Horizon Quantum Computing Pte. Ltd. and dMY Squared Technology Group, Inc. Sign Non-Binding Letter of Intent for a Business Combination
Horizon Quantum Computing and dMY Squared Technology Group (NYSE: DMYY) have signed a non-binding letter of intent for a business combination, with the combined company expected to be publicly listed. The deal values Horizon Quantum at approximately $500 million pre-money equity.
Horizon Quantum is developing advanced software development tools for quantum computers, focusing on simplifying the process of creating quantum computing applications. The company aims to create the world's first quantum operating system, comparable to the role of Windows and DOS in classical computing.
The transaction is expected to close before year-end, with Dr. Joe Fitzsimons, Horizon Quantum's current CEO, leading the combined company. The definitive agreement is anticipated in the second quarter, subject to due diligence, board and shareholder approvals, and regulatory clearances.
Horizon Quantum Computing e dMY Squared Technology Group (NYSE: DMYY) hanno firmato una lettera di intenti non vincolante per una combinazione aziendale, con la società risultante che si prevede sarà quotata pubblicamente. L'accordo valuta Horizon Quantum a circa 500 milioni di dollari di equity pre-money.
Horizon Quantum sta sviluppando strumenti avanzati per lo sviluppo di software per computer quantistici, concentrandosi sulla semplificazione del processo di creazione di applicazioni per il calcolo quantistico. L'azienda mira a creare il primo sistema operativo quantistico al mondo, paragonabile al ruolo di Windows e DOS nel calcolo classico.
Si prevede che la transazione si chiuda entro la fine dell'anno, con il Dott. Joe Fitzsimons, attuale CEO di Horizon Quantum, a guidare la società combinata. L'accordo definitivo è atteso nel secondo trimestre, soggetto a due diligence, approvazioni del consiglio e degli azionisti, e autorizzazioni normative.
Horizon Quantum Computing y dMY Squared Technology Group (NYSE: DMYY) han firmado una carta de intención no vinculante para una combinación empresarial, con la empresa combinada que se espera que esté listada públicamente. El acuerdo valora a Horizon Quantum en aproximadamente 500 millones de dólares en capital pre-money.
Horizon Quantum está desarrollando herramientas avanzadas de desarrollo de software para computadoras cuánticas, centrándose en simplificar el proceso de creación de aplicaciones de computación cuántica. La compañía tiene como objetivo crear el primer sistema operativo cuántico del mundo, comparable al papel de Windows y DOS en la computación clásica.
Se espera que la transacción se cierre antes de fin de año, con el Dr. Joe Fitzsimons, actual CEO de Horizon Quantum, liderando la empresa combinada. Se anticipa que el acuerdo definitivo se firme en el segundo trimestre, sujeto a la debida diligencia, aprobaciones del consejo y de los accionistas, y autorizaciones regulatorias.
호라이즌 양자 컴퓨팅과 dMY 스퀘어드 테크놀로지 그룹 (NYSE: DMYY)는 비구속적인 사업 결합에 대한 의향서를 체결하였으며, 결합된 회사는 공개 상장될 것으로 예상됩니다. 이번 거래는 호라이즌 양자의 가치를 약 5억 달러의 프리머니 자본으로 평가합니다.
호라이즌 양자는 양자 컴퓨터를 위한 고급 소프트웨어 개발 도구를 개발하고 있으며, 양자 컴퓨팅 응용 프로그램을 만드는 과정을 단순화하는 데 집중하고 있습니다. 이 회사는 고전 컴퓨팅에서 Windows와 DOS의 역할에 비견되는 세계 최초의 양자 운영 체제를 만드는 것을 목표로 하고 있습니다.
거래는 연말 전에 마무리될 것으로 예상되며, 현재 호라이즌 양자의 CEO인 조 피츠시몬스 박사가 결합된 회사를 이끌게 됩니다. 최종 계약은 두 번째 분기에 체결될 것으로 예상되며, 이는 실사, 이사회 및 주주 승인, 규제 승인을 조건으로 합니다.
Horizon Quantum Computing et dMY Squared Technology Group (NYSE: DMYY) ont signé une lettre d'intention non contraignante pour une combinaison d'entreprises, la société combinée devant être cotée en bourse. L'accord valorise Horizon Quantum à environ 500 millions de dollars de capital avant l'argent.
Horizon Quantum développe des outils avancés de développement de logiciels pour ordinateurs quantiques, en se concentrant sur la simplification du processus de création d'applications de calcul quantique. L'entreprise vise à créer le premier système d'exploitation quantique au monde, comparable au rôle de Windows et DOS dans le calcul classique.
La transaction devrait être finalisée avant la fin de l'année, avec le Dr Joe Fitzsimons, actuel PDG d'Horizon Quantum, à la tête de la société combinée. L'accord définitif est attendu au cours du deuxième trimestre, sous réserve de la due diligence, des approbations du conseil et des actionnaires, et des autorisations réglementaires.
