Horizon Quantum Holdings Ltd. Class A Ordinary Shares

Horizon Quantum Computing reported a second-quarter net loss of $115.2 million, compared with a loss of $2.9 million a year earlier, driven largely by a $108 million non-cash charge from the remeasurement of warrant liabilities. The company ended the quarter with $113.3 million in cash, up from $96.6 million at the end of March, after warrant exercises generated $2.7 million during the quarter and approximately $28.7 million to date. Operating expenses rose to $7.2 million from $2.8 million, reflecting headcount growth to 57 full-time employees and increased research spending. Operationally, Horizon launched early access for its Beryllium quantum programming language, opened its Ember-1 superconducting testbed to users, and announced a collaboration with Quantum Machines, while also planning a 256-qubit IonQ testbed for 2027.

Four quantum computing companies—Quantinuum, Xanadu Quantum Technologies, Horizon Quantum Computing, and Infleqtion—completed initial public offerings between February and June of this year. Quantinuum, which uses trapped-ion technology, launched its Helios computer commercially in November 2025 and plans to release its Sol system in 2027 and the fault-tolerant Apollo system in 2029, though its first-quarter fiscal 2026 revenue fell 73% year over year to $5.2 million. Infleqtion, focused on neutral-atom sensing, reported $9.5 million in first-quarter revenue, up 14% from a year earlier, and raised its full-year 2026 outlook to at least $40 million after securing over $20 million in additional funding from NASA’s Jet Propulsion Lab. Xanadu, a photonic quantum computing company, posted $4.6 million in 2025 revenue against a $70.7 million net loss and recently expanded its partnership with Lockheed Martin into workforce training. Horizon Quantum, a software provider whose tools enable programs to run across different quantum hardware, agreed to buy one of IonQ’s 256-qubit systems in April but recorded a $6.5 million operating loss in the first quarter of 2026.