Horizon Quantum Computing Pte. Ltd. and dMY Squared Technology Group, Inc. have secured $110 million in PIPE financing to support a proposed business combination. This investment, exceeding the original target by over 120%, includes commitments from IonQ, Inc., a leading quantum computing company, and a Fortune 50 technology company. Upon closing the combination—expected in the first quarter of 2026—Horizon Quantum anticipates access to approximately $137 million in cash. These net proceeds will be allocated to accelerate research and development, strengthen hardware testing, and further advance the Triple Alpha development environment, aiming to unlock broad quantum advantage and create industry-wide software tools.
$110 Million PIPE Investment Secured
Horizon Quantum Computing and dMY Squared Technology Group secured $110 million in PIPE financing to support their proposed business combination. This investment exceeded Horizon Quantum’s original target by over 120% and includes commitments from IonQ, a major quantum computing company, and a Fortune 50 technology company, alongside other institutional investors. The PIPE is comprised of common equity priced at the SPAC redemption price per share, signaling confidence in the deal.
Upon closing of the business combination, Horizon Quantum anticipates having approximately $137 million in cash available. This figure combines roughly $27 million held in a trust account by dMY Squared and the $110 million raised through the PIPE financing. These funds are intended to accelerate Horizon Quantum’s research and development efforts, strengthen their hardware testbed, and advance their Triple Alpha development environment—a key component of their software infrastructure.
The secured financing is a significant milestone for Horizon Quantum, providing capital to unlock broad quantum advantage and create industry-wide software tools. Dr. Joe Fitzsimons, Horizon Quantum’s CEO, highlighted the investment’s role in developing comprehensive software infrastructure needed to realize the full potential of quantum computing across real-world applications. The transaction signifies confidence in Horizon Quantum’s position within the evolving quantum computing market.
Business Combination Details and Timeline
Horizon Quantum and dMY Squared entered into agreements for a $110 million PIPE (Private Investment in Public Equity) financing to support their proposed business combination. This financing, exceeding the original target by over 120%, includes investments from IonQ, a large quantum computing company, and a Fortune 50 technology company. The funds will be used to accelerate research and development, strengthen hardware testing, and advance Horizon Quantum’s Triple Alpha development environment.
Upon closing the business combination, Horizon Quantum expects access to approximately $137 million in cash. This figure combines roughly $27 million held in a trust account by dMY Squared with the $110 million raised through the PIPE financing. The net proceeds are intended to fund investments in technology, with a focus on building comprehensive software infrastructure to unlock the full potential of quantum computing across various real-world applications.
The business combination is currently expected to close in the first quarter of 2026. A registration statement on Form F-4 will be filed with the SEC, including a proxy statement and prospectus. This document will provide detailed information about the combination and will be sent to dMY Squared shareholders for a vote. Participants in the solicitation of proxies and their interests will also be detailed in filings with the SEC.
Horizon Quantum’s Software Infrastructure Focus
Horizon Quantum is focused on building software infrastructure to empower developers utilizing quantum computing. The company recently secured $110 million in PIPE financing, exceeding their initial target by over 120%, with investments from companies like IonQ and a Fortune 50 technology company. This funding is intended to accelerate research and development, strengthen their hardware testbed, and further advance the Triple Alpha development environment—a key tool for quantum software creation.
The company’s core mission is to bridge the gap between current quantum hardware and future applications through advanced software tools. Horizon Quantum’s integrated development environment, Triple Alpha, allows developers to write sophisticated, hardware-agnostic quantum programs at varying levels of abstraction. This focus on software infrastructure is expected to unlock broad quantum advantage, enabling solutions to complex computational problems.
Upon completion of the business combination, Horizon Quantum anticipates access to approximately $137 million in cash. This figure combines $27 million held in trust by dMY Squared and the $110 million from the PIPE financing. The net proceeds will specifically fund investments in its technology roadmap, aiming to develop the comprehensive software infrastructure necessary to realize the full potential of quantum computing across real-world applications.
