Singapore-based Horizon Quantum has completed its merger with blank cheque firm dMY Squared Technology Group, giving the quantum software company a Nasdaq listing following a deal that earlier valued the firm at about $500 million pre-money.
dMY shareholders approved the transaction on March 17, and the combined company’s Class A ordinary shares and warrants began trading on Nasdaq on March 20 under the ticker symbols “HQ” and “HQWWW,” respectively, according to an announcement.
The deal delivers roughly $120 million in gross proceeds to Horizon before expenses, funds the company said it plans to use to accelerate research and development, strengthen its hardware testbed, and advance Triple Alpha, its integrated development environment for quantum applications.
Horizon Quantum, founded in 2018 by Chief Executive Joe Fitzsimons, develops software tools designed to help programmers build quantum applications across different hardware systems.
The Singapore-headquartered company is also working on a runtime environment and a broader software stack that it says could help bridge the gap between today’s quantum hardware and real-world commercial use cases.
The company is backed by SGInnovate, Tencent, and Peak XV Partners.
Horizon has said its software includes a programming language called Helium, part of its push to make quantum systems easier for developers to use.
Fitzsimons has previously said the biggest opportunity in quantum computing lies in enabling users to apply the technology to real-world problems rather than focusing solely on hardware advances.
“Recent rapid progress in advancing quantum computing hardware and breakthroughs in error correction mean that the field is reaching an inflection point,” Fitzsimons said in a statement announcing the completion of the merger.
The transaction was led by dMY Squared, a special purpose acquisition company chaired by Harry You. The deal was first announced in February 2025.
SPACs raise money through an IPO and then merge with a private company, offering an alternative route to public markets that is often faster than a traditional listing.
You said Horizon’s appeal lies in its hardware-agnostic software model, which could allow it to benefit regardless of which quantum computing architecture eventually gains market share.
In 2023, Horizon said it raised $18.1 million in a Series A round from then-Sequoia Capital India, now Peak XV, alongside Tencent, SGInnovate, Pappas Capital, and Expeditions Fund to expand its engineering team and speed up product development.
