DEFA14A: Horizon Quantum Unveils First In-House Quantum Computer

Horizon Quantum Computing, a quantum software pioneer, has completed assembly and integration of its first operational quantum computer in Singapore.

Summary

• Horizon Quantum Computing (Horizon) has successfully assembled and integrated its first quantum computer at its Singapore headquarters, making it fully operational.
• This achievement positions Horizon as the first quantum software company to own and operate a quantum computer.
• The system was built from best-in-class components, including Maybell's cryogenic platform, Quantum Machines' control electronics, and a Rigetti superconducting quantum processor.
• Horizon believes this tight integration between hardware and software will accelerate the path to useful quantum computing and enhance its Triple Alpha integrated development environment.
• The company aims to integrate its software infrastructure with various quantum hardware stacks and be operational on multiple platforms, including cloud-based and traditional data centers.
• This development is a significant milestone ahead of Horizon's pending business combination with dMY Squared Technology Group, Inc. (dMY), announced on September 9, 2025.

Sentiment

Score: 8

Explanation: The announcement of Horizon Quantum's successful assembly and operation of its first quantum computer is a significant technical and strategic milestone. This positions the company uniquely as a quantum software firm with direct hardware control, which is a strong positive in the nascent and highly competitive quantum computing sector. While standard risks associated with forward-looking statements and business combinations are present, the core news is a substantial positive development.

Positives

• Horizon Quantum Computing has completed the assembly and integration of its first quantum computer, which is now fully operational.
• Horizon is the first quantum software company to own and operate a quantum computer, demonstrating a unique strategic position.
• The in-house system provides a testbed with full control over both hardware and software, expected to narrow the gap between theoretical and practical quantum computation.
• This development is anticipated to enhance the functionality of Triple Alpha, Horizon's integrated development environment, and advance seamless quantum application development.
• The modular design of the system allows for flexibility in testing and integrating with diverse configurations and architectures, supporting hardware-agnostic development.
• Management views this as an 'impressive accomplishment' that 'underscores the company's leadership' in quantum software infrastructure.

Risks

• Actual results may differ materially and adversely from forward-looking statements due to significant risks and uncertainties.
• Known and unknown risks are indicated in dMY's Annual Report, other SEC filings, and the Registration Statement.
• The Business Combination Agreement could be terminated by certain events, changes, or circumstances.
• Legal proceedings may be instituted against the parties following the announcement of the Business Combination.
• The Business Combination may not be completed due to failure to obtain shareholder approval or other closing conditions.
• Changes to the structure of the Business Combination may be required due to applicable laws, regulations, or regulatory approval conditions.
• Horizon's ability to scale and grow its business, and the realization of its expected growth, are uncertain.
• The cash position of Horizon following the closing of the Business Combination is a factor.
• Inability to obtain or maintain the listing of Holdco's securities on the New York Stock Exchange, NYSE American, or Nasdaq following the Business Combination.
• The announcement and pendency of the Business Combination could disrupt Horizon's current plans and operations.
• The anticipated benefits of the Business Combination may not be recognized, potentially affected by competition, Holdco's ability to grow profitably, and retention of key employees.
• Costs related to the Business Combination could be higher than expected.
• Changes in applicable laws and regulations or political and economic developments could adversely affect the business.
• Horizon may be adversely affected by other economic, business, and/or competitive factors.
• Horizon's estimates of expenses and profitability may prove inaccurate.
• The amount of redemptions by dMY public shareholders in connection with the Extension and the Business Combination could impact available capital.
• Difficulties operating Horizon's quantum processor and the possibility that it does not provide the expected advantages.

Future Outlook

Horizon Quantum expects its in-house quantum computer to enhance the functionality of its Triple Alpha integrated development environment and push the boundaries of seamless quantum application development. The company aims to integrate its software infrastructure with a variety of quantum hardware stacks and become operational on as many hardware platforms as possible, including cloud-based systems and quantum computers hosted in traditional data centers. Management believes this strategy will help unlock quantum advantage and looks forward to completing the business combination with dMY as Horizon accelerates towards its vision.

