British-Pakistani technology entrepreneur Ilyas Khan has joined the ranks of billionaires after quantum computing company Quantinuum made a blockbuster debut on the Nasdaq, valuing the firm at more than $15.6 billion.
The company raised $1.68 billion through its initial public offering, making it the largest stock market listing by a quantum computing company to date.
Quantinuum sold 28 million shares at $60 each in the offering. The stock opened at $58 when trading began on June 9.
According to company filings, Khan owns approximately 15 percent of Quantinuum. Forbes estimated the value of his stake at around $2.2 billion following the listing.
The successful debut marks a major milestone for the rapidly growing quantum computing sector, which has attracted increasing attention from investors, governments and technology giants.
Quantinuum emerged in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, a company Khan founded in 2014.
The merger combined Honeywell’s advanced quantum hardware with Cambridge Quantum’s software capabilities, creating one of the industry’s most prominent players.
From Banking to Quantum Computing Pioneer
Born in Lancashire, England, Khan studied South Asian Studies at the School of Oriental and African Studies (SOAS) in London before beginning a career in banking.
After leaving the financial sector, he launched several technology ventures and also founded the Hong Kong-based Asia Literary Review.
Khan later pursued a mathematics degree through the Open University, where he developed a deep interest in quantum mechanics.
“Quantum is the nature of reality; everything around us is quantum,” Khan said in a recent interview with SOAS.
That fascination ultimately led him to establish Cambridge Quantum Computing, a startup focused on developing software for quantum computers.
Honeywell had already invested in the company before the merger and contributed $300 million as part of the deal that created Quantinuum.
Today, Khan serves as the company’s vice chairman and chief product officer.
Quantum Race Gains Momentum
Quantinuum operates at the centre of a technology race that many experts believe could reshape computing over the coming decades.
Unlike conventional computers that rely on silicon-based chips, Honeywell’s quantum systems use trapped ions controlled by lasers to perform calculations.
Supporters of the technology argue that quantum computers could solve problems beyond the reach of today’s most powerful machines.
Potential applications include drug discovery, advanced materials research, logistics optimisation and cybersecurity.
Interest in the sector has surged as major companies including Google, Microsoft, Amazon and IBM invest heavily in quantum technologies.
The Trump administration also recently identified Quantinuum as one of nine quantum technology startups eligible for support through a programme that could provide up to $2 billion in grants and equity investments.
Despite growing optimism, the sector remains highly competitive and volatile. Investors continue to watch closely for breakthroughs that could accelerate commercial adoption.
For Khan, however, the Nasdaq debut represents the culmination of a journey that began with curiosity about the fundamental nature of reality and evolved into one of the biggest success stories in the emerging quantum computing industry.
