Honeywell International's Quantinuum on Wednesday announced a deal with Qatar's Al Rabban Capital in what officials said could be a $1 billion joint venture over the next 10 years. Among public quantum computing stocks, Rigetti Computing jumped on Wednesday.
The White House announced Quantinuum's agreement with Al Rabban Capital. President Donald Trump has been on a tour of the Middle East and visited Qatar for an economic summit on Wednesday.
Also, the White House and Boeing announced that Qatar Airways will be purchasing up to 210 jets for $96 billion. Ahead of the trip, Trump said he plans to accept a plane from Qatar to be used as Air Force One, sparking controversy.
Broomfield, Colo.-based Quantinuum said the Qatar joint venture will "develop quantum computing applications tailored to regional needs in areas such as new energy, materials discovery, precision medicine, genomics, and financial services."
"This is a defining moment in Qatar's ambition to become a regional hub for advanced technologies like quantum computing," said Abdulaziz Khalid Al Rabban, chairman of Al Rabban Capital, in a statement.
Quantinuum IPO Planned?
When reporting first-quarter earnings recently, Honeywell said it expects Quantinuum to reach new technical milestones in 2025 and 2026 on its way to an eventual initial public offering. Honeywell stock fell 0.6% on Wednesday to near 217. Honeywell stock has dipped about 4% in 2025.
Other Quantinuum investors include JPMorgan Chase, Amgen and Mitsui & Co.
In 2021, Honeywell merged its Quantum Solutions business with Cambridge Quantum, forming Quantinuum. Honeywell remains the majority shareholder in Quantinuum, owning 52% of shares.
The company uses "trapped-ion" quantum computing technology.
Quantum computing works on a subatomic level and uses exotic technologies, like supercold superconductor chips. Further, quantum computing aims to solve problems too complex for today's classical computers, such as simulating chemical reactions.
Quantum Computing Stocks Volatile
Meanwhile, quantum computing stocks had mixed results on Wednesday. Rigetti stock popped nearly 16% to 11.42. Rigetti stock has retreated 25% in 2025.
Shares in IonQ dipped a fraction to 33.20. D-Wave Quantum also dipped a fraction, to 10.76. IonQ stock has dropped 20% in 2025 while D-Wave has gained 28%.
Quantum Computing rose a fraction to 8.83. Quantum Computing shares are down 47% this year.
Meanwhile, quantum computing stocks have been volatile in 2025 amid controversy involving Nvidia over how soon commercially viable quantum technology will become available.
View More Quantum Computing Stocks And Analysis
Follow Reinhardt Krause on X, formerly Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
