Horizon Quantum Holdings Ltd. (HQ)

Price$15.56Cached quoteAs of 2026-09-05 10:04 UTC

AI: Overvalued

Active quantum-software company following a recent SPAC mergerSingapore-incorporated Horizon Quantum Holdings is the parent of Horizon Quantum Computing Pte. Ltd.; its Nasdaq Class A shares began trading in March 2026.

The company became public through its 19 March merger with dMY Squared, a SPAC, and began trading as HQ the next day; this was not a conventional IPO. It develops Triple Alpha software and operates the Ember-1 quantum testbed; it is not merely a cash shell or the separate company Quantum Machines. Operations remain effectively pre-revenue: first-half 2026 revenue was zero versus $38,462 a year earlier. SPAC shareholders redeemed 1,403,777 shares at the combination.

Valuation depends heavily on unproven commercializationOvervalued is an uncertain qualitative assessment relative to reported revenue and cash consumption, not a calculated price target.

Stock Analysis displays $841.42 million capitalization, but its 53.97 million share count predates September's issuer update; this is not verified fully diluted equity value. There is no meaningful positive earnings multiple. Substantial value depends on successful commercial adoption rather than demonstrated earnings. Class B shares carry three votes each versus one for Class A, limiting minority influence. September 25 volume was 99,140 shares versus a 65-day average of 428,690; sizeable orders may encounter limited depth.

Large accounting loss exceeds the underlying cash burnSecond-quarter operating loss was $7.2 million and net loss $115.2 million, including a $108.3 million noncash derivative revaluation.

The latest financial statements, furnished 4 August, cover 30 June 2026. The derivative loss principally related to warrants; the headline loss should not be mistaken for equivalent cash consumption. First-half operating activities consumed $9,283,188, while property-and-equipment purchases, including construction in progress, used another $5,521,276. Cash reserves therefore reflect financing rather than internally generated surplus. Management's August liquidity assessment anticipated funding for at least 12 months, based on its operating plan—not guaranteed self-sufficiency.

Cash cushion is offset by investment commitments and dilutionJune-end cash was $113.3 million with no borrowed-money debt, but the balance sheet includes substantial warrant liabilities and payables.

Warrant derivative liabilities were $76.8 million, alongside payables and leases. These are not conventional borrowings, and June cash is not a verified September balance. The IonQ hardware agreement carries $35 million total consideration, illustrating future investment demands. Second-quarter warrant exercises raised $27.5 million gross while increasing the share count; remaining warrants, options and equity awards create further dilution exposure. Hardware readiness, competing software approaches and conversion of developer interest into paying customers remain central risks.

AI: News

Share-count clarification and compensation disclosureHorizon reported 34.8 million Class A and 19.7 million Class B shares outstanding as of September 14, with merger lockups still effective.

On 15 September, Horizon corrected market information and confirmed all merger-related lockups remained effective. They generally expire 19 March 2028, with one expiring 19 September 2027, subject to specified earlier-termination conditions—not a September 2026 unlock. Separately, the latest reviewed SEC filing, a September 16 Form 4, disclosed Amanda Chew's 17 August grant of 17,857 restricted share units. This was compensation, not an open-market purchase or cash financing.

Technical progress without established commercial salesHorizon announced a Quantum Machines collaboration to improve quantum-system calibration using its Ember-1 testbed, without disclosed contract revenue.

Announced 29 July, the collaboration aims to improve quantum-system calibration and operating efficiency. The August results update reported release of the Beryllium programming language to early-access users and opening Ember-1 to selected initial users. These are operating milestones, not proof of scalable paying demand. Commercial success still depends on hardware progress, reliable performance and adoption of Horizon's development tools.

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Revenue

No reported data

Net income

No reported data

Free cash flow

No reported data

Total cash / debt

CashTotal debt

No reported data

Financial statements

	2024	2023

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of HQ
Holder	Shares held
Peak XV Partners Operations LLC	6.35M
Defiance ETFs, LLC	5.58M
Penserra Capital Management LLC	5.47M
Data Collective IV GP, LLC	915.2K
UBS Group AG	246.28K
National Philanthropic Trust	231.52K
Creek Drive Management Group LLC	90K
BANK OF AMERICA CORP /DE/	65.73K
GOLDMAN SACHS GROUP INC	64.9K
HRT FINANCIAL LP	45.75K
VAN ECK ASSOCIATES CORP	44.04K
DLD Asset Management, LP	40K
NORTHERN TRUST CORP	37.94K
K2 PRINCIPAL FUND, L.P.	34K
ExodusPoint Capital Management, LP	18.91K
JANE STREET GROUP, LLC	18.09K
Tidal Investments LLC	17.95K
GEODE CAPITAL MANAGEMENT, LLC	17.77K
Engineers Gate Manager LP	14.27K
US BANCORP \DE\	10.28K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$1000.0K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 19, 2026Form 4	Lambert DanielleDirector	BuyClass A Ordinary Shares · indirect	84.6K	$11.82	$1000.0K	84.6K

Review ownership filings at SEC.gov ↗

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Horizon Quantum Holdings Ltd. (HQ)

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