Quantinuum opens above IPO price and continues to rise as Wall Street remains hungry for quantum exposure

Wall Street is ready for even more quantum computing exposure. Shares of Quantinuum opened at $68, 13% above their initial public offering price, when the quantum company debuted on the Nasdaq Thursday.

The stock remained above the original pricing of $60 into Thursday afternoon. The Honeywell-backed company is pushing quantum technology further into the spotlight, raising $1.68 billion by selling 28 million shares, giving it a market cap of over $17 billion.

Investors have been piling into quantum computing stocks recently, with Rigetti Computing more than doubling over the past 12 months, while D-Wave Quantum is up almost 60% and IonQ has gained more than 63% over the same period.

In its May S-1 filing, Quantinuum said it has “active customer engagements primarily focused across pharmaceuticals, materials science, financial services, government and industrial markets, including with market leaders, such as JPMorgan Chase.”