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Quantinuum LLC, a majority-owned subsidiary of Honeywell, plans to confidentially submit a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission for a proposed initial public offering.

The company has not yet determined the number of shares to be offered or the price range. The IPO, which could value Quantinuum at over $20 billion and raise approximately $1 billion, is subject to market conditions and the SEC's review process.

Quantinuum, formed in 2021 from Honeywell's quantum computing business and Cambridge Quantum Computing, develops quantum hardware and software solutions. The confidential filing allows for discussions with regulators while delaying detailed financial disclosures. Honeywell intends for Quantinuum to operate independently, and the IPO could facilitate a gradual reduction of Honeywell's ownership stake.