Management Comments

• Dr Joe Fitzsimons, founder and CEO of Horizon Quantum, stated: "Our focus at Horizon Quantum is on enabling developers to harness quantum computing to solve real-world problems that are not tractable with conventional computing. Achieving quantum advantage will require close coordination between the hardware and software layers. I strongly believe that by establishing our own hardware testbed we are placing the company in a compelling position to build a sophisticated hardware-agnostic development and execution stack that integrates tightly with hardware control systems and that will help unlock quantum advantage."
• Harry You, Chairman and CEO of dMY Squared Technology Group, Inc., commented: "Horizon Quantum's commissioning of its first in-house quantum computer is an impressive accomplishment and underscores the company's leadership in building the software infrastructure that will power the next era of quantum computing. We are thrilled to support their continued execution and look forward to completing our business combination as Horizon accelerates toward its vision."

Industry Context

Horizon Quantum's move to own and operate its own quantum computer marks a significant strategic shift for a company primarily focused on quantum software infrastructure. This positions them uniquely in the nascent quantum computing industry, where the gap between theoretical models and practical applications remains substantial. By integrating hardware and software development, Horizon aims to accelerate the path to 'quantum advantage,' differentiating itself from purely software-focused or hardware-focused competitors. The use of best-in-class components from Maybell, Quantum Machines, and Rigetti suggests a pragmatic approach to hardware development, leveraging specialized expertise within the ecosystem.

Comparison to Industry Standards

• Horizon Quantum claims to be the 'first quantum software company to own and run a quantum computer,' which, if accurate, sets a new benchmark for software-centric quantum firms by demonstrating a deeper vertical integration capability.

Legal Proceedings

• The outcome of any legal proceedings that may be instituted against the parties following the announcement of the Business Combination and the Business Combination Agreement is a risk factor.

Stakeholder Impact

• **Shareholders (dMY):** Will vote on the proposed business combination; the operational milestone could positively influence their perception of Horizon's value. However, they face risks related to redemptions and the overall success of the merger.
• **Employees (Horizon):** The successful commissioning of the quantum computer validates their technical efforts and supports the company's strategic vision.
• **Customers (future users of Triple Alpha):** Can expect enhanced functionality and more seamless quantum application development as a result of the hardware-software integration.
• **Investors (general):** The announcement provides important information for evaluating the potential of Horizon Quantum Computing and the pending business combination, potentially influencing investment decisions in the quantum computing sector.

Next Steps

• Holdco and Horizon will file a registration statement on Form F-4, which will include a preliminary proxy statement of dMY and a preliminary prospectus of Holdco.
• After the Registration Statement is declared effective, dMY will mail a definitive proxy statement/prospectus to its shareholders for voting on the Business Combination.
• A special meeting of dMY shareholders will be held to vote on the Business Combination.
• Horizon's in-house quantum computer is expected to be made available via its Triple Alpha integrated development environment.
• Horizon aims to integrate its software infrastructure with a variety of quantum hardware stacks and become operational on as many hardware platforms as possible.

Key Dates

Recommendation

The successful commissioning of Horizon Quantum's first in-house quantum computer is a significant technical achievement and a strong positive for the company's strategic positioning in the quantum computing industry. This milestone could enhance the perceived value of Horizon ahead of its business combination with dMY. However, the quantum computing sector remains highly speculative, and the company is still pre-merger, with numerous risks outlined, including the completion of the business combination, scaling challenges, and the inherent uncertainties of developing advanced quantum technology. A 'hold' recommendation acknowledges this positive operational development while maintaining caution due to the early stage of the technology, the speculative nature of the industry, and the pending corporate transaction.

Keywords

Quantum Computing, Quantum Software, Quantum Hardware, Business Combination, SPAC, Horizon Quantum Computing, dMY Squared Technology Group, Triple Alpha, Superconducting Qubits, SEC Filing