Horizon Quantum Holdings Ltd.
Develops software infrastructure and programming tools for quantum computers, aimed at commercial enterprises and hardware providers.
Enterprise software and production AISoftware ·Nasdaq: HQ · merged with dMY Squared Technology Group, Inc. (DMYY) · closed 19 Mar 2026, listed
Horizon Quantum went public through its combination with dMY Squared Technology Group, Inc., which closed on 19 March 2026 after redemptions at two extension votes and the closing vote had taken 85.4% of the public shares. It had $119.7 million in cash at closing, from the trust and a PIPE of Class A ordinary shares; $8.4 million of SAFEs funded before closing converted into shares. For 2025 it reported revenue of $38,883 and a net loss of $17.9 million, and it held $113.3 million of cash and cash equivalents at 30 June 2026.
As announced, illustrative
- Pre-money equity value
- $503M6
- Pro forma equity value
- Not disclosed
- Pro forma enterprise value
- Not disclosed
- Assuming
- Assumes 0% redemptions; trust value of $11.74 per share and trust cash measured as of December 31, 2025; financing shares issued and valued at the trust value per share; $110.4m estimated equity financing and $20.0m estimated transaction expenses; includes Horizon’s $0.2m existing cash and $0 debt as of December 31, 2025, but excludes $2m of signed, unclosed SAFEs from net cash; excludes 3.2m public warrants and 2.9m private placement warrants; Horizon’s ownership includes 40.2m ordinary shares and 3.0m vested options using the treasury stock method, and excludes 2.6m unvested options.7†
† Read from investor presentation
At closing
- Revenue, FY2025
- $39K1
- SPAC trust at IPO
- $64.1M2
- Trust cash kept at closing
- $11M4
- Financing funded at closing, PIPE (Class A ordinary shares)
- $109M4
- Cash at closing, before expenses
- $120M4
- Transaction costs, all parties
- $21.6M4
- Net cash at closing, after costs
- $98.2M4
- Financing funded before closing (not in cash at closing), SAFEs
- $8.4M1
- Committed, not funded at closing
- Not disclosed
- Equity value at closing, common shares at $10.00
- $516M5
- Debt at closing
- None1
- Warrants
- Company Warrants (public and private, assumed from DMY), each exercisable for one Class A ordinary share at $11.50; expire five years after closing5
- Other instrument
- Company Options — underlying Class A ordinary shares at closing1
Latest filings
Sources and uses, as announced
Read from investor presentation| Line | Sources | Uses |
|---|---|---|
| DMYY cash in trust7 | $27.3M | |
| Estimated equity financing7 | $110M | |
| Horizon Quantum existing cash7 | $200K | |
| Horizon Quantum rollover equity7 | $508M | |
| DMYY sponsor rollover equity7 | $18.6M | |
| Total sources7 | $664M | |
| Cash to balance sheet7 | $118M | |
| Estimated transaction expenses7 | $20M | |
| Horizon Quantum rollover equity7 | $508M | |
| DMYY sponsor rollover equity7 | $18.6M | |
| Total uses7 | $664M |
This record is for informational purposes only. It is compiled from SEC filings and, for share prices, the named market-data provider, with the assistance of AI. Although checked against its sources, it may contain errors or omissions and has not been audited; where it differs from the original filings, the filings prevail. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Past performance does not indicate future results.