Quantinuum, a quantum-computing company majority-owned by Honeywell, is targeting a valuation of about $12.7 billion for its upcoming US initial public offering (IPO), according to a Reuters report cited by multiple outlets. The revised target represents a change from higher valuation figures that circulated earlier after the company filed its S-1 registration statement in May. Earlier market chatter had suggested a valuation of more than $20 billion. The $12.7 billion target is reported to be roughly 27% above a $10 billion pre-money valuation. The filings and reporting focus on the valuation level rather than the final deal size or pricing, which can change as the IPO process progresses. Quantinuum’s majority ownership by Honeywell remains a key aspect of the company’s structure as it pursues a US listing.