When QNT insiders can sell
Quantinuum Inc. · IPO prospectus filed 2026-06-05 · Single cliff · 180-day lock-up
That is the calendar date the clause computes to, counted from the prospectus date. It is the only date computable without knowing a future earnings date, which is why everything that could pull it earlier is printed below it on this page rather than folded into it.
How much stock, against how much trades
"Absorb days" is the shares coming free divided by average daily volume: how many full sessions of QNT's entire turnover the release amounts to. It is a ratio, not a forecast — it does not know who wants to sell, and a founder with no intention of selling counts the same as a fund that has been waiting six months.
Exactly 232,970,737 shares, against 2,452,655 shares a day averaged over 20 sessions. Volume source: yahoo-finance2 daily bars (symbol not in our price table), through 2026-11-06. Dollar volume $92.1M a day. Middle third — no call.
Why there is no call on this deal
The numbers above are published, but no dated call was issued. A call only goes in the ledger when the expiry falls 15 to 45 days out, the prospectus states or implies a share count, and there are at least 20 sessions of volume — and the middle third of the cohort gets no call at all, because a call on every deal is not a call. Publishing one here would be padding the scoreboard with a coin flip.
The lock-up clause, in the issuer's words
Every other free lock-up calendar tells you 180 days and moves on. This is the actual sentence the date above was computed from, so that if the words do not support the number, the number is wrong and the filing is one click away.
LLC, we and they will not, subject to certain exceptions, during the period ending 180 days after the date of this prospectus offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any shares of our Class A common stock, or any options or warrants to purchase any shares of our Class A common 217 Table of Contents stock, or any securities convertible into, or exchangeable for, or that represent the right to receive, shares of our Class A common stock or engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry i…
Where the share count comes from
232,970,737 shares — derived: shares outstanding after the offering, less the shares sold in it. A count the prospectus prints and a count derived from two of its other numbers are not the same quality of claim, so which one this is gets said rather than implied.
| Shares outstanding after the offering | 260,970,737 |
| Shares sold in the offering | 28,000,000 |
| Underwriters' over-allotment option | 4,200,000 |
| Locked up, coming free at expiry | 232,970,737 |
Class A common stock to be outstanding immediately after this offering 32,862,895 shares (or 37,062,895 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Class B common stock to be outstanding immediately after this offering 228,107,842 shares. Common Units to be held by us immediately after this offering 32,862,895 Common Units, representing a 12.6% economic interest in Quantinuum Holdings (or 37,062,895 Common Units, representing a 14.0% economic interest in Quantinuum Holdings, if the underwriters exercise their option to purchase additional shares of Class A common stock in full).
Exceptions written into the lock-up (5)
Each of these is a route by which QNT shares can move before 2026-12-02. The 10b5-1 carve-out is the one worth reading twice: it lets insiders put a selling plan in place during the lock-up, so the first sales can be automatic and immediate rather than discretionary and later.
- 10b5-1 plan
- bona fide gift or charitable transfer
- estate planning or family transfer
- directed share program participants
- option exercise or RSU settlement
…on shall become a publicly available registration statement during the restricted period or (viii) the facilitation of the establishment of a trading plan on behalf of a stockholder, officer or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of common stock provided that (a) such plans do not provide for the transfer of shares of common stock during the restricted period and (b) no filing by any party under the Exchange Act or other public announcement shall be required or made voluntarily in connection with such trading plan (other than the required disclosure on Form 10-Q or Form 10-K, as applica…
…between the underwriters and the lock-up parties do not apply, subject in certain cases to various conditions, to certain transactions, including (a) transfers, distributions or surrenders of lock-up securities (i) as a bona fide gift or gifts, or for bona fide estate planning purposes, including, without limitation to charitable organizations or 226 Table of Contents educational institutions (ii) to any immediate family member of the lock-up parties (iii) by will, other testamentary document or intestacy (iv) to any trust for the direct or indirect benefit of the lock-up party or the immediate family member of the lock-up party, or…
…o be a participant, in which (i) the amount involved exceeded or will exceed $120,000 and (ii) any of our directors, executive officers, or holders of more than 5% of our capital stock, or any affiliate or member of the immediate family of the foregoing persons or entities, had or will have a direct or indirect material interest, other than compensation and other arrangements that are described under "Executive and Director Compensation." We believe the terms obtained or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms available or the amounts that we would pay or receive, as applicable, in arm's-length transactions.