Horizon Quantum Computing und dMY Squared Technology Group (NYSE: DMYY) haben einen unverbindlichen Absichtserklärung für eine Unternehmenszusammenlegung unterzeichnet, wobei das kombinierte Unternehmen voraussichtlich öffentlich gelistet wird. Der Deal bewertet Horizon Quantum mit etwa 500 Millionen Dollar an Pre-Money-Eigenkapital.
Horizon Quantum entwickelt fortschrittliche Software-Entwicklungstools für Quantencomputer und konzentriert sich darauf, den Prozess der Erstellung von Quantencomputing-Anwendungen zu vereinfachen. Das Unternehmen hat das Ziel, das weltweit erste Quantenbetriebssystem zu schaffen, das mit der Rolle von Windows und DOS im klassischen Computing vergleichbar ist.
Es wird erwartet, dass die Transaktion vor Jahresende abgeschlossen wird, wobei Dr. Joe Fitzsimons, der derzeitige CEO von Horizon Quantum, das kombinierte Unternehmen leiten wird. Der endgültige Vertrag wird im zweiten Quartal erwartet, vorbehaltlich der Due Diligence, der Genehmigungen durch den Vorstand und die Aktionäre sowie der regulatorischen Genehmigungen.
- Pre-money equity valuation of $500 million
- Development of first-of-its-kind quantum operating system
- Experienced leadership with Dr. Fitzsimons staying as CEO
- Non-binding letter of intent only - deal not yet definitive
- Multiple closing conditions and approvals still required
- No specific revenue or financial metrics disclosed
Insights
The non-binding LOI between Horizon Quantum Computing and dMY Squared Technology Group (NYSE: DMYY) represents a strategic move in the emerging quantum software sector, with significant implications for both companies.
The proposed transaction values Horizon Quantum at approximately
This deal addresses a fundamental challenge in quantum computing adoption: while hardware continues to advance with increasing qubit counts, the software ecosystem lags significantly. Horizon's focus on compiler technology and runtime environments that abstract away hardware complexity could accelerate practical applications development – similar to how operating systems catalyzed classical computing adoption.
For dMY Squared, this represents continued commitment to the quantum sector, though investors should note this is only a non-binding LOI with significant execution risks ahead. The SPAC market remains challenging, with high redemption rates and difficult PIPE financing conditions that could impact deal completion.
The strategic value proposition centers on Horizon's potential to create cross-platform quantum software tools that work across different quantum hardware architectures. This hardware-agnostic approach reduces developer risk in a market where no dominant quantum computing paradigm has emerged. Dr. Fitzsimons' background in universal blind quantum computing also suggests potential differentiation in secure cloud-based quantum computing – a critical consideration for enterprise adoption.
Quantum software platforms represent one of the more capital-efficient segments of the quantum ecosystem, requiring less intensive R&D than hardware development while potentially capturing significant value as the market matures. However, investors should recognize that meaningful revenue generation likely remains years away, making this a long-horizon investment thesis.
Horizon Quantum's proposed business combination with dMY Squared represents a strategic bet on quantum software infrastructure at a pivotal moment in the industry's development. While quantum hardware continues to advance with companies like IBM, Google, and IonQ making incremental improvements, the ability to program these systems remains extraordinarily complex, requiring deep expertise in quantum physics.
Horizon's approach tackles this fundamental challenge by developing abstraction layers that could allow conventional software developers to harness quantum computers without quantum physics expertise. This is analogous to how operating systems and high-level programming languages dramatically expanded the accessibility of classical computing beyond specialists.
The technical differentiation appears to be in Horizon's compiler technology, which can automatically identify portions of classical code that could benefit from quantum acceleration and transform them into quantum circuits. This "quantum-classical integration" approach is particularly promising because it doesn't require organizations to completely rewrite their software stacks to benefit from quantum computing.
The timing of this venture is strategic. We're entering what industry experts call the NISQ (Noisy Intermediate-Scale Quantum) era, where quantum computers have enough qubits to be potentially useful but remain error-prone. Software that can extract practical utility from these imperfect systems could deliver value years before fault-tolerant quantum computers arrive.
Dr. Fitzsimons' background in universal blind quantum computing is particularly relevant for enterprise adoption concerns. This technology enables secure delegation of quantum computations to untrusted servers – addressing a critical security consideration for cloud-based quantum computing services.
The competitive landscape includes companies like Classiq, QC Ware, and Strangeworks, though Horizon's focus on creating a comprehensive operating system rather than just development tools potentially offers broader platform advantages. The
Enterprise adoption will likely begin in specific verticals where quantum computing offers clear advantages – optimization problems in logistics, materials science simulations, and financial portfolio risk analysis. Horizon's tools could accelerate time-to-value in these early use cases, though significant revenue generation probably remains 2-3 years away.
