An Accrington tech entrepreneur who founded a quantum computing firm has become a billionaire after the company he founded went public on the US stock exchange.
Ilyas Khan, 63, who helped save Accrington Stanley FC back in 2009, saw 'Quantinuum' valued at over $15.6 billion after it sold 28 million shares at $60 each on June 3.
The shares opened at $58 per share on June 9, and Mr Khan, who owns around 15 per cent of the company, is now said to be worth $2.2bn (£1.6bn).
Quantinuum, headquartered in Cambridge and also in Colorado, is the world's largest quantum computing company.
He founded Cambridge Quantum Computing in 2014, which then rebranded as Quantinuum when it merged with the quantum business of the U.S. conglomerate Honeywell in 2021.
Ilyas has retained the largest shareholding of any individual person.
Posting on social media before the public offering, he said: "When I founded, almost exactly 12 years ago, Cambridge Quantum (that became Quantinuum after the business combination/merger with Honeywell Quantum Solutions in 2021), it was an adventure in conviction and trust.
"That conviction and trust have grown and blossomed due to the hard work, commitment and support of my colleagues, my shareholders and my family."
Ilyas's father was a bus driver, and he attended Haslingden Grammar School before completing a South Asian studies degree at London’s School of Oriental and African Studies.
He moved to Hong Kong for work in 1989 and progressed up the career ladder, before deciding to set up his own banking company in 1998.
Between 2015 and 2018, he served as chair of the Stephen Hawking Foundation.
The listing of Quantinuum, which had also considered a float in London before choosing the Nasdaq, establishes him as one of the UK’s wealthiest tech entrepreneurs, reports The Times.
Quantinuum was formed in 2021 when Honeywell’s quantum unit based in Broomfield, Colorado, merged with Ilyas’s startup Cambridge Quantum Computing, which wrote software for quantum computers, says Forbes.
A lifelong Accrington Stanley fan, the Clayton End was renamed the Sophia Khan Terrace in honour of his late mother.
In 2012 he stepped down as chairman of Stanley, saying: "I have been very honoured to have been able to help, and I am now simply pleased that I have fulfilled exactly those objectives that were set out three years ago."
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