Horizon Quantum Computing, a developer of quantum software tools, has signed a non-binding letter of intent (LOI) with dMY Squared Technology Group, a publicly traded special purpose acquisition company (SPAC), for a business combination. The transaction values Horizon Quantum at approximately $500 million pre-money equity and is expected to result in a publicly listed company.
Horizon Quantum is pioneering software development tools for quantum computers, aiming to simplify the process of creating quantum applications and laying the groundwork for a quantum operating system. The combined company will be led by Horizon Quantum’s CEO, Dr. Joe Fitzsimons, a renowned quantum computing expert and co-inventor of universal blind quantum computing. dMY and its chairman Harry You were previously involved in a SPAC merger in the quantum space with the merger between dMY Technology Group III and IonQ in 2021.
The transaction, subject to due diligence, regulatory approvals, and other customary conditions, is expected to close by the end of 2025. The collaboration aims to address the “applications bottleneck” in quantum computing, enabling broader access to quantum systems for solving real-world problems.
For more details, visit the Horizon Quantum announcement here.
February 26, 2025
Leave A Comment