Combined Company Expected to be Publicly Listed
Dr. Joe Fitzsimons, CEO of Horizon Quantum, to Lead Combined Company
Horizon Quantum is Pioneering Software Development Tools for Quantum Computers and Laying the Foundations for a Quantum Operating System
The quantum computing revolution promises unprecedented computational power, but the complexity of translating real-world problems into quantum solutions remains a significant challenge. Horizon Quantum is creating a new generation of programming tools to simplify and expedite the process of developing software for quantum computers, together with compilers and a runtime environment that extends the capabilities of today’s quantum computers. Horizon Quantum’s breakthroughs to date lay the foundation for the world’s first quantum operating system, mirroring the emergence of Windows and DOS in classical computing.
“We are excited to partner with the dMY team because of their experience in enterprise hardware and software as well as their success as pioneers in the quantum computing industry,” said Dr. Fitzsimons, Founder and CEO of Horizon Quantum. “While quantum hardware continues to advance, the true revolution lies in enabling users to harness these powerful systems for solving real-world challenges. The 'applications bottleneck' represents a critical barrier between quantum computing's theoretical promise and practical impact — one that our team is committed to breaking through.”
“Quantum computing application development addresses the critical gap between advancing hardware capabilities and real-world implementation. We could not be more pleased and excited to work with Joe and his team at Horizon Quantum, who are working to create a common software platform across different quantum computing hardware approaches. From our past experience, we have seen the power of an operating system and management layer to power compute and applications,” said Harry You, Chairman of dMY Squared.
The combined company will be led by Horizon Quantum’s current management team, with Dr. Fitzsimons serving as CEO. He co-invented universal blind quantum computing, a key technology for securing cloud-based quantum systems, and founded Horizon Quantum after a tenured professorship in
Details of the Proposed Transaction:
Under the terms of the LOI, the pre-money equity value of Horizon Quantum in the transaction is approximately
No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to the completion of due diligence, the negotiation of a definitive agreement providing for the proposed business combination, satisfaction of the conditions negotiated therein, board and equity holder approval, regulatory approvals, and other customary conditions.
Additional Information and Where to Find It
If a definitive agreement is entered into in connection with the proposed business combination, a newly formed holding company will prepare a registration statement, including a proxy statement/prospectus, to be filed with the
Participants in the Solicitation
Horizon Quantum and dMY and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of dMY’s shareholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of dMY’s directors and officers in dMY’s Annual Report. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to dMY’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Information concerning the interests of Horizon Quantum’s and dMY’s participants in the solicitation, which may, in some cases, be different than those of their respective equityholders generally, will be set forth in the proxy statement/prospectus relating to the proposed business combination when it becomes available.
Forward-Looking Statements:
This press release includes “forward-looking statements” with respect to dMY and Horizon Quantum. The expectations, estimates, and projections of the businesses of Horizon Quantum and dMY may differ from their actual results and consequently, you should not rely on these forward looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to future performance and anticipated financial impacts of the proposed transaction, the satisfaction of the closing conditions to the proposed transaction, and the timing of the completion of the proposed transaction. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of Horizon Quantum and dMY and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the negotiations and any subsequent definitive agreements with respect to the proposed business combination, and the possibility that the terms and conditions set forth in any definitive agreements with respect to the proposed business combination may differ materially from the terms and conditions set forth in the term sheet; (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed transaction, including due to failure to obtain approval of the shareholders of Horizon Quantum and dMY or other conditions to closing; (4) the inability to obtain or maintain the listing of the post-acquisition company’s common stock on Nasdaq following the proposed transaction; (5) the risk that the proposed transaction disrupts current plans and operations as a result of the announcement and consummation of the proposed transaction; (6) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (7) costs related to the proposed transaction; (8) changes in applicable laws or regulations; and (9) other risks and uncertainties included in (x) the “Risk Factors” sections of the dMY Annual Report and (y) other documents filed or to be filed with the SEC by Horizon Quantum and dMY. The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Horizon Quantum and dMY do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Past performance by Horizon Quantum’s or dMY’s management teams and their respective affiliates is not a guarantee of future performance. Therefore, you should not place undue reliance on the historical record of the performance of Horizon Quantum’s or dMY’s management teams or businesses associated with them as indicative of future performance of an investment or the returns that Horizon Quantum or dMY will, or are likely to, generate going forward.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Horizon Quantum Computing
Horizon Quantum Computing is developing a new generation of programming tools to simplify and expedite the process of developing software for quantum computers. By removing the need for prior quantum computing experience to develop applications for quantum hardware, Horizon’s tools are making the power of quantum computing accessible to every software developer.
The company was founded by Dr. Joe Fitzsimons in 2018, a former professor with two decades of experience in quantum computing and computational complexity theory. The leadership team also includes Dr. Si-Hui Tan, Chief Science Officer, who holds a Ph.D. in Physics from MIT and has been actively involved in quantum research for the same period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225812873/en/
Investor & Media Contacts
Katie Creaser, ICR
Katie.Creaser@icrinc.com
Brian Denyeau, ICR
Brian.Denyeau@icrinc.com
Yanina Blaclard, Horizon Quantum
yanina@horizonquantum.com
Source: dMY Squared Technology Group, Inc.
FAQ
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