Singapore’s Horizon Quantum Computing and dMY Squared Technology Group have signed a non-binding letter of intent (LOI) to explore a potential merger.

If completed, the deal would create a publicly listed company led by Horizon Quantum’s CEO Joe Fitzsimons.

The LOI values Horizon Quantum at US$500 million pre-money, with both parties aiming to finalize a definitive agreement by the second quarter of 2025 and close the transaction by year-end.

The merger is subject to due diligence, board and shareholder approvals, and regulatory clearances.

Horizon Quantum develops advanced software tools for quantum computing, including compilers and runtime environments. The company aims to build a quantum operating system for practical applications.

While both parties intend to proceed, the completion of a definitive agreement is not guaranteed.