SINGAPORE AND LAS VEGAS, NV, December 05, 2025 -- Horizon Quantum Computing Pte. Ltd. (“Horizon Quantum”), a pioneer of software infrastructure for quantum applications, and dMY Squared Technology Group, Inc. (“dMY Squared”), a publicly traded special purpose acquisition company, announced that they have entered into subscription agreements with investors for a $110 million PIPE financing comprised of common equity, priced at the SPAC redemption price per share, to support the previously announced proposed business combination (the “Business Combination”) which is expected to close in the first quarter of 2026.

The executed PIPE commitments, which exceeded Horizon Quantum’s original target raise by more than 120%, reflect sizable investments from IonQ, Inc., one of the world’s largest quantum computing companies, a Fortune 50 technology company, and several leading institutional investors. Upon the closing of the Business Combination, Horizon Quantum expects it will have access to approximately $137 million in cash (prior to the payment of transaction costs and assuming no redemptions by dMY Squared’s public shareholders), from a combination of approximately $27 million held in a trust account by dMY Squared and approximately $110 million of PIPE financing. The net proceeds from this transaction will be used to accelerate Horizon Quantum’s investments in research and development, strengthen its hardware testbed, and further advance its Triple Alpha development environment.

“Today’s announcement is a major milestone for Horizon Quantum and an exciting endorsement of our approach to unlocking broad quantum advantage and creating industrywide software tools and languages,” said Dr. Joe Fitzsimons, Founder and CEO of Horizon Quantum. “We expect this PIPE transaction will provide significant new capital to fund investment in our technology roadmap to develop the comprehensive software infrastructure needed to unlock quantum computing's full potential across real-world applications. We believe that the quantum computing market is at a critical inflection point and Horizon Quantum is well positioned to capitalize on this generational opportunity.”

Dr. Fitzsimons continued, “We are excited to have the support of an impressive roster of strategic and financial institutional investors. We are grateful for the confidence they have shown in our vision and look forward to partnering with them going forward.”

Harry You, Chairman and CEO of dMY Squared, said, “This PIPE transaction, which was well oversubscribed and includes meaningful commitments from some of the most strategic companies in the enterprise computing and quantum industries, is an exciting endorsement of Horizon Quantum’s groundbreaking innovation roadmap. We remain excited to partner with Horizon Quantum to enable their development of a quantum operating system.”