A Leading Contender in the Emerging Quantum Industry, Initiate at Equal-weight

Research evidence excerpt

A Leading Contender in the Emerging Quantum Industry, Initiate at Equal-weight

Foundation

June 29, 2026 04:23 AM GMT

Morgan Stanley & Co. LLCMQuantinuum | North America Joseph Moore

Equity Analyst

A Leading Contender in the Joseph.Moore@morganstanley.comElla Tulchinsky +1 212 761-7516

Research Associate

Ella.Tulchinsky@morganstanley.com +1 212 761-2222

Emerging Quantum Industry, Mason Wayne

Mason.Wayne@morganstanley.com +1 212 761-6012

Initiate at Equal-weight Nicole Kozhukhov

Nicole.Kozhukhov@morganstanley.com +1 212 761-1636

Quantinuum has established itself as one of the leading Shane Brett

companies in quantum computing through differentiated Equity Analyst

Shane.Brett@morganstanley.com +1 212 761-1022

technology and consistent execution. While commercialization

remains years away, the industry is approaching an inflection Quantinuum (QNT.O, QNT US)

Semiconductors | United States of America

point, creating significant long-term optionality.

Stock Rating Equal-weight

Industry View Attractive

Key Takeaways PriceShr price,targetclose (Jun 26, 2026) $78.00$75.57

Mkt cap, curr (mm) $18,292

Differentiated trapped-ion technology and credible roadmap position 52-Week Range $81.48-50.10

Quantinuum among the industry's leading quantum computing companies Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

Commercialization remains early, but a $5bn customer pipeline provides a EPS ($)** - (1.63) (1.61) (1.13)

Prior EPS ($)** - - - -

foundation to monetize a multi-billion-dollar quantum infrastructure market P/E - NM NM NM

EPS ($)§ - - - -

We expect early commercial quantum use cases to emerge by the end of the Div yld (%) - - - -

decade, creating an industry inflection that Quantinuum is well positioned to

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare