8-K: Horizon Quantum Completes dMY Squared Merger, Nasdaq Listing

Horizon Quantum Computing has completed its business combination with dMY Squared Technology Group, Inc., securing approximately $120 million in gross proceeds and preparing for Nasdaq trading under the ticker HQ.

Summary

• The business combination between dMY Squared Technology Group, Inc. and Horizon Quantum Computing Pte. Ltd. has been completed.
• dMY's shareholders approved the Business Combination at a special meeting held on March 17, 2026.
• Horizon Quantum received approximately $120 million in gross proceeds before transaction expenses.
• The combined company's Class A ordinary shares and warrants will begin trading on Nasdaq on March 20, 2026, under the ticker symbols HQ and HQWWW, respectively.
• Proceeds from the transaction are planned to accelerate investments in research and development, strengthen the hardware testbed, and further advance the integrated development environment, Triple Alpha.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a highly positive development, marking a significant milestone for Horizon Quantum with substantial capital infusion and a public listing, positioning it for accelerated growth in a critical technology sector.

Positives

• Completion of the business combination provides Horizon Quantum with approximately $120 million in gross proceeds, significantly bolstering its financial position.
• The upcoming Nasdaq listing under ticker HQ is expected to enhance the company's visibility, liquidity, and access to capital markets.
• Funds will be strategically deployed to accelerate research and development, strengthen the hardware testbed, and advance the Triple Alpha integrated development environment, fostering innovation.
• Horizon Quantum's focus on hardware-agnostic software infrastructure positions it to benefit regardless of market share shifts among competing quantum modalities, including cloud-based solutions.

Risks

• Actual results may differ materially and adversely from expectations, estimates, and projections.
• The ability to scale and grow the business, including through the use of proceeds from the Business Combination, and the realization of expected advantages and growth.
• The cash position of Horizon Quantum following the closing of the Business Combination.
• The ability to recognize the anticipated benefits of the Business Combination, which may be affected by competition, the ability to grow and manage growth profitably, and the capacity to source and retain key employees.
• Costs related to the Business Combination.
• Changes in applicable laws and regulations or broader political and economic developments.
• The possibility of being adversely affected by other economic, business, and/or competitive factors.
• Horizon Quantum's estimates of expenses and profitability.
• Difficulties operating Horizon Quantum's quantum processor and the possibility that it may not provide the expected advantages.
• The ability to integrate access to its quantum computing test bed within its Triple Alpha platform.
• The ability of Horizon Quantum's coding languages to provide additional abstraction when compared to other quantum computing solutions.
• The ability to recognize the benefits of the Side Letter, dated December 4, 2025, as amended, among Horizon Quantum, Horizon Quantum Holdings Ltd., dMY, and IonQ, Inc.
• The ability to maintain the listing of Horizon Quantum's Class A ordinary shares and warrants on Nasdaq following the Business Combination.
• Other risks and uncertainties included in the Risk Factors sections of the Registration Statement on Form F-4 filed by Horizon Quantum in connection with the Business Combination, and other documents filed or to be filed with the SEC by Horizon Quantum.

Future Outlook

Horizon Quantum plans to use the approximately $120 million in gross proceeds to accelerate investments in research and development, strengthen its hardware testbed, and further advance its integrated development environment, Triple Alpha, positioning itself to power the next phase of quantum computing.

Management Comments

• "With today's closing and our Nasdaq listing, Horizon Quantum is positioned to deliver the software infrastructure that will power this next phase of computing and help enable broad quantum advantage across tough computational problems." Dr. Joe Fitzsimons, Founder and CEO of Horizon Quantum.
• "While there is still much work needed before quantum computers reach their full potential, with more than 20 years in quantum computing research, I have never been more excited about the prospects and future of the technology." Dr. Joe Fitzsimons.
• "Horizon Quantum is compelling because the company is approaching the quantum industry with hardware-agnostic software infrastructure that stands to benefit regardless of which way the market share ultimately falls across the competing quantum modalities, including the cloud." Harry You, Chairman and CEO of dMY.

Industry Context

StockSavvy.ai notes that the completion of this SPAC merger positions Horizon Quantum as a publicly traded entity in the rapidly evolving quantum computing sector. The focus on hardware-agnostic software infrastructure addresses a critical need in the industry, aiming to bridge the gap between diverse quantum hardware advancements and practical application development, a strategy that could mitigate risks associated with hardware modality competition.

Comparison to Industry Standards

• Horizon Quantum's strategy of building hardware-agnostic software infrastructure, exemplified by its Triple Alpha integrated development environment, aligns with a growing trend in the quantum computing industry to abstract away hardware complexities. This approach is similar to how companies like Microsoft (Azure Quantum) and Amazon (AWS Braket) are building platforms to support multiple quantum hardware providers, aiming for broader developer adoption.
• The $120 million in gross proceeds is a significant capital injection for a quantum software company, comparable to funding rounds seen by other quantum startups, though specific direct public market comparisons for pure quantum software infrastructure companies are still emerging given the nascent stage of the industry.
• The Nasdaq listing under HQ places Horizon Quantum alongside other publicly traded quantum companies such as IonQ (IONQ) and Rigetti Computing (RGTI), providing a benchmark for investor sentiment and valuation in the quantum space.

Stakeholder Impact

• Shareholders of dMY have had their investment converted into shares of the combined entity, Horizon Quantum, which will now trade on Nasdaq.
• Existing Horizon Quantum shareholders now have a publicly traded company, potentially increasing liquidity and valuation opportunities.
• Employees may see new opportunities and growth as the company plans to accelerate R&D and strengthen its testbed.
• Customers and developers are expected to benefit from continued investment in the Triple Alpha integrated development environment, offering advanced quantum software tools.

Next Steps

• Horizon Quantum to begin trading on Nasdaq under the ticker symbol HQ on March 20, 2026.
• Warrants to begin trading on Nasdaq under the ticker symbol HQWWW on March 20, 2026.
• Accelerate investments in research and development.
• Strengthen hardware testbed.
• Further advance the integrated development environment Triple Alpha.

Key Dates

Recommendation

The successful completion of the business combination, coupled with a significant capital injection of $120 million and a Nasdaq listing, provides Horizon Quantum with a strong foundation for growth in the nascent but high-potential quantum computing software sector. The company's hardware-agnostic approach addresses a key industry challenge, positioning it favorably regardless of hardware modality shifts. This strategic positioning, combined with accelerated R&D plans, suggests strong long-term value creation potential for investors willing to take on the inherent risks of an emerging technology.

Keywords

Quantum Computing, Software Infrastructure, SPAC Merger, Nasdaq Listing, Horizon Quantum, dMY Squared, Triple Alpha, Quantum Applications, Technology, Investment