Recent developments include the consummation of the Business Combination with dMY Squared Technology Group, Inc. and significant capital raises through SAFE financings and a PIPE private placement.

• On March 19, 2026, Horizon Quantum Holdings Ltd. completed a Business Combination with dMY Squared Technology Group, Inc. pursuant to the Business Combination Agreement [S1][S2].
• Between July 2025 and January 2026, the company raised approximately $8.4 million through multiple SAFE financings [S1].
• Simultaneously with the Business Combination closing on March 19, 2026, Horizon Quantum completed a PIPE private placement issuing 9,126,021 Class A Ordinary Shares at $11.82 per share, raising approximately $108 million [S1][S2].
• The company assumed all outstanding DMY Warrants, converting them into 6,044,154 Company Warrants exercisable at $11.50 per share, expiring five years after the Business Combination [S1].

The company’s focus on enabling quantum advantage through software infrastructure positions it to capture opportunities in the nascent quantum computing market. Its strategic collaborations with hardware vendors and targeting of large institutional customers could facilitate adoption and revenue growth. The successful completion of a Business Combination and substantial capital raises provide financial resources to support research and development and commercialization efforts [S1].

Risks include the uncertain pace of quantum computing adoption and the technical challenges in achieving quantum advantage, which could limit demand for Horizon Quantum’s software. The competitive landscape includes larger, better-funded companies with established brands. The company’s reliance on key management personnel and the long sales cycles of its target customers add execution risk. Failure to develop commercially viable products could impair growth prospects [S1].

Horizon Quantum’s moat is based on its specialized expertise in quantum computing software, led by key scientific personnel, and its strategic collaborations with quantum hardware vendors. The company operates in a highly competitive and rapidly evolving market with significant technical challenges. Its ability to develop reliable, cost-effective software tools that achieve quantum advantage and integrate with hardware platforms is critical to maintaining competitive differentiation. However, competitors with greater resources and established brands present ongoing challenges [S1].

• Adoption of Quantum Computing: The business model depends heavily on the pace at which quantum computing achieves meaningful adoption and the ability to reach quantum advantage. Delays or limitations in achieving quantum advantage could reduce demand for the company’s software infrastructure.
• Strategic Collaborations: Growth depends on establishing and maintaining collaborations with quantum hardware vendors. Failure or delays in forming these relationships could adversely impact performance.
• Competitive Marketplace: The market is fragmented and highly competitive, with competitors having greater financial resources, research and development expertise, and established brands.
• Target Customer Sales Cycles: The company’s customers are primarily governmental agencies, large enterprises, and research institutions, which have longer sales and implementation cycles and greater purchasing power, potentially affecting revenue timing.
• Research and Development Risks: Success depends on developing reliable and cost-effective software tools in a rapidly evolving field. Failure to make necessary technical progress could impair commercial viability.
• Key Management Dependence: The company relies on key personnel, including Dr. Joseph Fitzsimons and Dr. Si-Hui Tan. Their unavailability could materially impact operations.

• Horizon Quantum Holdings Ltd. is a Singapore-based foreign private issuer engaged in quantum computing software infrastructure development [S1].
• The company completed a Business Combination with dMY Squared Technology Group, Inc. on March 19, 2026 [S1][S2].
• Horizon Quantum focuses on developing software tools that enable applications to harness quantum hardware, aiming to achieve quantum advantage, which is the ability of quantum computers to solve practical problems beyond classical computers [S1].
• The company’s growth depends on strategic collaborations with quantum hardware vendors and the pace of quantum computing adoption [S1].
• Horizon Quantum’s target customers include governmental agencies, large enterprises, universities, and research institutions, which typically have longer sales cycles and greater purchasing power [S1].
• The company has raised approximately $8.4 million through SAFE financings between July 2025 and January 2026, and completed a PIPE private placement raising approximately $108 million at $11.82 per share concurrent with the Business Combination [S1].
• As of March 19, 2026, Horizon Quantum has 6,044,154 Company Warrants outstanding, exercisable at $11.50 per share, expiring five years after the Business Combination [S1].
• The company’s senior management includes Dr. Joseph Fitzsimons and Dr. Si-Hui Tan, who are key to its research and development efforts in quantum science and computing technology [S1].
• Horizon Quantum is subject to Singapore laws with no restrictions on capital import/export or non-resident shareholding rights [S1].
• The company files annual reports on Form 20-F with audited financial statements by PKF Littlejohn LLP and is exempt from certain U.S. Exchange Act requirements as a foreign private issuer [S1].
• The market for Horizon Quantum’s solutions is fragmented, rapidly evolving, and highly competitive, with competitors having greater financial resources and established brands [S1].
• The company’s success depends on overcoming technical challenges to achieve commercial viability of its quantum software products [S1].