8-K: Horizon Quantum Unveils First Operational Quantum Computer

Horizon Quantum Computing, a dMY Squared Technology Group merger target, announced the successful assembly and integration of its first operational quantum computer.

Summary

• Horizon Quantum Computing Pte. Ltd. (Horizon Quantum) has completed the assembly and integration of its first quantum computer at its Singapore headquarters, making it fully operational as of December 3, 2025.
• This achievement positions Horizon Quantum as the first quantum software company to own and operate its own quantum computer.
• The system was built using best-in-class components, including Maybell's cryogenic platform, Quantum Machines' control electronics, and a Rigetti superconducting quantum processor.
• Horizon Quantum believes this in-house hardware testbed will enable tight integration between hardware and software, aiming for the shortest path to useful quantum computing and enhancing its Triple Alpha integrated development environment.
• The company plans for the system to be hardware-agnostic, supporting integration with various platforms, including cloud-based systems and traditional data centers.
• This announcement comes in the context of a previously disclosed business combination agreement entered into on September 9, 2025, between dMY Squared Technology Group, Inc. (dMY), Rose Holdco Pte. Ltd. (Holdco), and Horizon Quantum.

Sentiment

Score: 8

Explanation: The announcement of Horizon Quantum's first operational quantum computer is a significant positive technical milestone, demonstrating tangible progress for the company. This is particularly impactful given the ongoing business combination with dMY. While risks related to the merger and the nascent nature of quantum computing exist, the immediate news is a strong positive for the company's technological development and strategic positioning.

Positives

• Horizon Quantum Computing has successfully assembled and integrated its first quantum computer, which is now fully operational.
• The company is the first quantum software company to own and operate its own quantum computer, providing full control over both hardware and software stacks.
• This development is expected to enhance the functionality of Horizon Quantum's integrated development environment, Triple Alpha, and accelerate quantum application development.
• The modular design of the quantum computer allows for flexibility in testing and integrating software infrastructure with diverse hardware configurations.
• The milestone is seen as an impressive accomplishment by dMY's CEO, Harry You, underscoring Horizon Quantum's leadership in quantum software infrastructure.

Risks

• The business combination agreement could be terminated due to various events, changes, or circumstances.
• Potential legal proceedings may be instituted against the parties following the announcement of the Business Combination and the Business Combination Agreement.
• Inability to complete the Business Combination due to failure to obtain shareholder approvals or other closing conditions.
• Changes to the structure of the Business Combination may be required by laws, regulations, or as a condition for regulatory approval.
• Uncertainty regarding Horizon Quantum's ability to scale and grow its business effectively.
• The cash position of Horizon Quantum following the closing of the Business Combination is a factor.
• Risk of inability to obtain or maintain the listing of Holdco's securities on major exchanges (NYSE, NYSE American, or Nasdaq) post-Business Combination.
• The announcement and pendency of the Business Combination could disrupt Horizon Quantum's current plans and operations.
• Inability to recognize the anticipated benefits of the Business Combination, potentially affected by competition, Holdco's growth management, and key employee retention.
• Costs related to the Business Combination could be higher than anticipated.
• Changes in applicable laws and regulations or broader political and economic developments could adversely affect the business.
• Horizon Quantum may be adversely affected by other economic, business, and/or competitive factors.
• Horizon Quantum'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 Quantum'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 aid in developing a sophisticated hardware-agnostic development and execution stack to unlock quantum advantage. The system is anticipated to be made available via Triple Alpha. The broader outlook is tied to the successful completion of the business combination with dMY and Holdco, which is expected to accelerate Horizon's vision.

Management Comments

• Dr. Joe Fitzsimons, founder and CEO of Horizon Quantum, stated: '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

This announcement positions Horizon Quantum as a unique player in the nascent but rapidly evolving quantum computing industry, being the first quantum software company to own and operate its own quantum computer. This integrated approach could provide a competitive edge by allowing deeper hardware-software optimization, potentially accelerating the path to 'quantum advantage' compared to companies solely focused on either hardware or software, or those relying entirely on third-party hardware access.

Comparison to Industry Standards

• Horizon Quantum's strategy of integrating hardware and software development in-house contrasts with many quantum software companies that rely solely on cloud-based access to third-party quantum hardware providers (e.g., IBM Quantum, Amazon Braket, Google Quantum AI).
• By assembling its system from best-in-class components (Maybell, Quantum Machines, Rigetti), Horizon Quantum demonstrates a 'best-of-breed' approach, potentially allowing for greater flexibility and performance optimization compared to single-vendor integrated solutions.
• The establishment of an in-house testbed with capacity for multiple systems suggests a commitment to continuous development and testing across diverse quantum architectures, a capability not commonly found among pure-play quantum software firms.

Legal Proceedings

• The filing mentions a risk of '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.'

Stakeholder Impact

• **Shareholders of dMY:** Will vote on the business combination and the extension. The successful development by Horizon Quantum could increase the attractiveness of the merger.
• **Investors in Horizon Quantum:** The operational quantum computer validates the company's technological capabilities and could enhance its valuation post-merger.
• **Employees of Horizon Quantum:** The in-house hardware testbed provides new opportunities for technical development and integration work.
• **Customers/Developers using Triple Alpha:** The new quantum computer is expected to enhance Triple Alpha's functionality and will eventually be made available through it, offering advanced development tools.
• **Suppliers (Maybell, Quantum Machines, Rigetti):** Horizon Quantum's use of their components highlights their role in the quantum ecosystem.

Next Steps

• Holdco and Horizon will file a registration statement on Form F-4, 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.
• Horizon Quantum's in-house quantum computer is expected to be made available via Triple Alpha.

Key Dates

Recommendation

The successful assembly and integration of Horizon Quantum's first operational quantum computer represents a significant technical achievement and a strong validation of its capabilities. As the first quantum software company to own and operate its own hardware, Horizon gains a unique competitive advantage in optimizing hardware-software integration, which is crucial for achieving quantum advantage. This milestone, coupled with the ongoing business combination with dMY, positions the combined entity favorably in the rapidly growing quantum computing market. While risks associated with the merger and the nascent industry exist, this tangible progress suggests strong execution and future potential, making it an attractive 'buy' for investors with a long-term view on disruptive technology.

Keywords

Quantum Computing, Quantum Software, Hardware-Agnostic, Triple Alpha, SPAC, Business Combination, dMY Squared Technology Group, Horizon Quantum Computing, Technology, Innovation, SEC Filing, 8-K