of the gold rush. The number of publicly traded quantum computer companies in the US has doubled since the start of the year.
Government support for the technology may have somewhat reassured some investors. In May, the US Department of Commerce announced it would invest between $2 billion in nine quantum companies, including $100 million into Quantinuum. That vote of confidence in the companies’ roadmaps will have acted as a “tailwind,” as Quantinuum secured investor support in the runup to its debut, according to Narang.
While Quantinuum is the fourth firm of its kind to list in the US this year, it will be the first to have gone through the slower, more regulated initial public offering process.
“You can argue that quantum hasn’t gone through the ringer yet,” says Prineha Narang, a professor of physical science and electrical and computer engineering at the University of California, Los Angeles. “That’s exactly why a lot of companies and investors are watching the Quantinuum IPO.”
None of the firms have built a quantum computer powerful enough to be commercially valuable yet. When – and whether they ever will – remains uncertain. “In quantum to date, with most companies and equities, you’re not buying a business as of yet, you’re buying a probability,” said Olivier Roussy, chief executive officer of quantum security firm BTQ Technologies Corp.
Key takeaways
- Quantinuum is facing significant financial headwinds with nearly $200 million in losses and falling revenue, yet investor demand for its stock remains high.
- The US government’s $2 billion investment in nine companies, including Quantinuum, has provided a crucial confidence boost ahead of the IPO.
- Experts warn that investors are not buying a viable business but rather a probability that the underlying technology will ever become commercially functional.
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