Asset Intelligence / Hyperliquid Context
QNT
Archive-backed market intelligence for QNT: every HIPERWIRE mover article tied to this asset, plus a client-refreshed live market panel.
Quantinuum is a pre-IPO market reflecting the market-implied expected price per share of Quantinuum Inc. Class A common stock. Quantinuum develops quantum computing hardware, software, and applications, including trapped-ion quantum computers, quantum software tools, and solutions for cryptography, chemistry, optimization, and machine learning.
Live Structure
Market Status
Loading current market structure…
- Builderxyz
- Categorystock
- Tracked Marketxyz:QNT
- Latest TweetOpen
No other live markets from this builder in the current screener.
No same-category alternatives are live in the current screener snapshot.
Archive Summary
Latest Archived Thesis
QNT Drops to $58.85 as a Quantum-Wide Risk-Off Unwinds the Perp Premium
QNT's 12.58% slide to $58.85 isn't a Quantinuum story — it's the whole quantum-computing cohort repricing on a macro risk-off tape, with IonQ, Rigetti and D-Wave all falling in step. The move has a second layer specific to this contract: the roughly 14% premium the perp carried over Nasdaq spot ten days ago has fully unwound, dragging it down harder than the equity itself. With the underlying last near $60 and the perp at $58.85, the overshoot has mean-reverted and the contract is trading roughly in line with the stock.
Archive
All QNT Mover Articles
QNT Drops to $58.85 as a Quantum-Wide Risk-Off Unwinds the Perp Premium
QNT's 12.58% slide to $58.85 isn't a Quantinuum story — it's the whole quantum-computing cohort repricing on a macro risk-off tape, with IonQ, Rigetti and D-Wave all falling in step. The move has a second layer specific to this contract: the roughly 14% premium the perp carried over Nasdaq spot ten days ago has fully unwound, dragging it down harder than the equity itself. With the underlying last near $60 and the perp at $58.85, the overshoot has mean-reverted and the contract is trading roughly in line with the stock.
QNT Perp Rips to $84.87, Trading a Premium to Where the Actual Stock Closed
The QNT contract ran 13.69% over 16 hours to $84.87, but there is no clean company-specific catalyst dated to today. Nasdaq-listed Quantinuum closed around $74.56 in a volatile $71.52 to $80.61 range, which puts this Hyperliquid market roughly 14% above spot. On a thin book, that gap between the perp and the underlying is the real story, not a new milestone.
QNT Gives Back the Analyst Bounce and Slides Under the Whole Sell-Side Range
QNT is back to $71.80, down 11.95% over 24 hours, on no obvious company-specific catalyst. The move unwinds the bounce the stock got when its post-IPO quiet period expired and roughly ten firms initiated coverage at Buy. At $71.80 the perp now trades below Morgan Stanley's $78 equal-weight, the lowest target on the street, which puts the entire published sell-side range above spot. On a freshly public, low-float quantum name still carrying a price-to-book near 70x, this is what a sentiment unwind looks like — not a downgrade, just gravity.
QNT Reclaims the Morgan Stanley Dip as the Buy Stack Overrules the Lone Bear
QNT is trading at $76.85, up 6.97% over 24 hours, after recovering the ground it lost when Morgan Stanley became the only firm on the street to initiate the stock at equal-weight. The bounce tracks the rest of the sell side, which came in lopsidedly bullish once the post-IPO quiet period expired on June 29: roughly ten Buy and Overweight initiations carrying $90 to $100 targets against Morgan Stanley's lone $78. That pushed the consensus target to about $93, well above spot. On a freshly public, low-float name, the tape is for now siding with the bulls over the single skeptic.
Morgan Stanley's $78 Equal-Weight Makes It the Lone QNT Bear
On June 29, Morgan Stanley's Joseph Moore initiated Quantinuum at equal-weight with a $78 target, making it the only firm on the street not rating QNT a Buy or Overweight. The note doesn't dispute the technology — it disputes the multiple, on a company that did $30.9 million of revenue in 2025 against a $192.6 million net loss and an EV/sales ratio north of 350 at IPO. On a freshly-public, low-float name that trades on sentiment, one credible skeptic was enough to take 8.87% off the perp over 24 hours to $72.61.
