Quantinuum: On the road to delivering on the quantum possibilities. Initiating with Outperform rating

Research evidence excerpt

Quantinuum: On the road to delivering on the quantum possibilities. Initiating with Outperform rating

29 June 2026

Initiation

Mark L. Moerdler, Ph.D.

+1 917 344 8506

Global Software mark.moerdler@bernsteinsg.com

Quantinuum Inc. Firoz Valliji, CFA

+1 917 344 8316

Rating firoz.valliji@bernsteinsg.com

Outperform Shelly Tang, CFA

Price Target +1 917 344 8342

shelly.tang@bernsteinsg.com

QNT 94.00 USD

Quantinuum: On the road to delivering on the quantum

possibilities. Initiating with Outperform rating

Quantinuum is a full stack hardware/software quantum solutions vendors with a track record

Close Date 26 Jun 2026

of developing and delivering multiple generations of quantum computers and a roadmap

QNT Close Price (USD) 75.57

that would lead to breakthrough solutions that solve very valuable unsolvable problems in

Price Target (USD) 94.00

chemistry, pharmaceuticals, material science and financials. The industry and the technology

Upside/(Downside) 24%

are still immature but have huge potential and are moving fast and the winner(s) will likely

52-Week Range 81.48/50.10

generate significant value for shareholders.

SPX 7,354.02

We believe that Quantinuum has 1) proven their ability to execute and deliver; 2) a reasonable FYE Dec

roadmap for delivering a high-fidelity (low error rate) quantum computer with hundreds Div Yield NA

of logical qubits capable of solving currently intractable problems; 3) their own optimized Market Cap (USD) (M) 22,205

software stack including industry applications and 4) a consultant (Forward Deployed EV (USD) (M) 23,939

Engineer) model to help drive customer success. Performance YTD 1M 6M 12M

Absolute (%) NA NA NA NA

While there are inherent risks, we believe the risk / reward is quite favorable for investors SPX (%) 7.4 (2.2) 6.1 19.8