Initiation of Coverage: A "full-stack" compute platform approaching a revenue inflection; Initiate Buy and a $93 PT

研报英文原文证据摘录

Initiation of Coverage: A "full-stack" compute platform approaching a revenue inflection; Initiate Buy and a $93 PT

Global Research

29 June 2026ab

Initiation of Coverage

EquitiesQuantinuum Inc

A "full-stack" compute platform approaching a United States

revenue inflection; Initiate Buy and a $93 PT Diversified Technology Services

12-month rating Buy

Prior : No Rating

12m price target US$93.00

Initiate with a Buy rating and $93 price target

Prior :

We initiate coverage of Quantinuum (QNT), a full-stack quantum computing company

with a Buy rating and $93 price target. Since 2021, when Honeywell Quantum Solutions Price (26 Jun 2026) US$75.57

was combined with Cambridge Quantum, Quantinuum has delivered on a strong RIC: QNT.O BBG: QNT US

technical roadmap introducing quantum systems that have scaled from 20 physical

Trading data and key metrics

qubits in CY20 to 98 physical / ~50 logical qubits in CY25 along with industry leading

average two-qubit gate fidelity of 99.921%. The product roadmap has driven strong 52-wk range US$77.46-51.40

adoption across a blue-chip customer base including financial services, pharma, energy/ Market cap. US$21.4b

materials, and logistics. With the introduction of next-gen quantum systems including Shares o/s 284m (COM)

'Sol' in CY27 and 'Apollo' in CY30, we expect deeper customer engagement and Free float 10%

adoption to drive a significant acceleration in revenue and gross margin expansion that Avg. daily volume ('000) 6,033

supports our CY31e revenue estimate of ~$4B and a ~10x EV/revenue target multiple Avg. daily value (m) US$370.7

(discounted back), a slight premium to peers. Common s/h equity (12/26E) US$3.06b

P/BV (12/26E) 7.0x

QCCD and a full-stack platform drives commercialization in our view Net debt to EBITDA (12/26E) 6.4x