Quantinuum (QNT) posted its first quarter as a public company on Tuesday evening, and it’s clear that both the technology and commercial traction are moving in the same direction. Q2 revenue was up almost 3x, they raised full-year guidance on the way out of the IPO gate, and confirmed a named system sale to Oracle. This on top of what we consider to be leading technology on multiple dimensions. In our Quantum Technology Scorecard, which ranks Quantinuum against its peers (e.g. Google, IBM, Rigetti, IonQ, and others); Quantinuum placed in the top tier for both Accuracy and Computation Time.

To learn how Quantinuum ranks with other Quantum Computing providers, read our Quantum Technology Scorecard, available for free in our Members only section.

The First Call as Newly Public Company

Quantinuum was formed in November 2021 by merging Honeywell Quantum Solutions with Cambridge Quantum Computing, combining trapped-ion hardware with software and algorithms. Honeywell funded it privately, including a $300M raise in January 2024 and $600M in September 2025; then took it public this June at $60 per share on Nasdaq under QNT, raising $1.68 billion at a $15.7 billion valuation. Honeywell retains a majority stake. The August 11 call is the first time results reached public shareholders directly rather than through Honeywell’s disclosures.

Financial Results

• Revenue: $8.0M, up 279% year over year. With no prior public quarter to benchmark against, the growth rate is measured against last year’s private-company comp, but it is real, not projected. It also answers the IPO-era worry about the lost unnamed government-affiliated research institution account and heavy reliance on RIKKEN.
• Bookings of $81M YTD against $8M of quarterly revenue. CFO Nitesh Sharan tied the gap to deal structure: system sales like Oracle recognize on delivery, multi-year cloud contracts recognize ratably (spread across the contract life). That makes the spread a disclosed accounting mechanic, unlike D-Wave’s unexplained remaining-obligations shortfall.
• Guidance raised to $28M to $32M on the first public call. Issuing formal guidance out of the IPO gate is one signal; raising it immediately is a stronger one. 
• Oracle: a named, dated system sale. CEO Raj Hazra confirmed Oracle is buying a Helios outright for Oracle Cloud Infrastructure, the first Helios on U.S. soil outside Quantinuum’s own and Singapore sites.  
• RPO of ~$74M, guided to “triple digits” by year-end. Sharan attributed the increase to Oracle and other deals closed after quarter-end, tying forward growth to specific closed transactions rather than pipeline optimism. Still a projection until Q3 confirms it.

Where the Technology Ranks

Quantinuum runs trapped ions, not superconducting circuits; putting it alongside IonQ and apart from IBM, Google, Rigetti, and D-Wave. It has all-to-all connectivity, meaning every qubit talks directly to every other with no routing overhead, versus the nearest-neighbor superconducting designs that lose accuracy and time to routing as they scale. 

Coherence Report has ranked the top quantum computing providers in its Industry Scorecard series, and below are our findings for Quantinuum. 

Computation Accuracy: Leader, w/ high confidence. Two-qubit gate fidelity (how often a two-qubit operation runs without error) came in at 99.921%. Sandia National Laboratories verified it, the only fidelity claim in the series with neutral third-party verification, and one of only two companies (with IonQ), above 99.9% on a system customers can access today.

To learn about why fidelity matters, read our article about “four nines” and IonQ.

Stability and Circuit Depth: Leader, w/ high confidence. Coherence time (how long a qubit holds its state before noise erases it) is roughly 1 second on Helios in a dated data sheet, the clearest such figure in the comparison, backed by a ~4 second academic measurement. Management also explained the slower H2 generation as a deliberate de-risking step, with Helios recovering speed through better parallelism and redesigned transport and gating.

Physical Qubit Count: Competitive. Although 98 physical qubits looks thin, all-to-all connectivity lets it outperform larger, less-connected systems, and the 48 logical qubits (error-corrected qubits built from many physical ones) from 98 physical is a 2:1 ratio, the best disclosed in the industry and the only one published at all.

Roadmap: Leader, w/ high confidence. H1, H2, and Helios all hit their announced targets, the strongest delivery record in the scorecard and the basis for weighting the 2027 Sol target. The $600M pre-IPO raise with Honeywell’s continued majority satisfies our funding-viability test for Sol (2027) and Apollo (2029). We call Apollo’s “Ten Nines” 2029 fidelity goal unrealistic, but still rate Quantinuum with the most appealing roadmap execution.

Learn about where Google, IBM, and IonQ rank for their technology, in our Quantum Technology Scorecard, available for free in our Members only section.

What we’re watching

Will guidance discipline hold, now that the company answers to public shareholders every quarter?

An on-time Sol launch in 2027 that actually hits five nines, which would be an outstanding achievement. 

Does Q3 RPO reaches the “triple digits” management projected. 

Whether the Oracle deployment converts to real revenue on the 2027 timeline. 

Does the CHIPS Act letter-of-intent’s milestone-based funding triggers on schedule?