Merger Milestone Reached for Dmy Squared and Horizon Quantum
18.02.2026 - 19:01:05
A significant step has been completed in the planned merger between Dmy Squared Technology Group A and Horizon Quantum Computing. The company has filed its definitive proxy statement, known as a DEFM14A, with the U.S. Securities and Exchange Commission (SEC). This action clears one of the final major procedural hurdles ahead of the transaction's expected closing in Q1 2026.
The deal values Horizon Quantum Computing at approximately $503 million. A cornerstone of the financing is a $110.4 million PIPE (Private Investment in Public Equity). This capital infusion is seen as solid, providing the necessary funds to meet the transaction's stipulated minimum cash condition of $62 million. Management intends to direct these resources primarily toward advancing the development of its hardware-agnostic quantum software platform and operating system.
Governance and Post-Merger Structure
Upon completion, the combined entity will be listed on the Nasdaq under the ticker symbol HQ and operate as Horizon Quantum Holdings Ltd. A key feature of the new corporate governance will be a dual-class share structure designed to ensure strategic continuity.
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This framework is established to retain control with the existing leadership. The founder of Horizon Quantum is projected to hold about 64.1% of the voting power through Class B shares, which carry three votes each. For current public shareholders of Dmy Squared, the post-merger voting share is estimated to be around 2.5%, assuming no further share redemptions occur.
Sector Consolidation Provides Context
This move toward a public listing occurs amidst a wave of strategic consolidation within the quantum computing sector. Earlier this month, IonQ captured market attention with its $1.8 billion acquisition of SkyWater Technology. This followed D-Wave Quantum's purchase of Quantum Circuits in January. This trend underscores the industry's push to accelerate the path to market for scalable quantum technologies.
With the proxy now filed, the next key event will be the announcement of a date for the shareholder meeting. Approval from Dmy Squared's shareholders represents the final decisive step required to consummate the merger, which remains on schedule for closure in the first quarter of 2026.
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