Quantinuum stock opens at $68 per share after IPO

Quantinuum opened trading at $68 per share on the Nasdaq on Thursday, after upsizing its initial offering. The company raised $1.68 billion in an upsized IPO after it priced at $60 per share , above of its earlier range of $53 to $55 per share. At the first trade price, Quantinuum has a market cap of about $17.6 billion. The firm was founded in 2021 out of a merger of Honeywell 's quantum computing division and UK-based Cambridge Quantum. The company describes itself as a "full-stack quantum computing platform," spanning both hardware and software. In its S-1 filing , which came out last month, Quantinuum said its customers span the pharmaceutical, materials science, finance, government and industrial markets, including JPMorgan Chase and Amgen . "We have customers today that are using our commercially available hardware and software, our full stack, to get started with their quantum journey," Quantinuum CEO Rajeeb Hazra said in a Thursday interview with CNBC's "Squawk on the Street." Quantum computing has captured the attention of scientists and researchers for decades, but it largely remains an experimental technology. The technology uses the principles of quantum mechanics to solve complex tasks far beyond the abilities of traditional computers. Hazra said quantum adoption is still in the early stages, but that the "need for these kinds of computing resources is absolutely a given." The quantum industry got an endorsement from the Trump administration last month. …