While "qu" usually makes the /kw/ sound, like in "queen" or "quick", there are some words where it does indeed sound like a short "o".
The most common example is the word "quotient".
Here are a few others, though they are less common:
* "quoin" (a corner of a building)
* "quondam" (former)
These are all words of Latin origin where the "qu" represents the Latin "qu", which was pronounced like a short "o".
So, while "qu" typically makes the /kw/ sound, there are exceptions!