The IPO of this power generator for data centers quietly outshines Quantinuum

By Tomi Kilgore

AI-adjacent Innio raises more from its IPO and is valued more than Quantinuum, and its stock has a much bigger gain

Innio's stock soared in its debut, to outshine the more high-profile shares of quantum-computing company - and Trump-administration investment - Quantinuum.

Sometimes just being bigger and better isn't enough to get the attention something deserves, even if it's in an AI-adjacent business.

Quantinuum's debut as a public company appeared to be of key interest on Wall Street, as it provided another way to invest in quantum computing. The fact that the Trump administration was investing in the company also helped fuel interest.

But another company went public on Thursday that not only raised more money in its initial public offering than Quantinuum (QNT), but its IPO was upsized by a greater percentage, its market capitalization at the IPO price was greater and its stock received a much warmer welcome.

That company has also been profitable, while Quantinuum continues to lose money, and it recorded $668.6 million in sales during the first quarter while Quantinuum had sales of just $5.2 million.

The company is Innio Holding (INIO), which is based in Germany but generated 39.7% of its revenue from North America versus 39.4% from Europe. Innio converts natural and renewable gases into electricity for many uses, including data centers that power artificial intelligence and electrical grids.

To show the growth it's seeing as an AI-adjacent player, Innio said it booked data-center equipment orders of $2.28 billion in 2025, which compares with $27 million in 2023. And in the first three months of 2026, the equipment orders intake was $1.01 billion

As Jay Woods, chief market strategist at Freedom Capital Markets, put it in a recent note to clients, as the AI buildout continues, Innio is a company that represents "a less obvious put potentially lucrative way to invest in the infrastructure needed to keep the lights on."

Innio raised $2.73 billion in its IPO, which consisted of 90 million common shares - 20% more than previous expectations of 75 million shares - priced at $27 a share, compared with expectations of between $24 and $27 a share. At the IPO price, the company had a market capitalization of $20.25 billion.

The stock closed Thursday 23.3% above the IPO price.

Meanwhile, Quantinuum's IPO, which was upsized by 5.7%, raised $1.68 billion and the pricing valued the company at $15.56 billion. Quantinuum's stock rose as much as 18.9% above its IPO price in intraday trading, but closed up just 0.6%.

The joint lead bookrunners for Quantinuum's IPO were Wall Street heavyweights J.P. Morgan and Morgan Stanley. Innio did one better, as its lead bookrunners were J.P. Morgan, Morgan Stanley and Goldman Sachs.

-Tomi Kilgore

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06-05-26 0712ET