425: Horizon Quantum Unveils First Operational Quantum Computer

Horizon Quantum Computing, set to combine with dMY Squared Technology Group, announced the successful assembly and integration of its first operational quantum computer.

Summary

• Horizon Quantum Computing has completed the assembly and integration of its first quantum computer at its Singapore headquarters, which is now fully operational.
• This achievement positions Horizon Quantum as the first quantum software company to own and operate a quantum computer.
• The system was assembled from best-in-class components, including Maybells cryogenic platform, Quantum Machines control electronics, and a Rigetti superconducting quantum processor.
• The in-house system provides a testbed for tight integration between hardware and software, aiming to enhance the functionality of its Triple Alpha integrated development environment.
• The announcement is made in the context of a previously disclosed business combination agreement between dMY Squared Technology Group, Inc., Rose Holdco Pte. Ltd., and Horizon Quantum, entered into on September 9, 2025.

Sentiment

Score: 8

Explanation: The announcement of Horizon Quantum's first operational quantum computer is a significant technical milestone, especially for a software-focused company. It demonstrates strong execution and strategic positioning for future growth, which is highly positive for the ongoing business combination. The forward-looking statements are optimistic, though tempered by standard risk disclosures.

Positives

• Horizon Quantum Computing successfully assembled and integrated its first operational quantum computer.
• The company is now the first quantum software company to own and operate a quantum computer, providing full control over both hardware and software stacks.
• The modular design of the quantum computer allows for swapping components, facilitating development across diverse configurations and architectures.
• The in-house testbed is expected to enable tight integration between hardware and software, aiming for a shorter path to useful quantum computing and enhanced functionality of Triple Alpha.
• The achievement underscores Horizon Quantum's leadership in building software infrastructure for quantum computing.

Risks

• The occurrence of any event, change, or other circumstances that could lead to the termination of the Business Combination Agreement.
• The outcome of any legal proceedings that may be instituted against the parties following the announcement of the Business Combination.
• Inability to complete the Business Combination due to failure to obtain shareholder approval or other closing conditions.
• Changes to the structure of the Business Combination required by laws, regulations, or regulatory approval conditions.
• Horizon's ability to scale and grow its business, and the realization of its expected growth.
• The cash position of Horizon following the closing of the Business Combination.
• Inability to obtain or maintain the listing of Holdco's securities on the New York Stock Exchange, NYSE American, or Nasdaq after the Business Combination.
• The risk that the announcement and pendency of the Business Combination disrupts Horizon's current plans and operations.
• The ability to recognize the anticipated benefits of the Business Combination, which may be affected by competition, Holdco's ability to grow profitably, and its ability to source and retain key employees.
• Costs related to the Business Combination.
• Changes in applicable laws and regulations or political and economic developments.
• The possibility that Horizon may be adversely affected by other economic, business, and/or competitive factors.
• Horizon's estimates of expenses and profitability.
• The amount of redemptions by dMY public shareholders in connection with the Extension and the Business Combination.
• Difficulties operating Horizon's quantum processor and the possibility that it does not provide the expected advantages.
• Other risks and uncertainties included in the Risk Factors sections of dMY's Annual Report, other SEC filings, and the Registration Statement.

Future Outlook

Horizon Quantum's first quantum computer is expected 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, supporting its goal of delivering hardware-agnostic development tools. The in-house quantum computer is expected to be made available via Triple Alpha. The business combination with dMY Squared Technology Group is anticipated to accelerate Horizon's vision.

Management Comments

• Dr. Joe Fitzsimons, founder and CEO of Horizon Quantum: "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.: "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 achievement of assembling and operating its own quantum computer positions it uniquely as a quantum software company with direct hardware control. This strategy of tight hardware-software integration is a significant trend in the nascent quantum computing industry, aiming to overcome current limitations and accelerate the path to "quantum advantage." By combining best-in-class components from various suppliers (Maybell, Quantum Machines, Rigetti), Horizon is demonstrating a modular and hardware-agnostic approach, which could be a differentiator in a rapidly evolving and competitive landscape dominated by both large tech companies and specialized startups.

Comparison to Industry Standards

• Horizon Quantum is noted as the "first quantum software company to own and run a quantum computer," which sets it apart from other quantum software developers who typically rely solely on third-party hardware providers (e.g., IBM Quantum, Google AI Quantum, AWS Braket).
• The use of a modular design, combining components from Maybell (cryogenic platform), Quantum Machines (control electronics), and Rigetti (superconducting quantum processor), indicates a strategy to avoid vendor lock-in and integrate with diverse hardware, contrasting with companies that develop proprietary full-stack solutions.
• This approach aims to bridge the gap between theoretical quantum computation and practical realization, a common challenge across the industry.

Legal Proceedings

• No current legal proceedings are disclosed, but the risk of future legal proceedings related to the Business Combination is noted.

Stakeholder Impact

• Shareholders (dMY): Will vote on the business combination and an extension. The successful assembly of the quantum computer could be seen as a positive development for the value of the combined entity.
• Shareholders (Horizon/Holdco): Will benefit from the successful completion of the business combination and the strategic advantage gained by the operational quantum computer.
• Employees (Horizon): The development of in-house hardware provides new opportunities for technical integration and innovation.
• Customers/Developers (Horizon): The in-house quantum computer is expected to enhance Triple Alpha, potentially offering more robust and integrated development tools.

Next Steps

• Holdco and Horizon will file a registration statement on Form F-4 with the SEC, including 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.
• dMY shareholders will vote on an amendment to dMY's articles of organization to extend the date by which dMY must consummate an initial business combination.
• Horizon Quantum expects to make its in-house quantum computer available via Triple Alpha.

Key Dates

Recommendation

The successful assembly and operation of Horizon Quantum's first quantum computer is a significant technical and strategic milestone, especially for a software-focused company. This achievement, coupled with the ongoing business combination with dMY Squared Technology Group, positions the combined entity favorably in the rapidly evolving quantum computing market. The ability to tightly integrate hardware and software in-house provides a competitive advantage and accelerates the path to practical quantum applications. While risks associated with the business combination and the nascent nature of quantum computing exist, this development signals strong execution and potential for future growth, making it an attractive investment opportunity.

Keywords

Quantum Computing, Horizon Quantum, dMY Squared Technology Group, Business Combination, Quantum Software, Quantum Hardware, Triple Alpha, Rigetti, Maybell, Quantum Machines, SPAC, Technology, Singapore