Honeywell announced on Wednesday that its majority-owned quantum computing unit, Quantinuum, has confidentially submitted draft initial public offering documents to the U.S. Securities and Exchange Commission.
The company stated that the number of shares to be offered and the price range for the proposed offering have not yet been determined.
Following the announcement, Honeywell's shares increased by 1.6% during premarket trading.
Quantinuum's IPO plans emerge as companies are investigating methods to develop and expand quantum capabilities to address complex challenges, including the design and manufacturing of hydrogen cell batteries for transportation.
In September, Quantinuum secured approximately $600 million from investors, which included Nvidia's venture capital arm, valuing the company at $10 billion.
Quantinuum, a full-stack quantum computing provider, supplies technologies to Honeywell, Airbus, BMW Group, HSBC, and JPMorgan Chase.
The company was established in 2021 after Honeywell declared that its quantum computing division would spin off and merge with Cambridge Quantum.
Last year, Honeywell restructured its large conglomerate into three separate entities focused on automation, aerospace, and advanced materials.
It also sold some smaller units to prioritize strengthening its automation division.