Quantum computing firm Quantinuum has received a pre-money valuation of $10 billion following a $600 million equity raise, double what the company was valued at after the close of its last funding round in January 2024.

The funding round saw participation from Nvidia’s venture arm NVentures and Quanta Computer, in addition to previous investors, including JPMC, Mitsui, Amgen, and Honeywell.

In addition to the fund raise, Quantinuum announced it had been made a founding collaborator at Nvidia’s Accelerated Quantum Research Center and would be working with Nvidia on breakthroughs in the quantum space. The company has also recently partnered with Riken, SoftBank, Infineon, and the UK’s Science and Technology Facilities Council Hartree Center, and has deployed infrastructure or provided access to its quantum computers in New Mexico, Qatar, and Singapore.

Quantinuum said the funding would help the company to further scale its quantum computing technology in the lead-up to the launch of its Helios system later this year. According to the company, Helios will empower users “to solve classically intractable problems and explore the hybrid classical-quantum application space.”

The system will be available as a Hardware-as-a-Service (HaaS) offering, with cloud access also set to be offered.

Quantinuum was founded in 2021 when Honeywell spun out its Quantum Solutions division and merged it with UK quantum computing startup Cambridge Quantum Computing. Honeywell owns a 54 percent stake in Quantinuum. IBM is also an investor.

In July 2024, it was reported that Quantinuum’s parent company, Honeywell, was considering an IPO for the quantum subsidiary, reportedly seeking a valuation of around $10 billion.

“We are proud to partner with investors who share deep conviction in our vision for the future of quantum and AI,” said Dr. Rajeeb Hazra, president and CEO of Quantinuum. “With the continued support of our customers and supply chain partners, this new funding will further extend our leadership, accelerate our roadmap, and strengthen the entire quantum ecosystem.”

Vimal Kapur, chairman and CEO of Honeywell, added: “Quantinuum continues to meet and exceed our stated objectives — strategically, technically, and commercially. We have complete confidence in Quantinuum’s ability to continue to lead the quantum revolution and create long-term value for its investors and customers.”