dMY Squared Technology Group, Inc.
dMY Squared Technology Group, Inc. is a U.S.-based blank check company formed to complete a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination. As a special purpose acquisition company, it exists as a public acquisition vehicle rather than an operating business until a transaction is completed.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueThe company’s core structure is a public shell formed to acquire or merge with an operating business.
Customers
dMY does not sell products or services to end customers in the normal operating sense. Its primary counterparties are public market investors, warrant holders, and a future merger target whose shareholders would receive consideration in a business combination. The company also interacts with brokers, trustees, advisors, and regulators as part of maintaining its public listing and executing a transaction.
Buy units, shares, and warrants for exposure to a future deal and redemption rights.
Would receive stock or other consideration in the announced business combination.
Provide trading access and liquidity for the listed or OTC securities.
Provide legal, accounting, audit, and transaction support to the SPAC process.
Strategy
The company’s strategic objective is to complete a business combination and transition from a blank check vehicle into a combined public company. Its announced transaction with Horizon Quantum Computing is intended to create a listed holding company structure for a quantum-computing software business, making deal execution the central strategic priority.
The company has no operating business until a transaction is completed.
Liquidity and marketability of the securities affect financing and deal execution.
The combined company is intended to support a quantum-computing software business.
Geography
dMY is incorporated in Massachusetts and is based in the United States, where its securities are issued and traded. Its business is inherently cross-border because its announced business combination involves a Singapore-based target and Singapore holding structure, which makes the company exposed to U.S. securities rules and foreign transaction execution at the same time.
Risks
dMY’s main risks are transaction failure, securities-market illiquidity, and regulatory constraints tied to being a blank check company. Because it has no operating revenue, its value depends on completing a business combination and on the market’s ability to trade its securities efficiently.
- Failure to complete an initial business combinationImpact: CriticalLikelihood: High
The company exists to consummate a merger or similar transaction; without one it may dissolve and liquidate.
Exposure: Core business model
- Reduced liquidity after delisting and OTC tradingImpact: HighLikelihood: High
OTC markets typically have fewer quotes, lower volume, and less analyst coverage.
Exposure: Public securities trading
- Rule 15c2-11 broker-dealer restrictionsImpact: HighLikelihood: High
If reporting or listing conditions are not met, broker-dealers face extra suitability and consent requirements.
Exposure: Secondary market trading
- Regulatory and state-law friction for blank check securitiesImpact: MediumLikelihood: Low
Securities no longer listed on a national exchange may face state-level scrutiny or delays.
Exposure: Capital markets access
- Cross-border transaction execution riskImpact: MediumLikelihood: Low
The announced combination involves Singapore entities and a U.S. SPAC structure, increasing closing complexity.
Exposure: Proposed Horizon transaction
Accounting
Judgemental itemsPublic and private warrants are remeasured at fair value, creating earnings volatility from valuation changes.
Impact: Can materially affect reported net income or loss each period
Redemptions of Class A shares create tax obligations that must be recognized and can require restatement if missed.
Impact: Affects liabilities, accumulated deficit, and period expense
Interest earned on cash and investments in trust is a major source of non-operating income before a business combination.
Impact: Supports reported results despite no operating revenue
SPAC instruments and warrants rely on valuation models and market prices, which can change materially over time.
Impact: Introduces estimate risk and earnings volatility
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Last updated: 24/09/2026