Horizon Quantum and dMY Squared Raise $110 M in PIPE
Horizon Quantum and dMY Squared Secure oversubscribed a $110 million PIPE investment to advance quantum software.
Today, 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 quantum software infrastructure, announced that they have signed subscription agreements with investors for a $110 million PIPE financing. This large capital infusion will support the previously announced company combination (the “Business Combination”), which is planned to close in the first quarter of 2026.
The SPAC redemption rate per share is used to price the PIPE financing as common stock. Finalised PIPE pledges exceeded Horizon Quantum's initial fundraising objective by over 120%, indicating substantial investment demand. The strategic investor group includes IonQ, Inc., a Fortune 50 technology company and one of the world's largest quantum computing businesses, and other important institutional investors.
Horizon Quantum should have $137 million in cash after the Business Combination if dMY Squared's public shareholders don't exercise their redemption rights. This includes the $110 million from PIPE financing and the $27 million in dMY Squared's trust account. The deal will fund strategic expansion, including building the company's core Triple Alpha development environment, improving its hardware testbed, and increasing R&D investments.
Software Roadmap approval
Horizon Quantum founder and CEO Dr. Joe Fitzsimons termed the announcement a “major milestone” and a “exciting endorsement” of the company's strategy. The company's plan for building industry-standard software tools and languages for ubiquitous quantum advantage was highlighted. Dr. Fitzsimons says the PIPE agreement will offer “significant new capital” to support the enormous software infrastructure needed to fully realise quantum computing's potential in practical applications.
Harry You, Chairman and CEO of dMY Squared, said the “well oversubscribed” PIPE offering represented significant pledges from business computing and quantum enterprises. Mr. You reiterated dMY Squared's ambition to work with Horizon Quantum on a quantum operating system.
Pioneering Quantum Software Infrastructure After 20 years as a quantum computer researcher and lecturer, Dr. Fitzsimons created Horizon Quantum in 2018. Using cutting-edge quantum software development techniques, the business hopes to bridge the hardware-application gap. The company creates software infrastructure to enable developers to employ quantum computing to address the hardest computational problems.
Our project is based on Triple Alpha IDE. Triple Alpha lets developers build multi-level, hardware-neutral quantum programs. Triple Alpha's main features include Turing-complete language support, C/C++ subroutines, and code portability.
This financial disclosure came two days after the company made a major operational advance. Horizon Quantum claimed to be the first quantum software business to run a quantum computer on December 3, 2025. The company said it has integrated and assembled its first quantum computing system at its Singapore headquarters and made it fully functioning.
Transaction and Regulation
As a blank cheque firm, dMY Squared can conduct a merger, asset purchase, or stock exchange. The merger will include Horizon Quantum Holdings Ltd. (“Holdco”). Holdco and Horizon Quantum will submit a Form F-4 registration statement to the SEC with a preliminary proxy statement for dMY Squared and a preliminary prospectus for Holdco's securities.
Upon SEC review and standard closing requirements, including shareholder approvals, Holdco's Class A ordinary shares and warrants are expected to be listed on the Nasdaq Stock Market under the symbols “HQ” and “HQW” after the transaction closes.