British founder Ilyas Khan of quantum computing firm Quantinuum becomes billionaire after record IPO

Quantinuum founder Ilyas Khan has become a billionaire after the quantum computing firm's Nasdaq debut valued the company at more than $15.6 billion.

The U.S.-U.K.-based startup raised $1.68 billion in its June 3 debut, the largest stock market listing by a quantum computing company to date, valuing Khan's stake at approximately $2.2 billion, Forbes reported.

Quantinuum sold 28 million shares at $60 each in the offering. The stock opened at $58 on June 9. Khan, 64, owns about 15% of the company, according to the filing.

Quantinuum founder Ilyas Khan

Quantinuum was created in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, a startup founded by Khan that developed software for quantum computers.

Honeywell's quantum division, based in Broomfield, Colorado, developed a quantum computing system that uses ions controlled by lasers to perform calculations, rather than traditional silicon-based computer chips. Honeywell had previously invested in Cambridge Quantum Computing and contributed $300 million as part of the merger.

In May, Quantinuum was named among nine quantum technology startups that the Trump administration plans to support through a program involving up to $2 billion in grants and equity investments.

Interest in quantum computing has accelerated in recent years as major technology companies increase spending on the field. Big techs like Google, Microsoft, Amazon and IBM have invested heavily in the technology, which supporters believe could help solve complex problems in areas such as drug discovery, materials science and cybersecurity, CNBC reported.

Growing optimism about the technology has boosted the share prices of many quantum computing companies, although the sector remains highly volatile and sensitive to new developments.

Born in Lancashire, England, Khan studied South Asian Studies at the School of Oriental and African Studies in London before starting a career in banking. He later founded several technology businesses as well as the Asia Literary Review, a Hong Kong-based literary journalism publication.

After leaving banking, Khan earned a mathematics degree through the Open University and developed a strong interest in quantum mechanics. "Quantum is the nature of reality; everything around us is quantum," he said in a recent interview with SOAS.

That interest led him to establish Cambridge Quantum Computing in 2014. The company later merged with Honeywell Quantum Solutions to create Quantinuum, where he continues to serve as vice chairman and chief product officer.