See "Underwriting—Directed Share Program." Quantinuum Inc. has granted the underwriters the option for a period of 30 days to purchase up to an additional 4,200,000 shares of Class A common stock at the initial public offering price less underwriting discounts and commissions. The Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities or determined if this prospectus is truthful or complete.
(i) shares subject to stock appreciation rights, or SARs, that are not issued in connection with the stock settlement of the SAR on exercise, and (ii) shares purchased on the open market with the cash proceeds from the exercise of options. Awards granted under the 2026 Plan upon the assumption of, or in substitution for, awards authorized or outstanding under a qualifying equity plan maintained by an entity with which we enter into a merger or similar corporate transaction will not reduce the shares available for grant under the 2026 Plan but will count against the maximum number of shares that may be issued upon the exercise of ISOs.
How this reading of QNT could be wrong
The lock-up period is restated 5 times in this prospectus. Issuers repeat the clause on the cover, in the summary, in the risk factors and in the underwriting section, and the wording is not always identical. The parser resolved them to one period; if a reader finds a restatement that disagrees, the quote above is the one it used.
The volume is a vendor's, not ours. QNT is not in our own price table, so average daily volume comes from yahoo-finance2 daily bars (symbol not in our price table). Vendor bars for recently listed symbols are the ones most likely to be wrong.
Only 20 sessions of volume history. This is a recent IPO, and early volume is dominated by the offering itself. An average over 20 sessions of a stock that has barely traded is the weakest input on the page, and absorb days inherits every bit of that weakness.
The parser can misread a filing. That is why every number here is printed next to the words it came from. Earlier versions of this parser read the underwriters' 30-day over-allotment window as a 30-day lock-up on five deals, and double-counted one issuer's share total because the offering summary appears on both the cover and in the summary section.
Also unlocking in 2026-12 (13)
Lock-ups cluster, because IPOs cluster: these priced in the same window as QNT and come free in the same month. Several heavy releases landing together is a different situation from one.
| Deal | Expiry | Shares free | Absorb days |
|---|---|---|---|
| LFTO Liftoff Mobile, Inc. | 2026-12-01 | 5.0M | 7.4 sessions |
| INIO INNIO N.V. | 2026-12-01 | — | — |
| SSMR Sunshine Silver Mining & Refining Co | 2026-12-02 | — | — |
| EROC ERock, Inc. | 2026-12-07 | — | — |
| PBLS Parabilis Medicines, Inc. | 2026-12-08 | — | — |
| LIME Neutron Holdings, Inc. | 2026-12-09 | — | — |
| SPCX SPACE EXPLORATION TECHNOLOGIES CORP | 2026-12-09 | 11.96B | 109 sessions |
| KARD Kardigan, Inc. | 2026-12-15 | 64.3M | 124 sessions |
| FCBM First Carolina Financial Services, Inc. | 2026-12-15 | 20.4M | 121 sessions |
| DPC DPC Holdings Ltd | 2026-12-23 | — | — |
| SIND Sinda Ltd. | 2026-12-26 | — | — |
| BSP Bending Spoons S.p.A. | 2026-12-28 | — | — |
| ITG ITG, Inc./DE/ | 2026-12-29 | 101.7M | 129 sessions |
Learn to read these clauses yourself
The flow arithmetic on this page — shares unlocking divided by average daily volume, and why the clause has to be read rather than assumed — taught step by step, free.
Radar built 2026-11-07 from EDGAR full-text search over 424B4 filings · all 80 parsed lock-ups and the scoreboard · QNT's prospectus on EDGAR · what funds carried these companies at before listing