First Quantum Software Company Hits Nasdaq in $120M SPAC

The Singapore-based quantum software company confirmed Thursday that its combination with dMY Squared Technology Group has closed, with Nasdaq listing beginning March 20 under the ticker HQ. Warrants will trade under HQWWW. The transaction generated approximately $120 million in gross proceeds.

The listing is a milestone: the first quantum software company on a major US exchange, though the quantum software category is still narrow enough that Horizon occupies it somewhat alone. The $120M raised is modest relative to the capital costs of quantum hardware development — IBM and Google spend more than that annually — but it's specifically targeted at software infrastructure: the Triple Alpha integrated development environment and the Singapore hardware testbed.

One correction to our earlier coverage: Horizon will list on Nasdaq, not the NYSE as initially reported. The exchange matters primarily for index inclusion and market maker relationships; for a quantum software company at this stage, the venue is secondary to the fundamental performance of the business.

The SPAC route was efficient: no IPO roadshow, no book-building period, a combination announced in September and closed six months later. That speed is the format's main argument for companies that can't wait 18 months for a conventional IPO window to open.

The listing will be watched for early trading dynamics. Quantum computing stocks have had a volatile run since 2023; the recent correction in AI-adjacent tech has not been uniformly kind to pre-revenue quantum companies that came public via SPAC. Whether Horizon's software focus — which doesn't require the same hardware CapEx as its competitors — will insulate it from that pattern is one of the more interesting near-term questions.