Horizon Quantum Computing Eyes $500M SPAC Merger
Deal News | Feb 27, 2025 | EIN
Horizon Quantum Computing, a Singapore-based software company, has reached an agreement to merge with blank-cheque company dMY Squared Technology, positioning itself to go public with a pre-money valuation of $500 million. The transaction, aimed to be finalized by the year's end, awaits regulatory clearances and shareholder approval. This merger allows Horizon, which offers quantum computing solutions and has developed a proprietary programming language called Helium, to list publicly in the United States in collaboration with dMY, a SPAC that provides a streamlined listing route. Supported by significant shareholders like SGInnovate, Tencent, and Peak XV Partners, Horizon had raised $18.1 million in 2023 for expanding its team and accelerating product development. This merger reflects a broader resurgence in SPAC-related activities post-2024.
Sectors
- Quantum Computing
- Special Purpose Acquisition Company (SPAC)
- Venture Capital
Geography
- Singapore – Horizon Quantum Computing is based in Singapore, supported by the government-owned SGInnovate.
- United States – dMY Squared is a US-based SPAC, and the merger will result in Horizon Quantum Computing being publicly listed on a US exchange.
Industry
- Quantum Computing – Horizon Quantum Computing is engaged in developing quantum software tools and operating systems, which positions it in the quantum computing industry.
- Special Purpose Acquisition Company (SPAC) – dMY Squared Technology Group is a SPAC facilitating Horizon Quantum Computing's public listing.
- Venture Capital – Horizon Quantum Computing has received funding from venture capital firms such as Peak XV Partners, relevant to the VC industry.
Financials
- $500 million – Pre-money valuation for Horizon Quantum Computing's merger with dMY Squared Technology Group.
- $18.1 million – Series A funding raised by Horizon Quantum Computing in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Horizon Quantum Computing | Target Company | Company | A quantum computing software firm based in Singapore, developing software tools and a quantum operating system. |
| dMY Squared Technology Group | Bidding Company | Company | A New York Stock Exchange-listed SPAC acquiring Horizon Quantum Computing to facilitate its public listing. |
| SGInnovate | Backer/Investor | Company | A Singapore government-owned innovation platform backing Horizon Quantum Computing. |
| Tencent | Backer/Investor | Company | A Chinese internet giant investing in Horizon Quantum Computing. |
| Peak XV Partners | Backer/Investor | Company | A venture capital firm that led Series A and earlier funding rounds for Horizon Quantum Computing. |
| Harry You | Leader of dMY Squared | Person | Leader of the SPAC dMY Squared Technology Group facilitating the merger with Horizon Quantum Computing. |
| Joe Fitzsimons | CEO of Horizon Quantum Computing | Person | CEO of Horizon Quantum Computing who will lead the combined entity post-merger. |