QNT's Snapback Is Quantum Beta, Not a Fresh Catalyst
QNT is up 9.35% over 24 hours to $71.91, snapping back from an intraday low of $64.53 in a sharp V off the lows. There's no fresh company-specific catalyst behind it — the entire quantum complex caught a bid, with IonQ, Rigetti and D-Wave all up mid-single digits, and QNT, the newest and lowest-float name in the group, rebounding hardest. The fundamental story is still last week's: Trump's quantum executive orders, $100 million in federal funding and an HPE hybrid-computing roadmap slot. Today is just the high-beta name doing what it does off a washout.
QNT Unwinds Its Quantum-Order Rip on Profit-Taking, Not Bad News
QNT is down 12.88% over 5 hours to $71.09, giving back most of a parabolic three-session move that carried it from the low-$60s to an intraday high above $81. There is no fresh negative catalyst behind the fade — no downgrade, no guidance cut, no failed milestone. This is profit-taking in a high-beta name after Trump's quantum executive orders and an HPE roadmap slot drove the stock vertical earlier in the week. The pop was real and company-specific; so is the gravity underneath it.
HPE Builds Quantinuum Into Its Hybrid Quantum Roadmap, and QNT Breaks to a Post-IPO High
QNT is up 26.08% over 21 hours to $82.50, and for once the move is the company's own. The driver is a June 22 strategic collaboration with HPE that names Quantinuum alongside Intel and Rigetti in the OEM's hybrid quantum-HPC roadmap, stacked on a peer-reviewed Nature paper days earlier in which Sandia National Labs certified the 98-qubit Helios system at best-in-class fidelity. That combination pushed QNT to a new post-IPO high, decisively back above the $60 IPO price it lost after bottoming near $50. The catalysts are real, but the fundamentals behind the old bear case — tiny revenue against a wide net loss — haven't moved.
QNT Bounces Off the Post-IPO Low on Sector Beta, Not Its Own News
QNT is up 12.39% over 20 hours to $56.66, bouncing off its post-IPO low near $50 with no fresh Quantinuum news behind it. The driver is a sector-wide quantum bid — IonQ added more than 10% to about $62.77, with Rigetti and D-Wave higher — as Quantinuum's own $1.68 billion IPO reprices the whole complex and forces a trapped-ion peer comparison. But the stock is still below its $60 IPO price, and the valuation case that drove the prior selloff has not changed. This is beta, not a fix.
QNT Loses the $60 IPO Price Again as the Bear Case Goes to Print
Two days after reclaiming its $60 IPO price, Quantinuum's listed stock — and the Hyperliquid perp tracking it — has rolled back over, down 10.86% over 16 hours to $54.50 on no fresh company news. What changed is the narrative: a wave of valuation coverage now spells out the bear case in hard numbers, with roughly $17 million in revenue against a near-$299 million loss, a 72.1x price-to-book, and an EV/sales multiple above 350 at IPO. The June 8 bounce looked like a defended floor; it turned out to be a lower high before sentiment caught down to the fundamentals. With the offering price lost again, the post-IPO low near $51 is back in the frame.
QNT Reclaims the $60 IPO Price as the Quantum Complex Catches a Bid
The pre-IPO perp has done the one thing it failed to do all of last week: climb back above Quantinuum's $60 IPO price. QNT is up 11.44% over 14 hours to $60.71, reclaiming the offering level it lost when the stock flushed to a low near $51 two sessions ago. The driver isn't company news. It's a broad bid across the quantum complex and a supportive tape, with renewed attention on a $100 million Commerce Department funding pledge that is itself weeks old. The income statement that powered the original selloff, a 73% revenue decline against a $136.5 million loss, hasn't changed. This is a sentiment-and-positioning reclaim, not a re-rating.
QNT Carves a Fresh $51 Low as the Whole Quantum Trade Unwinds Around Its Debut
The pre-IPO perp has stopped being a convergence story and become a clean proxy for a sinking Nasdaq tape. Quantinuum's listed shares cut to a new $51.26 low on day two, deepening the break of the $60 IPO price as the entire quantum complex sold off in sympathy. The bear case is now legible in the numbers: first-quarter revenue fell 73% to $5.24 million against a $136.5 million net loss, hung on a roughly $15.7 billion valuation. This is the hype premium bleeding out of a richly priced debut, not a single-headline event.
