Insider Brief
- Horizon Quantum Computing secured $110 million in PIPE financing to support its planned merger with dMY Squared, exceeding its original target by more than 120%.
- IonQ, a Fortune 50 technology company, and several institutional investors participated in the PIPE, signaling strategic validation for Horizon’s cross-platform quantum software approach.
- If the merger closes in early 2026 with no redemptions, Horizon expects access to approximately $137 million in cash to fund R&D, expand its hardware testbed in Singapore, and advance its Triple Alpha software environment.
PRESS RELEASE — Horizon Quantum Computing has secured $110 million in new funding through a PIPE transaction that will help finance its planned merger with dMY Squared Technology Group, a publicly traded SPAC, according to a statement from the companies.
The raise — priced at the SPAC’s redemption price and structured entirely as common equity — exceeded Horizon Quantum’s initial target by more than 120%.
The commitments include a significant investment from IonQ, one of the world’s largest quantum computing companies, alongside a Fortune 50 technology firm and multiple institutional investors. The participation of IonQ suggests validation from a major hardware leader for Horizon Quantum’s push to build software tools, languages and infrastructure that can run across quantum platforms.
Horizon also announced this week that the company added a quantum computer, completed the assembly and integration of a first quantum computer at its Singapore headquarters.That announcement also revealed that the facility could host more quantum devices.
If the business combination closes as expected in the first quarter of 2026 and assuming no redemptions, Horizon Quantum said it will have access to approximately $137 million in cash before transaction costs. This includes roughly $27 million currently held in dMY Squared’s trust plus the $110 million PIPE. The company plans to use the proceeds to expand R&D, strengthen its hardware testbed, and advance development of Triple Alpha, its software environment designed to lower barriers to building quantum applications.
“Today’s announcement is a major milestone for Horizon Quantum and an exciting endorsement of our approach to unlocking broad quantum advantage and creating industrywide software tools and languages,” said Dr. Joe Fitzsimons, Founder and CEO of Horizon Quantum, in today’s statement. “We expect this PIPE transaction will provide significant new capital to fund investment in our technology roadmap to develop the comprehensive software infrastructure needed to unlock quantum computing’s full potential across real-world applications. We believe that the quantum computing market is at a critical inflection point and Horizon Quantum is well positioned to capitalize on this generational opportunity.”
Dr. Fitzsimons continued: “We are excited to have the support of an impressive roster of strategic and financial institutional investors. We are grateful for the confidence they have shown in our vision and look forward to partnering with them going forward.”
Harry You, Chairman and CEO of dMY Squared, said, in the statement: “This PIPE transaction, which was well oversubscribed and includes meaningful commitments from some of the most strategic companies in the enterprise computing and quantum industries, is an exciting endorsement of Horizon Quantum’s groundbreaking innovation roadmap. We remain excited to partner with Horizon Quantum to enable their development of a quantum operating system.”
Needham & Company, LLC, is serving as dMY Squared’s financial advisor and exclusive placement agent for the PIPE. Ellenoff Grossman & Schole LLP is acting as legal counsel to Horizon Quantum and Rajah & Tann Singapore LLP is acting as Singapore legal counsel to Horizon Quantum. White & Case LLP is acting as legal counsel to dMY Squared and TCF Law Group, PLLC is acting as Massachusetts legal counsel to dMY Squared. ICR, LLC, is serving as dMY Squared’s strategic communications advisor.
