Quantum Computing Just Had Its First Big IPO, but Is the Stock a Buy?
Quantinuum was the first quantum computing pure play to go public via a traditional IPO.
Quantum Computing Just Had Its First Big IPO, but Is the Stock a Buy?
Overview
Quantinuum (NASDAQ: QNT) became the first-ever quantum computing pure play to join the market via an initial public offering (IPO) when it debuted earlier this month. Before that, all quantum computing companies had come to market via SPAC (special purpose acquisition company) transactions -- reverse mergers with publicly traded shell companies.
The company originally proposed selling just over 21 million shares at somewhere between $45 and $60, before upping that to 26.5 million shares at between $53 and $55. The stock opened trading at $68 on June 4, above its eventual $60 IPO price, before closing its first day of trading up just 1% at $60.36. However, it fell below its IPO price on just its second day of trading. As of midday Monday, the stock was trading a hair above the $60 mark.
Details
Assuming the exercise of share overallotments, the deal valued the company at just under $16 billion, which would make it one of the largest pure-play quantum computing stocks by market cap. That's bigger than companies like D-Wave Quantum and Rigetti Computing, but smaller than IonQ (NYSE: IONQ), which is currently valued at over $25 billion.
Source
Originally published at www.fool.com.
