To propel the quantum software revolution, Horizon Quantum and dMY Squared Secure heavily oversubscribed a $110 million PIPE investment.
dMY Squared Technology Group, Inc. (“dMY Squared”), a publicly traded special purpose acquisition company (SPAC) trading on the OTCQB under the ticker “DMYY,” and Horizon Quantum Computing Pte. Ltd. (“Horizon Quantum”), a leader in creating software infrastructure for quantum applications, announced today that they have successfully signed subscription agreements with investors for a sizeable $110 million Private Investment in Public Equity (PIPE) financing. The previously announced proposed business combination (the “Business Combination”), which is expected to be finalized and closed in the first quarter of 2026, will be supported by this substantial cash infusion.
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The PIPE financing is priced at the SPAC redemption rate per share and is set up as common equity. With finalized PIPE commitments surpassing Horizon Quantum’s initial fundraising goal by over 120%, the demand for the investment was extraordinarily high. Significant investments from IonQ, Inc., a Fortune 50 technology firm and one of the biggest quantum computing companies in the world, as well as some other prominent institutional investors, make up the investor group, which is highly strategic.
After the Business Combination is completed, Horizon Quantum is expected to have access to about $137 million in cash, assuming that the public shareholders of dMY Squared do not exercise their redemption rights. This sum includes the $110 million from the PIPE financing plus the roughly $27 million that dMY Squared presently has in a trust account. The net proceeds of the deal will be used to further strategic expansion objectives, including building the company’s core Triple Alpha development environment, enhancing the company’s fundamental hardware testbed, and increasing R&D investments.
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The Software Roadmap’s approval
Horizon Quantum’s founder and CEO, Dr Joe Fitzsimons, called the news a “major milestone” and a “exciting endorsement” of the business’s approach. He highlighted the business’s strategy for developing the industry-standard software tools and languages needed to realize widespread quantum advantage. According to Dr. Fitzsimons, the PIPE deal will provide the “significant new capital” required to finance the creation of the extensive software infrastructure required to fully realize the potential of quantum computing in practical applications.
This view was echoed by Harry You, Chairman and CEO of dMY Squared, who stated that the “well oversubscribed” PIPE deal represents significant pledges from key firms in the business computing and quantum sectors. Mr. You reaffirmed dMY Squared’s desire to collaborate with Horizon Quantum in order to assist them in their endeavours to create a quantum operating system.
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Leading the Way in Quantum Software Infrastructure
Dr. Fitzsimons, a renowned researcher and former professor in quantum computing with over 20 years of experience, founded Horizon Quantum in 2018. The company’s goal is to use cutting-edge quantum software development tools to close the technological gap between current hardware and future applications. The company’s main goal is to enable developers to use quantum computing to solve the most difficult computational problems in the world by creating the necessary software infrastructure.
The Triple Alpha integrated development environment (IDE) is the foundation of our endeavor. With Triple Alpha, developers can create complex, hardware-neutral quantum programs that function at several levels of abstraction. Support for Turing-complete languages, the ability to use C/C++ subroutines, and code portability are among Triple Alpha’s primary features.
Two days after the company took a significant operational stride, this financial announcement was made. Horizon Quantum declared on December 3, 2025, that it was the first quantum software company to possess and run a quantum computer. The business declared that it had finished integrating and assembling its first quantum computing system at its Singapore headquarters, adding that it was now completely functional.
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Context of Transaction and Regulation
In order to carry out a corporate combination, such as a merger, asset acquisition, or stock exchange, dMY Squared was established as a blank cheque firm. Horizon Quantum Holdings Ltd. (“Holdco”) will be a part of the business combination. A preliminary proxy statement for dMY Squared and a preliminary prospectus for Holdco’s securities will be included in the registration statement on Form F-4 that Holdco and Horizon Quantum will submit to the SEC in conjunction with the transaction.
Holdco’s Class A ordinary shares and warrants are anticipated to be listed on the Nasdaq Stock Market under the symbols “HQ” and “HQW” following the transaction’s closing, contingent upon the fulfillment of the SEC review procedure and standard closing requirements, which include securing the required shareholder approvals.
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