We believe that the quantum computing market is at a critical inflection point and Horizon Quantum is well positioned to capitalize on this generational opportunity.
Dr. Joe Fitzsimons
Use of Funds from the Transaction
Horizon Quantum Computing and dMY Squared secured $110 million in PIPE (Private Investment in Public Equity) financing to support their proposed business combination. This investment, exceeding the original target by over 120%, comes from investors including IonQ, a leading quantum computing company, and a Fortune 50 technology company. The funds will be crucial for accelerating research and development initiatives and strengthening Horizon Quantum’s hardware testbed, ultimately aiming to unlock the full potential of quantum computing.
Upon closing the business combination, Horizon Quantum anticipates having approximately $137 million in cash available. This figure combines roughly $27 million held in trust by dMY Squared with the newly secured $110 million from the PIPE financing, prior to transaction costs and potential shareholder redemptions. This substantial capital is intended to drive forward the development of Horizon Quantum’s Triple Alpha development environment and overall software infrastructure for quantum applications.
The net proceeds from this transaction are specifically earmarked for several key areas. Horizon Quantum plans to invest in both research and development, as well as to strengthen their hardware testbed. A significant portion will also be dedicated to further advancing the Triple Alpha development environment, a tool designed to enable developers to write sophisticated quantum programs that are independent of specific hardware.
Key Advisors and Legal Counsel
Needham & Company, LLC is serving as the financial advisor and exclusive placement agent for dMY Squared regarding a $110 million PIPE investment intended to support a proposed business combination with Horizon Quantum. This PIPE financing exceeded Horizon Quantum’s original target raise by over 120% and includes commitments from IonQ, one of the world’s largest quantum computing companies, as well as a Fortune 50 technology company and other institutional investors. The transaction is expected to close in the first quarter of 2026.
Several legal firms are advising on the business combination. Ellenoff Grossman & Schole LLP and Rajah & Tann Singapore LLP are acting as legal counsel to Horizon Quantum. Conversely, White & Case LLP and TCF Law Group, PLLC are providing legal counsel to dMY Squared. These firms are supporting the complex financial and legal processes required for the proposed merger and associated PIPE investment.
ICR, LLC is serving as the strategic communications advisor for dMY Squared. This role is crucial for managing communications surrounding the business combination and the $110 million PIPE financing. The transaction is designed to provide Horizon Quantum with approximately $137 million in cash upon closing, before transaction costs, to fund research and development, strengthen its hardware testbed, and advance its Triple Alpha development environment.
This PIPE transaction, which was well oversubscribed and includes meaningful commitments from some of the most strategic companies in the enterprise computing and quantum industries, is an exciting endorsement of Horizon Quantum’s groundbreaking innovation roadmap.
Harry You
dMY Squared as a Special Purpose Company
dMY Squared is a special purpose acquisition company, often called a “blank check company,” seeking to merge with another business. It entered into subscription agreements for a $110 million PIPE (Private Investment in Public Equity) financing to support a proposed business combination with Horizon Quantum Computing. This PIPE investment, exceeding the original target by over 120%, includes investments from IonQ, a large quantum computing company, and a Fortune 50 technology company.
Upon closing the business combination, Horizon Quantum expects access to approximately $137 million in cash. This figure combines roughly $27 million held in a trust account by dMY Squared with the $110 million raised through the PIPE financing. These net proceeds are earmarked to accelerate Horizon Quantum’s research and development efforts, strengthen its hardware testbed, and further advance its Triple Alpha development environment for quantum software.
Needham & Company is serving as dMY Squared’s financial advisor and exclusive placement agent for the PIPE. Several law firms are involved in the legal aspects of the deal, representing both Horizon Quantum and dMY Squared. The proposed business combination requires filings with the SEC, including a registration statement on Form F-4, to provide shareholders with details and voting opportunities.
