# Horizon Quantum Holdings Ltd. (HQ)

> Source: Nexqual · https://nexqual.com/HQ · data as of 2026-11-09 21:00 UTC · cite as "Nexqual, Horizon Quantum Holdings Ltd. (HQ), nexqual.com/HQ" · informational, not investment advice.

## HQ major shareholder filing: Schedule 13D/A, Nov 5, 2026
Harry L. You, dMY Squared Sponsor, LLC filed a Schedule 13D/A on Nov 5, 2026, reporting up to 7.40% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> Item 4 of Schedule 13D is hereby amended and supplemented by adding the following: On November 3, 2026, the Sponsor made a pro rata in-kind distribution of 1,163,484 Class A Ordinary Shares and 2,844,660 Warrants to its members for no consideration. Harry L. You, the managing member of the Sponsor, received 1,163,484 of such Class A Ordinary Shares and 1,442,330 of such Warrants in such pro rata in-kind distribution, and now holds such securities directly.

Source: https://www.sec.gov/Archives/edgar/data/2088256/000121390026116500/0001213900-26-116500-index.htm

## What changed for HQ since Aug 31, 2025
The built-in knowledge of several widely used AI models ends around Aug 31, 2025. Everything below is newer, dated and sourced (as of Nov 9, 2026).

- Analyst actions on HQ in the last 120 days: 1 (0 upgrades or target raises, 0 downgrades or target cuts); most recent Craig-Hallum, Aug 17, 2026.

**Price:** USD 13.81 (+20.72% on the day) · last close of Nov 9, 2026; US market pre market, not a live price. Prev close 11.44 · day 11.6–13.9 · 52w 8.29–45 · market cap $745M · NCM

## Key facts
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 20.5 (range 20–21).
- Total return with dividends: 1Y +40.2% vs S&P 500 +11.7%; 5Y +40.2% vs S&P 500 +72.2%.
- Next earnings: 2026-11-10, EPS estimate USD -0.11, revenue estimate $0K. All companies reporting that day: https://nexqual.com/earnings/2026-11-10
- Dividend: HQ paid no cash dividend in the last five years.
- Short interest: 9.11% of float (as of 2026-10-15), 3.8 days to cover.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 20.5 (low 20, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-17 | Craig-Hallum | Initiated | Buy | $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2026-03-20) | 5Y (from 2026-03-16) |
|---|---|---|
| Total return | +40.2% | +40.2% |
| S&P 500 (SPY) | +11.7% | +72.2% |
| Per year | — | — |
| Volatility (annualized) | 157.7% | 188.0% |
| Max drawdown | -73.1% (Jun 2026→Sep 2026) | -64.3% (Jun 2026→Nov 2026) |

## Dividends
HQ paid no cash dividend in the last five years.

## Short interest
1,326,734 shares sold short, 9.11% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 1,526,614 shares (-13.1%). Days to cover: 3.8 (short shares ÷ average daily volume).

## Peers (Software - Infrastructure)
CORZ (Core Scientific, Inc.) USD 12.72 +8.16% · DLO (DLocal Limited) USD 14.39 +3.15% · PAY (Paymentus Holdings, Inc.) USD 34.21 +2.21% · DOX (Amdocs Limited) USD 41.74 -0.83% · TENB (Tenable Holdings, Inc.) USD 43.67 +3.66% · RELY (Remitly Global, Inc.) USD 23.97 +7.39%

## More
Full page: https://nexqual.com/HQ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in HQ's own 20-F filed 2026-04-14 (https://www.sec.gov/Archives/edgar/data/2088256/000121390026043585/ea0285038-20f_horizon.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | IBM (IBM) | "through collaborative arrangements with large and established companies, such as IBM, Microsoft and Google." |
| Partner | Microsoft (MSFT) | "through collaborative arrangements with large and established companies, such as IBM, Microsoft and Google." |
| Partner | Alphabet (Google) (GOOGL) | "through collaborative arrangements with large and established companies, such as IBM, Microsoft and Google." |
| Partner | Amazon (AMZN) | "a collaboration with the AWS Center for Quantum Networking, Fortinet Inc., and the Centre for Quantum Technologies at the National University" |
| Partner | Fortinet, Inc. (FTNT) | "a collaboration with the AWS Center for Quantum Networking, Fortinet Inc., and the Centre for Quantum Technologies at the National University" |
| Partner | Rigetti Computing, Inc. (RGTI) | "The company has a joint marketing agreement with Rigetti, covering Rigetti's Novera QPU, its newest quantum processor, and Horizon's" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.11 | $0.00 | −$0.11 | $0 | 2 |
| Next quarter (ends 2026-12-31) | $-0.11 | $0.00 | −$0.11 | $0 | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.38 | $0.00 | −$0.38 | $0 | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.50 | $0.00 | −$0.50 | $0 | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±20.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 10 | 152.3% | ±20.2% |
| 2026-12-18 | 38 | 121.9% | ±32.0% |
| 2027-02-19 | 101 | 127.6% | ±52.1% |
| 2027-05-21 | 192 | 123.8% | ±66.9% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.10 | −$0.09 | Miss −11.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-11-10 | 6-K | Current report (foreign issuer) · period ended Nov 10, 2026 | https://www.sec.gov/Archives/edgar/data/2088256/000121390026117746/0001213900-26-117746-index.htm |
| 2026-11-05 | Schedule 13D/A | Harry L. You, dMY Squared Sponsor, LLC: 7.4% of shares, 5%+ holder that may seek to influence the company (amended) — “Item 4 of Schedule 13D is hereby amended and supplemented by adding the following: On November 3, 2026, the Sponsor made a pro rata in-kind distribution of 1,163,484 Class A Ordinary Shares and 2,844,660 Warrants to its members for no consideration. Harry L. You, the managing…” | https://www.sec.gov/Archives/edgar/data/2088256/000121390026116500/0001213900-26-116500-index.htm |
| 2026-11-05 | 6-K | Current report (foreign issuer) · period ended Nov 5, 2026 | https://www.sec.gov/Archives/edgar/data/2088256/000121390026116109/0001213900-26-116109-index.htm |
| 2026-08-14 | Schedule 13G/A | Tencent Holdings Ltd, THL A12 Limited: 11.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/2088256/000095010326012373/0000950103-26-012373-index.htm |
| 2026-08-04 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/2088256/000121390026085209/0001213900-26-085209-index.htm |
| 2026-08-04 | 6-K | Current report (foreign issuer) · period ended Aug 4, 2026 | https://www.sec.gov/Archives/edgar/data/2088256/000121390026084895/0001213900-26-084895-index.htm |
| 2026-08-03 | 6-K | Current report (foreign issuer) · period ended Aug 3, 2026 | https://www.sec.gov/Archives/edgar/data/2088256/000121390026084607/0001213900-26-084607-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.