Horizon Quantum and dMY Squared announce a $110M PIPE to support Horizon's SPAC go-public
On 2025-12-05 Horizon Quantum Computing - a developer of software infrastructure for quantum applications - and dMY Squared Technology Group announced a $110 million PIPE financing (common equity priced at the SPAC redemption price) to support their proposed business combination (definitive agreement dated 2025-09-09), expected to close in Q1 2026, with roughly $508 million of all-share merger consideration. Lead PIPE investors include IonQ and a Fortune 50 technology company. Disclosed via SEC Form 425 and Horizon press; the combination later closed and Horizon listed (HQ) in March 2026.
A $110M PIPE anchored by IonQ and a Fortune 50 strategic de-risks Horizon's path to a public listing and validates the quantum-software-infrastructure layer; the figure and lead investors are concrete, though the listing close was still pending at announcement.
IonQ taking a PIPE stake in a quantum-software company continues its pattern of strategic investment (cf. the Classiq up-round) and ties a compiler/software-infrastructure player into its ecosystem ahead of going public.