QNT's Pre-IPO Perp Finishes Converging as Quantinuum Loses the $60 IPO Price
The pre-IPO perp's 21.68% drop reads differently now than it did this morning. The speculative premium is fully gone — the contract is printing $55.07 against a cash stock at $55.20 — so the move is no longer convergence math, it's the perp tracking a genuinely weak day-two tape. Quantinuum's listed shares lost their $60 IPO price on day two, down 8.6% to a $53.66 low after a pop-and-fade debut. There's no fresh company news here; this is post-IPO price discovery settling lower and the perp finally trading one-for-one with it.
QNT's Pre-IPO Perp Sheds Its Premium as Quantinuum Settles Below $60
QNT's 24-hour drop on the pre-IPO perp reads like a crash, but most of it is the contract converging to the freshly listed Nasdaq stock rather than a fresh leg down. The cash shares are off only about 5% on day two to the $57 area, printing a new $53.66 low after failing to reclaim the $60 IPO price. There is no company-specific catalyst here — it is post-IPO price discovery colliding with a sector-wide pullback in chips and quantum names. The level that priced the largest quantum IPO of the cycle has flipped from floor to ceiling.
Quantinuum's QNT Loses Its $60 IPO Price on Day Two as Quantum Sells Off
The bounce back to the bankers' price didn't hold. After clawing to $60 earlier in the session, QNT broke clean through its IPO strike on day two of trading, with the pre-IPO perp tracking the cash stock down to the $56 area and a $53.66 intraday low. The pop-and-fade was the warning: shares opened at $68 on debut, touched $71.35, then closed flat at $60.38 with no real demand above the deal price. Now the level that priced the largest quantum IPO of the cycle has flipped from floor to ceiling, and the whole quantum complex is heavy with it.
Quantinuum's QNT Bounces Off Sub-IPO Lows Back to the $60 Strike
QNT reads down 40.10% over 24h to $59.2, but that headline is the convergence base effect, not a fresh crash. A day ago the pre-IPO perp still implied roughly $100 a share before Quantinuum's actual Nasdaq listing anchored it to reality. The real action now is the bounce: after slicing through the $60 IPO price to $53.97, the contract has clawed about 10% back to sit right on the strike the deal cleared at. The bankers' price was support, then it broke, and now it's the level a freshly listed, ~453x-sales stock is fighting to reclaim.
QNT Breaks Below Its $60 IPO Floor — The Convergence Trade Turns Directional
Quantinuum's pre-IPO perp on Hyperliquid already converged to the real Nasdaq listing this week. Now the floor it converged to has given way. QNT is down 45.80% over 24h to $53.97, roughly 10% under the $60 IPO price the deal cleared at — below the day-one low and below the after-hours print. The contract is no longer resolving a speculative premium; it's tracking a freshly listed stock the market is repricing under its own offering price.
Quantinuum's $68 Debut Pop Evaporates — QNT Perp Settles at the $60 IPO Floor
QNT on Hyperliquid is a pre-IPO market on Quantinuum's implied share price, and on June 4 the real stock listed on Nasdaq. It opened at $68, up 13.3% from the $60 IPO price, then gave almost all of it back to close near $60.80. The perp had spent weeks implying roughly $101 a share, so its 39.83% slide to $60.91 is the contract tracking the stock all the way down to its IPO floor. This is the same convergence as the open — except the open didn't hold.
QNT's Pre-IPO Perp Snaps to Reality as Quantinuum Opens at $68 on Nasdaq
QNT on Hyperliquid is a pre-IPO market tracking the implied share price of Quantinuum, the Honeywell-backed quantum computing company. On June 4 the real stock finally listed on Nasdaq, pricing at $60 and opening at $68. The perp had been implying roughly $101 a share, so its 32.93% drop is not a fundamentals crack — it is the market converging to where Quantinuum actually traded on day one.
How to Trade QNT (Quantinuum) on Hyperliquid
QNT is a pre-IPO market that tracks the market-implied share price of Quantinuum, the Honeywell-backed quantum computing company that has filed to list on Nasdaq under the same ticker. It packages a name most traders cannot touch yet — a venture-stage quantum firm days from its debut — into a HIP-3 perpetual futures contract. This guide covers what Quantinuum actually does, why its IPO is the center of the trade, and how the perp behaves while the real stock has not opened.
Background reading selected from this asset's symbol, builder context, and archived catalyst coverage.