Quantum software startup Horizon Quantum and publicly-traded blank check company dMY Squared announced they have entered into subscription agreements with investors for a US$110 million private investment in public equity (PIPE) financing comprised of common equity. This will support a merger that is expected to close in the first quarter of 2026, through which Horizon Quantum will become a publicly traded company on the Nasdaq.
The PIPE financing, priced at the special purpose acquisition company’s (SPAC) redemption rate, includes participation from quantum computing firm IonQ, an unnamed Fortune 50 technology company, and several institutional investors. According to the companies, the commitments surpassed Horizon Quantum’s initial fundraising target by more than 120%.
If the merger closes as planned and assuming no shareholder redemptions, the combined company is expected to have access to about $137 million in cash before transaction costs. Horizon Quantum said it intends to use the proceeds to expand research and development, enhance its hardware testing capabilities, and continue building out its software development tools for quantum applications.
