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Quantinuum wants your money and they lost $136 million last quarter

published · May 10, 4:11 PM · $0.00 total · published 49d ago
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Honeywell-backed Quantinuum just filed for a Nasdaq IPO. Lost $136.6 million in Q1 on $5.2 million in revenue. The CEO says it's bigger than AI. Mike's angle: this is the part where Wall Street sells working Americans a story about the future so they'll stop thinking about the present. Quantum computing is real technology. But an IPO on $5 million in revenue and $136 million in losses is not an investment — it's a fundraiser. Button: somebody's going to buy this and it won't be the people who built things.

America-first economics, specifically the Wall Street vs. working Americans framing Mike runs well. Specific numbers ground it. Fresh angle — recent content hit Cloudflare and tariffs but nothing on IPO market or tech hype cycles.

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Quantinuum just filed for a Nasdaq IPO. Ticker: QNT. Backed by Honeywell. Lead banks are J.P. Morgan and Morgan Stanley. The CEO wrote a letter saying quantum computing is bigger than AI. Big stuff.

Here are the numbers from their own SEC filing. Last quarter: $5.2 million in revenue, $136.6 million net loss. Full year: $30.9 million in revenue, $192.6 million net loss. They raised $600 million last year at a $10 billion valuation. They have spent over $2 billion on R&D in ten years. They are now asking the public markets to keep the lights on while they figure out how to make money.

That's not an investment opportunity. That's a fundraiser with a ticker symbol. The technology might be real. Quantum computing probably matters eventually. But the people selling you this IPO already got theirs at $10 billion — before the losses hit the prospectus, before the revenue shrank year over year, before any of this was your problem. Somebody's going to buy this on the way up and feel very smart. And somebody's going to be holding it when the story stops working. It won't be the guys at J.P. Morgan. Take note.

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Quantinuum: $5M revenue, $136M loss, $10B valuation. Wall Street's already been paid. #ipo #manufacturing #wallstreet #maga

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    May 10, 4:11 PM

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