Quantinuum was sold as the quantum sector’s first real institutional listing: a full-stack platform, a Honeywell pedigree, a book that came in roughly twenty times oversubscribed, an offer walked up from a $45–$50 range to $53–$55 and finally priced at $60. Two sessions in, the stock is below its offer price. The debut did not break because quantum sentiment collapsed. It broke because the price embedded a decade of execution that the financials do not support. A $60 offer was a sentiment trade, and sentiment trades reprice fastest.