Horizon Quantum Holdings Ltd.
All Connections
5 total
All Connections
5 totalPIPE lead investor (4,230,118 Class A shares, 13.29%), board nomination right (as long as ≥5% of voting shares), 18-month lock-up. PIPE conditioned on Horizon entering commercial agreement to purchase quantum hardware from IonQ. IonQ is both a major shareholder and a captive hardware supplier.
Tencent (via BVI subsidiary THL A12 Limited) is passive 13G filer holding 4,175,570 Class A shares (13.12%). Filed as Rule 13d-1(c) passive holder. Chinese tech giant with government ties; raises national security / CFIUS screening questions for a quantum computing company.
Largest Class A shareholder at 20.32% (6,468,999 shares). Peak XV Partners is the Sequoia India/Southeast Asia franchise. Mauritius-domiciled holding entity. Likely pre-existing VC investor from Horizon's private funding rounds.
SGInnovate (Singapore government deeptech fund) holds 3,486,531 Class A shares (10.95%). Pre-existing investor providing Singapore government validation for the quantum computing thesis.
Serves as director post-merger. Controls 4,097,358 beneficial Class A shares via dMY Squared Sponsor LLC (1,163,484 shares + 2,884,660 warrants) plus 49,214 direct shares. Also personally invested $500K SAFE pre-closing.
All Findings
5 total
All Findings
5 totalfinancial (3)
$110M PIPE raised at $11.82/share; IonQ conditioned its investment on a hardware supply agreement
Horizon and dMY announced $110M PIPE on December 4, 2025 (actual proceeds ~$108M at 9,126,021 shares at $11.82/share). Major PIPE investors include IonQ Inc., Dell International LLC, Tencent (THL A12 Limited), Peak XV Partners, Singapore Innovate, Abies Ventures, and Penchant Family Holdings LLC ($1M). IonQ's PIPE Subscription Agreement included a Side Letter requiring: (1) IonQ board nomination right (as long as ≥5% of voting shares), (2) 18-month lock-up, and (3) conditioned on Horizon/HQ entering a commercial agreement to purchase quantum hardware from IonQ. DMY trust account disbursed ~$13M at close. Total gross proceeds ~$121M.
$508,384,000 merger consideration paid to Horizon shareholders entirely in stock; zero-revenue company at listing
The Business Combination Agreement provides that 'the aggregate merger consideration amount paid to the shareholders of Horizon is $508,384,000 and was paid entirely in newly issued Company Class A Ordinary Shares and Company Class B Ordinary Shares.' The 20-F filed March 25 2026 states: 'We are a development stage company and have not generated any material revenue to date.' H1 2025 revenue was SGD 50,000 (~USD 39,311), flat from H1 2024. Net loss for H1 2025 was SGD 10,264,184 (~USD 8.07M), up 243% from SGD 2,996,335 in H1 2024. Pre-merger total assets: USD 27,427,544 (FY2024). The $508M valuation is purely speculative.
Post-merger capitalization: $138M cash, $125.9M total equity, $61.4M accumulated deficit
20-F reports post-merger capitalization: cash and equivalents $138,000,887; Class A share equity $162,945,076; Class B share equity $24,250,204; accumulated deficit $(61,428,972); total equity $125,911,521. Pre-merger (FY2024), Horizon Computing had $27,427,544 total assets, accounts payable $541,706, accrued expenses $4,176,136, convertible notes — related parties $1,191,667, advances from related parties $2,395,015. The company is cash-funded for runway but has no revenue base.
corporate (2)
Business Combination Agreement signed September 9 2025; BCA valuation implied $508M pre-money for Horizon Quantum Computing
The Business Combination Agreement was dated September 9, 2025 between dMY Squared, Rose Holdco, Rose Acquisition Pte. Ltd., Horizon Merger Sub 2 Inc., and Horizon Quantum Computing. The exchange ratio was set so aggregate consideration = $508,384,000 paid in stock. The F-4/A disclosed dMY considered ~50 potential targets with enterprise values $500M-$2B; two were quantum computing businesses. dMY was introduced to Horizon by de Masi in December 2024; letter of intent signed February 13, 2025; BCA signed September 9, 2025.
Horizon Quantum Holdings Ltd. completed de-SPAC merger with dMY Squared Technology Group on March 19 2026
Horizon Quantum Holdings Ltd. (formerly Rose Holdco Pte. Ltd., CRN 202537774K) consummated its Business Combination Agreement with dMY Squared Technology Group, Inc. (SPAC, Massachusetts) on March 19, 2026. Structure: Rose Acquisition Pte. Ltd. (Merger Sub 1, CRN 202537790M) amalgamated with and into Horizon Quantum Computing Pte. Ltd. (CRN 201802755E); Horizon Merger Sub 2 Inc. (Massachusetts) merged into dMY. Agreement dated September 9, 2025. Class A ordinary shares and warrants began Nasdaq trading under 'HQ' and 'HQWWW' on March 20, 2026.