News Summary
NegativeQuantinuum beat Q2 revenue consensus ($8.0M vs. $7.6M est.) and raised FY2026 guidance to $28–32M, driven by enterprise adoption and major partnerships with Oracle and HPE. However, a massive $597M GAAP net loss (heavily IPO stock-compensation driven) and widening adjusted EBITDA losses, combined with a 37.5% H1 revenue decline due to contract timing, signal significant near-term cash burn despite the $2.1B post-IPO balance sheet and long-term profitability target of 2030.
Red flags
- •Adjusted EBITDA loss of $68.3M with deteriorating trajectory
- •First-half consolidated revenue declined 37.5% year-over-year due to contract timing (indicates lumpy, unpredictable revenue)
- •Stock underperformed after earnings despite beat, signaling investor skepticism on path to profitability
- •Company not expected to reach positive free cash flow until 2030 — seven years of material cash burn ahead
Funds Buying (4)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Viking Global | Andreas Halvorsen | 306K | +306K | $25M | <0.1% | — | NEW |
| D1 Capital | Dan Sundheim | 300K | +300K | $25M | <0.1% | — | NEW |
| Soros Fund Management | Soros Family Office | 266K | +266K | $22M | 0.3% | — | NEW |
| Elliott Investment | Paul Singer | 150K | +150K | $12M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where QNT ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #17 of this fund's book
- 14OR ROYALTIES INC.$98M
- 15TRANSOCEAN LTD$76M
- 16HDFC BANK LTD$21M
- 17QUANTINUUM INC$12M
Values are quarter-end position sizes. Shown only for funds where QNT ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Honeywell International Inc. | SC 13G | 124.6M | 79.1% | 2026-08-13 | ↗ |
| Capital Research Global Investors | SC 13G | 1.8M | 5.3% | 2026-08-12 | ↗ |
| BlackRock Portfolio Management LLC | SC 13G | 2.3M | 6.9% | 2026-07-17 | ↗ |
| Capital World Investors | SC 13G | 4.6M | 13.9% | 2026-07-06 | ↗ |
| Cambridge Quantum Holdings Limited | SC 13G | 82.9M | 71.6% | 2026-06-22 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.